Do market differences matter on dividend policy?
Yazarlar (2)
Doç. Dr. Hasan TEKİN
Karabük Üniversitesi, Türkiye
Abdullah Gül Üniversitesi, Türkiye
| Makale Türü |
Özgün Makale
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| Makale Alt Türü | SSCI, AHCI, SCI, SCI-Exp dergilerinde yayınlanan tam makale |
| Dergi Adı | Borsa Istanbul Review (SSCI) |
| Dergi ISSN | 2214-8450 Wos Dergi Scopus Dergi |
| Dergi Tarandığı Indeksler | SSCI |
| Dergi Grubu | Q1 |
| Makale Dili | İngilizce |
| Basım Tarihi | 06-2021 |
| Cilt No | 21 |
| Sayı | 2 |
| Sayfalar | 197 / 208 |
| DOI Numarası | 10.1016/j.bir.2020.10.009 |
| Makale Linki | http://dx.doi.org/10.1016/j.bir.2020.10.009 |
| Özet |
| We investigate the dividend policies of firms in the United Kingdom to understand whether firms in different markets use dividends as a signaling or disciplining device. The sample consists of 1247 firms from the highly regulated Main Market (MAIN) and relatively unregulated Alternative Investment Market (AIM) for the period 2002–2017. We find that firms in AIM pay lower dividends than their MAIN counterparts. However, during turbulence, AIM firms decrease dividends lower than MAIN firms. In line with the signaling hypothesis, AIM firms with increased profitability are more likely to increase dividends. These results suggest that AIM firms depend more on the signaling feature of the dividends, whereas MAIN firms use dividends as a disciplining device to limit managerial discretion. Specifically, we find that AIM firms facing bigger agency problems pay lower dividends compared to other AIM firms, in line with the … |
| Anahtar Kelimeler |
BM Sürdürülebilir Kalkınma Amaçları
| Atıf Sayıları | |
| Google Scholar | 52 |