Journal ArticleDOI
Comment: The Corporate Dividend-Saving Decision
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In this sense, the decision is neither active nor residual but passive as discussed by the authors, and therefore it is a function of other balance sheet decisions and not a residual corporate decision, which is not the case in this paper.Abstract:
The dividend decision is a residual corporate decision and yet it is not a residual corporate decision. This theme runs through Professor Higgins' paper. It is based on the one hand on Higgins' belief that other decisions are more important and should take precedence over the dividend decision, and on the other, that the dividend decision is a function of these more important decisions. If dividends were truly residual, they would be explained by the corporate budget identity. In the empirical analysis, however, dividends are a function of other balance sheet decisions. In this sense the decision is neither active nor residual but passive. The reader wonders why the author insists on this role for dividends when interdependency in decision making is the more appealing (and inevitable) framework.read more
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Dividend policy and its relationship to investment and financing policies: empirical evidence
TL;DR: In this article, it is argued that dividend policy is not determined as a residual, but rather that firms adopt independent dividend and investment policies, based on a questionnaire survey, which supports this view.
Journal ArticleDOI
Understanding the Relationship Between Tourists’ Consumption Behavior and Their Consumption Substitution Willingness Under Unusual Environment
TL;DR: In this article, the authors explored the internal relationship between tourists' willingness to engage in sustainable consumption behavior and the substitution of tourism consumption willingness in an unusual environment and related factors, and found that tourists' perception of crisis awareness, safety risk, and willingness to substitute consumption in unusual environments can promote tourists' sustainable consumption behaviour.
References
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Book
Financial management and policy
TL;DR: In this article, the authors present a taxonomy of capital structures in the context of finance, focusing on the following: 1. Principles of Capital Investment. 2. Goals and Functions of Finance. 3. Multivariable and Factor Valuation. 4. Market Risk and Returns. 5. Dividends and Share Repurchase.
Book
Financial Management and Policy
TL;DR: In this article, the authors present a taxonomy of capital structures in the context of finance, focusing on the following: 1. Principles of Capital Investment. 2. Goals and Functions of Finance. 3. Multivariable and Factor Valuation. 4. Market Risk and Returns. 5. Dividends and Share Repurchase.