Determinants of dividend smoothing in emerging market: The case of Korea

Emerging Markets Review - Tập 17 - Trang 76-88 - 2013
Jinho Jeong1
1Division of Business Administration, Korea University, Sejong, Republic of Korea

Tài liệu tham khảo

Allen, 2003, Payout Policy, North-Holland Handbook of Economics, 337 Atiase, 1985, Predisclosure information, firm capitalization and security price behaviour around earning announcement, J. Account. Res., 23, 21, 10.2307/2490905 Bates, 2009, Why do U.S. firms hold so much more cash than they used to?, J. Finance, 64, 1985, 10.1111/j.1540-6261.2009.01492.x Bernheim, 1991, Tax policy and the dividend puzzle, RAND J. Econ., 22, 455, 10.2307/2600982 Bhattacharya, 1979, Imperfect information, dividend policy, and “The Bird in the Hand” fallacy, Bell J. Econ., 10, 259, 10.2307/3003330 Brav, 2005, Payout policy in the 21st century, J. Financ. Econ., 77, 483, 10.1016/j.jfineco.2004.07.004 Chemmanur, 2010, Is dividend smoothing universal? New insights from a comparative study of dividend policies in Hong Kong and the U.S., J. Corp. Financ., 16, 413, 10.1016/j.jcorpfin.2010.03.001 Dewenter, 1998, Dividends, asymmetric information and agency conflicts: evidence from a comparison of the dividend policies of Japanese and U.S. firms, J. Finance, 53, 879, 10.1111/0022-1082.00038 Eddy, 1998, Firm size and dividend announcements, J. Financ. Res., 11, 295, 10.1111/j.1475-6803.1988.tb00090.x Fama, 1968, Dividend policy: an empirical analysis, J. Am. Stat. Assoc., 63, 1132-61, 10.1080/01621459.1968.10480917 Freeman, 1987, The association between accounting earnings and security returns for large and small firms, J. Account. Econ., 9, 195, 10.1016/0165-4101(87)90005-X Garrett, 2000, Dividend behaviour and dividend signalling, J. Financ. Quant. Anal., 35, 173, 10.2307/2676189 Ghosh, 1988, An analysis of shareholder reaction to dividend cuts and omissions, J. Financ. Res., 11, 281, 10.1111/j.1475-6803.1988.tb00089.x Gomes, 2000, Going public without governance: managerial reputation effect, J. Finance, 55, 615, 10.1111/0022-1082.00221 Guttman, 2010, Dividend stickiness and strategic pooling, Rev. Financ. Stud., 23, 4455, 10.1093/rfs/hhq096 John, 2000 John, 1985, Dividends, dilution and taxes: a signalling equilibrium, J. Finance, 40, 1053, 10.1111/j.1540-6261.1985.tb02363.x Kross, 1988, Firm prominence and the differential information content of quarterly earnings announcements, J. Bus. Finan. Acc., 16, 55, 10.1111/j.1468-5957.1989.tb00004.x Kumar, 1988, Shareholder–manager conflict and the information content of dividend, Rev. Financ. Stud., 1, 111, 10.1093/rfs/1.2.111 Kumar, 2001, Discrete dividend policy with permanent earnings, Financ. Manag., 30, 55, 10.2307/3666376 La Porta, 2000, Corporate ownership around the world, J. Finance, 55, 1, 10.1111/0022-1082.00199 Laub, 1976, On the informational content of dividends, J. Bus., 49, 73, 10.1086/295811 Leary, 2011, Determinants of dividend smoothing: empirical evidence, Rev. Financ. Stud., 24, 3197, 10.1093/rfs/hhr072 Lee, 1987, A further empirical investigation of the dividend adjustment process, J. Econ., 35, 267, 10.1016/0304-4076(87)90028-5 Lintner, 1956, Distribution of incomes of corporations among dividends, retained earnings and taxes, Am. Econ. Rev., 46, 97 Lua, 2010, Information uncertainty, information asymmetry and corporate bond yield spreads, J. Bank. Financ., 34, 2265, 10.1016/j.jbankfin.2010.02.013 Marsh, 1986, Dividend variability and variance bounds tests for the rationality of stock market prices, Am. Econ. Rev., 76, 483 Michaelly, 2012, Corporate dividend policies: lessons from private firms, Rev. Financ. Stud., 25, 711, 10.1093/rfs/hhr108 Myers, 1984, Corporate finance and investment decisions when firms have information that investors do not have, J. Financ. Econ., 13, 187, 10.1016/0304-405X(84)90023-0 Rozycki, 1997, A tax motivation for smoothing dividends, Q. Rev. Econ. Finan., 37, 563, 10.1016/S1062-9769(97)90043-0 Shinozaki, 2013, Ownership structure, tax regime, and dividend smoothing: international evidence Zhang, 2006, Information uncertainty and stock returns, J. Finance, 61, 105, 10.1111/j.1540-6261.2006.00831.x