期刊名称：Academy of Accounting and Financial Studies Journal
印刷版ISSN：1096-3685
出版年度：2018
卷号：22
期号：2
页码：1-9
语种：English
出版社：The DreamCatchers Group, LLC
摘要：Dividend pay-out is theoretical assumption of wealth maximization strategy for shareholders due to their investment in economic resources of the company. A conflict is evident between dividend policy and retention objective, while dividend signifies an increase in Shareholders wealth, retention promises use of economic resources for future growth of firm. The need for current income or future opportunities creates ambiguity for shareholders and managers of the firm. These findings make dividend decisions a complicated domain in Finance. Dividend decisions still remain a mystery in corporate finance (Black, 1976). The debate on determinants of dividend policy can be sourced to Lintner (1956). He proposed a model-predicting dividend per share as a function of Earnings per Share, Past Dividend and Target pay-out ratio. The Lintner’s Model became very popular and was in agreement by many researchers. (Fama & Babiak, 1968). However a research by Guerard, Bean & Andreas (1987) argued about significant interplay between R&D, New borrowings and Investment strategies as drivers for dividend decisions. Their studies found evidence from 140 manufacturing firms for the period from 1978-1982. Their platform was also shared in the Chinese Context by applying structural equation modelling and discovers debt financing and investment avenues creating an impact on dividend policy..
关键词：Agency Theory;Dividend Policy;Lifecycle Theory;Panel Data and Regular Dividends
