دانلود رایگان مقاله انگلیسی افزایش و قدرت نفوذ سود سهام بزرگ - الزویر 2018

عنوان فارسی
افزایش و قدرت نفوذ سود سهام بزرگ
عنوان انگلیسی
Large dividend increases and leverage
صفحات مقاله فارسی
0
صفحات مقاله انگلیسی
49
سال انتشار
2018
نشریه
الزویر - Elsevier
فرمت مقاله انگلیسی
PDF
نوع مقاله
ISI
نوع نگارش
مقالات پژوهشی (تحقیقاتی)
رفرنس
دارد
پایگاه
اسکوپوس
کد محصول
E10681
رشته های مرتبط با این مقاله
اقتصاد
گرایش های مرتبط با این مقاله
اقتصاد پولی، اقتصاد مالی
مجله
مجله امور مالی شرکت - Journal of Corporate Finance
دانشگاه
London Business School - Sussex Place - Regent's Park - United Kingdom
کلمات کلیدی
ساختار سرمایه؛ سیاست تقسیم سود؛ تغییر سود سهام؛ قدرت نفوذ
doi یا شناسه دیجیتال
https://doi.org/10.1016/j.jcorpfin.2017.10.011
۰.۰ (بدون امتیاز)
امتیاز دهید
چکیده

Abstract


This study documents the fact that large dividend increases are followed by a significant increase in leverage, consistent with management increasing the dividend to use up excess debt capacity. However, the leverage increase is not captured by a standard partial adjustment model of leverage. Nor does it reflect variables known to be related to dividend increases, such as firm maturity, investment, and risk. Instead, the dividend increase signals a complex change in the way firms adjust to their leverage target, but it does not signal a change in the target.

نتیجه گیری

Conclusions


Firms increasing dividends by a large amount subsequently increase leverage. On average, this is equal to the leverage deficit at the time of the dividend increase, but the adjustment towards the target leverage is not captured by a standard partial adjustment model. Instead, these firms display a much more convex response to financing deficits, which raises their average leverage increase. The behavior is not explained by a moving leverage target, and is consistent with the dividend increase signalling the intention to increase leverage back to the target. The results are robust to many alternative specifications, including augmenting the Kayhan-Titman model of empirical leverage behavior with variables known to be related to dividend increases. The signal about the discretionary change in future leverage policy given by a large dividend increase appears to be incremental to signals about other firm characteristics. In contrast, large dividend decreases also signal an increase in leverage but not one that discretionary.


بدون دیدگاه