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Distribution of incomes of corporations among dividends, retained earnings and taxes
J Lintner
- Vol. 46, Iss: 2, pp 97-113
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Lintner as discussed by the authors discusses the distribution of income of corporations among dividends, retained earnings, and taxes in the context of the Sixtyeighth Annual Meeting of the American Economic Association.Abstract:
Distribution of Incomes of Corporations Among Dividens, Retained Earnings, and Taxes Author(s): John Lintner Source: The American Economic Review, Vol. 46, No. 2, Papers and Proceedings of the Sixtyeighth Annual Meeting of the American Economic Association, (May, 1956), pp. 97-113 Published by: American Economic Association Stable URL: http://www.jstor.org/stable/1910664 Accessed: 26/06/2008 14:06read more
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Impact of financial leverage on dividend policy: Empirical evidence from Karachi Stock Exchange-listed companies
TL;DR: In this paper, the relationship between dividend policy and financial leverage of 403 companies, listed with Karachi Stock Exchange during the period 2002 to 2008, was examined by applying the extended model of Linter (1956) with the debt ratio of the firm, the previous year's dividend yield as its independent variables and change in earnings as a dummy variable.
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Estimation and Specification Analysis of Models of Dividend Behavior Based on Censored Panel Data
Byeong Soo Kim,G. S. Maddala +1 more
TL;DR: In this paper, the authors used a censored regression model to analyze the behavior of 649 firms over a period of 12 years (1976-1987) and found that zero observations, industry effects, and firm-specific and time effects were important for the estimation of models of dividend behavior.
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Risk and the Valuation of Common Stock
TL;DR: It is quite reasonable and quite acceptable among both academic researchers (Gordon and Shapiro, 1956; Walter, 1956, Modigliani and Miller, 1961; Malkiel, 1963) and professional security analysts (Molodovsky, 1959, 1960, 1965; Bauman, 1965, Wendt, 1965) to view the price of a share of stock as the present value of future dividends expected from the share discounted at a rate which reflects the risk borne by an owner of the share as discussed by the authors.
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In search of a residual dividend policy
H. Kent Baker,David M. Smith +1 more
TL;DR: The authors survey 309 sample firms exhibiting behavior consistent with a residual dividend policy and their matched counterparts to learn how they set their dividend policies and reveal that the sample firms are more likely than their counterparts to maintain a long-term dividend payout ratio, use long-run earnings forecasts in setting the dividend, and be unconcerned about the cost of raising external funds.
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The Rationality of Dividends
TL;DR: This paper argued that dividend disbursements are better seen as a ritual, dating back to the evolution of the modern corporation, and argued that researchers must be willing to accept the notion of bounded rationality as it pertains to the dividend decision phenomenon.