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We model the welfare consequences of mandates that restrict investors to hold firms with net-zero carbon emissions. To qualify for these mandates, value-maximizing firms have to accumulate decarbonization capital. Qualification lowers a firm's required return by its decarbonization investments divided by Tobin's q, that is, the greenium or the dividend yield shareholders forgo to address the global-warming externality. The welfare-maximizing mandate approximates the first-best solution, yielding welfare gains compared to laissez-faire by mitigating the weather disaster risks resulting from carbon emissions. Our model generates optimal transition paths for decarbonization that we use to evaluate proposed net-zero targets. Authors have furnished an Internet Appendix , which is available on the Oxford University Press Web site next to the link to the final published paper online [ABSTRACT FROM AUTHOR]

Non-financial companies listed on the Frankfurt Stock Exchange face considerable difficulties due to expensive funding and the need to make complex decisions about their capital structure. These problems impact their judgments about dividend policy, resulting in ambiguity and possible inefficiency. This study draws on the bird-in-hand theory to investigate the influence of the cost of capital on dividend policy decisions among non-financial firms listed on the Frankfurt Stock Exchange, focusing on 227 companies from 2005 to 2022. The data for this study were sourced from Thomson Reuters Datastream. Employing the common shock autoregressive distributed lag (CS-ARDL) and two-step generalized method of moments (GMM) estimations, findings reveal that the cost of debt consistently negatively impacts dividend payouts and coverage ratios. In contrast, the cost of equity has an insignificant effect. Conversely, the weighted average cost of capital positively influences dividend payouts and coverage ratios but negatively influences dividend yield. All the findings supported the bird-in-hand theory except for the negative impact of WACC on dividend yield. These insights highlight the importance of considering the cost of capital and market share dynamics in dividend policy formulation. Firms should prioritize efficient debt management to sustain dividend distributions, and aligning dividend policies with overall capital structure management is crucial in this regard, providing a sense of reassurance and confidence to the firms and their stakeholders. This study provides valuable guidance for financial decision-makers navigating dividend-related strategies within corporate environments. [ABSTRACT FROM AUTHOR]

Grounded on the shareholder theory, this study aims to relate the effects of management systems standards (MSSs) ISO 9001, ISO 14001 and/or ISO 45001 on firm financial performance (FFP) in terms of return on equity (ROE) and dividend per share yield (DY). With a balanced data sample between 2010 and 2019 composed of more than 10,000 observations, this paper performs a two-step system generalised-method-of-moments model to find a causal relationship between single, double and triple certifications, and ROE and DY. The results find no impact of single certifications on FFP. However, double certifications that include ISO 9001 promote ROE. Furthermore, all multiple certifications are found to promote DY. It is then argued that operating with multiple MSSs promotes shareholder wealth. Thus, this research adds to the continuing academic discourse on the connection between MSS certifications and FFP by presenting findings from a worldwide longitudinal dataset. Additionally, it adopts a shareholder-focused perspective and introduces DY as a relevant FFP metric in this line of research. [ABSTRACT FROM AUTHOR]

Pharmaceutical companies are companies listed on the Indonesia Stock Exchange (IDX) which are said to be important, especially during the Covid-19 pandemic because they can provide medicines and medical devices so that the demand for medicines will increase. This trend has resulted in investors who still want to invest during a pandemic, preferring pharmaceutical companies to buy the stock, thus causing stock prices to change. The purpose of this research is to determine the effect of firm Size, Dividend Yield, Earning Per Share and Net Profit Margin on Stock Prices in Pharmaceutical Companies Listed on the IDX for the 2017-2022 period. The population in this research are 11 pharmaceutical companies listed on the IDX in the 2017- 2022 period. The samples taken in this research are 5 companies. The sampling technique used is purposive sampling. The data used is secondary data in the form of annual financial reports. The data analysis techniques used are the normality test, multicollinearity test, heteroscedasticity test, autocorrelation test, multiple linear regression analysis, F test, t test and R2. The test instrument used is SPSS. The results of this research indicate that partially and simultaneously, the variables Firm Size, Dividend Yield, Earning Per Share and Net Profit Margin affect stock prices in pharmaceutical companies listed on the Indonesia Stock Exchange for the 2017-2022 period. [ABSTRACT FROM AUTHOR]

The burgeoning social significance borne by death inquests in Hong Kong has ushered in a string of judicial decisions that seeks to remould the interpretation and operation of provisions in the Coroners Ordinance. This article subjects attempts to marshal the right to life as an interpretive conduit to remould these provisions to scrutiny, focusing on its impact on the remit of inquests and the Court of First Instance's power to override the Coroner's refusal to hold one which ought to be held. It contends that such interpretive endeavours are unlikely to yield practical dividends, emerge effective, sustainable or consequential in the long run, or prove defensible on doctrinal grounds. The principal reason lies in the fact that local jurisprudence on the right to life remains thin and underdeveloped, such that it lacks the necessary doctrinal and jurisprudential arsenal to sustain such judicial efforts and furnish principled guidance to the courts on how to arm the remoulded law with real bite. [ABSTRACT FROM AUTHOR]

Copyright of Omer Halisdemir Universitesi Iktisadi ve Idari Bilimler Fakültesi Dergisi is the property of Omer Halisdemir University, Faculty of Economics & Admistrative Sciene and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This paper highlights the procyclical and unstable behaviour of mutual funds, characterized by a varying sensitivity on common asset pricing factors. It proposes a novel factor model that allows for regime changes associated with macroeconomic and financial state variables. Estimated on a panel covering 825 US equity mutual funds over a period of 30 years, it appears that the yield curve, the dividend yield, short term interest rates and the industrial production coincide with regimes switches in the Fama–French factors. Furthermore, the estimated regimes coincide with financial crises and economic downturns, thus confirming the procyclical behaviour of mutual funds' returns. These findings, coupled with the emerging systemic role of mutual funds, promote the consideration for a specific macroprudential regulatory framework targeted at the mutual fund industry. [ABSTRACT FROM AUTHOR]

The article studies the factors affecting the dividend policy of enterprises in the context of the Covid-19 pandemic, such as profitability, business size, financial leverage, growth rate, solvency, and enterprise longevity. The study collects data on enterprises listed on the Vietnamese stock market from 2019 to 2022 with 2736 observations. Using the general regression method (GLS) and the fixed regression method (FEM), the authors have identified the factors that have a positive and statistically significant impact: (i) profitability and the longevity of the business; (ii) At the same time, the research results also show that the factors that have a negative impact on the dividend payout ratio are revenue growth rate, business size, financial leverage, solvency. Besides, in the context of the Covid 19 pandemic, the dividend yield tends to decrease. The research results are a scientific basis for businesses to have more appropriate dividend payment policies, better capital attraction in the stock market, and especially a hedging strategy for risks such as Covid 19 epidemic. [ABSTRACT FROM AUTHOR]

Purpose: The paper examines contingent liabilities' effect on the firm's dividend decisions. Design/methodology/approach: Fixed-effects regression and logit model results estimate the influence of contingent liabilities on firms' dividend decisions using a sample of 2,288 firm-year observations of S&P 500 firms from 2012 until 2022. Robustness checks and results from the 2SLS model further support the authors' findings. Findings: The results show that contingent liabilities negatively affect dividend payment decisions. This analysis further demonstrates that the stated effect of contingent liabilities on dividend decisions is more substantial for firms with financing deficits and those with above-industry-average corporate governance scores. Research limitations/implications: There needs to be more systematic conceptual reason for measuring uncertainty for firms and its influence on dividend decisions. Future research should use other measures of firm uncertainty to examine the relation of the firm's uncertainty with dividend decisions. Practical implications: The authors suggest that contingent liabilities create uncertainty for future cash flows, influence a firm's agency costs and provide credible signals on a firm's prospects to the market. The findings support existing literature that measurable firm-specific variables significantly influence a firm's dividend decisions. The results are robust for an alternative explanation. Originality/value: By investigating the impact of the influence of contingent liabilities on dividends, the authors extend research on dividend decisions and attempt to provide insights into a firm's dividend decisions by incorporating an off-the-balance sheet item (contingent liabilities) as a significant predictor for dividend decisions. [ABSTRACT FROM AUTHOR]

By providing important indicators, financial indices help investors make educated judgements regarding their assets, much like vital sign monitors for the financial markets. The best way for investors to keep up with the market and make strategic adjustments is to keep an eye on these indexes. Researching the most important financial indexes for making educated investing decisions is, thus, quite relevant. Finding the most essential financial indices from an investing standpoint and assigning a weight to each of those indexes are the main goals of this research. A weighted score is derived by combining four financial indices in a Multi-Criteria Decision-Making (MCDM) technique. These objectives are then pursued. Triangular Fuzzy Numbers (TFNs) and the Fuzzy Analytic Hierarchy Process (F-AHP) are used to determine the weights of criteria in this technique. Using these methods together, the research hopes to provide a thorough analysis of the role that different financial indexes have in informing investment choices. This study emphasizes the paramount importance of considering the Price Earning to Growth (PEG) ratio when making investment decisions, followed by the Debt Equity Ratio. Price to Book Value and Dividend Yield, while relevant, carry comparatively less weightage in the overall assessment. Investors are advised to use these insights as a guideline in their financial analysis and decision-making processes. [ABSTRACT FROM AUTHOR]

We model sequential, corporate investment decisions with time-to-build delays, operating scale mode switching, operating constraints, and path dependencies. We also account for stochastic salvage (abandonment) values that are utilization (path) dependent. Our results highlight a key link between economic depreciation, stochastic salvage values and operational flexibility with asymmetric switching costs. We further identify conditions uncovering a non-conventional impact of resulting path-dependencies on the investment-uncertainty relationship: higher uncertainty and lower asset return shortfall ("dividend yield") may expedite, rather than delay, corporate investment. High switching costs, operating constraints, and economic depreciation may reduce or eliminate these non-conventional effects. [ABSTRACT FROM AUTHOR]

While stocks with high dividends have historically outperformed those with low dividends, we show that the difference can be completely explained by a set of well-known factors including value, quality and defensive. Applying a dividend filter to a portfolio of strategies having high exposure to these factors yields sub-optimal results. To test whether incorporating dividend yields can improve the performance of long-only factor portfolios, we construct a set of dividend-favored long-only factor portfolios with a heuristic rebalance algorithm and find that their after-tax net returns are lower than the dividend-agnostic counterparts. Collectively our results indicate that long-only active investors are better off loading directly on value, quality and defensive factors than purposely tilting their portfolios toward high-dividend stocks. [ABSTRACT FROM AUTHOR]

Purpose: The authors measure the cost of equity to earnings yield differential for a sample of 2,035 non-financial firms. In a series of Logit and Tobit regressions, the authors examine if the cost of equity to earnings yield differential is related to dividend policy in the manner predicted by agency theory. Design/methodology/approach: Agency theory says a firm's optimal dividend policy is partially determined by the relationship between the earnings yield and the cost of equity capital. When the cost of equity is higher (lower) than the earnings yield, firms are motivated to (not) pay dividends as this reduces the cost of capital and holding other things constant, increases corporate valuations. The authors test whether managers set dividend policies to maximize the value of the firm. Findings: The study's findings show that when the cost of equity is higher (lower) than earnings yield, firms are more (less) likely to be dividend payers and the payouts are higher (lower). The results are robust to the inclusion of share repurchases as an alternative to cash distributions. The study's findings support the cost of equity hypothesis and are consistent with alternative dividend theories. Originality/value: The study's findings support the cost of equity hypothesis and are consistent with alternative dividend theories. To the authors' knowledge, this is the first paper testing the cost of equity hypothesis. [ABSTRACT FROM AUTHOR]

This research article investigates the determinants of the dividend payout-level decision of 703 National Stock Exchange (NSE) listed sample firms in India during the period from 1994-95 to 2017-18. Also, considering the different phases of liberalisation in India a sub-period wise analysis is carried out. The censored or Tobit regression analysis is utilised in order to examine the determinants of dividend payoutlevel decision (i.e. how much amount of dividend a firm distributes out of its total profits to the equity shareholders?). From the trend analysis the study finds that the dividend payout ratio (DivPayout) as well as the dividend yield (DivYield) show a volatile trend during the entire study period. Also, the number of dividend paying firms have declined by 20.36% during the study period but this decline is not consistent rather it depicts a volatile trend throughout the study period. The censored or Tobit regression analysis results indicate that the larger, mature firms and firms with high free cash flow have higher dividend payoutlevel on the other hand, the firms facing high business risk and the high dividend distribution tax imposed by the government tend the firms to have lower dividend payout-level. Overall, the findings of the study are in line with the agency, signalling and firm life-cycle theories of the dividend policy. [ABSTRACT FROM AUTHOR]

Stock exchanges play an important economic role in developing countries such as Saudi Arabia. As a result, this study investigates the connection between Saudi Arabian stock markets, equities, commodities, and currency. This study utilized secondary data from 2013 to 2022. This analysis utilizes thirty Saudi Arabian firms' financial stock markets, stocks, commodities, and currencies. The correlation between the study's variables was analyzed using Stata. The coefficients illustrate how Saudi Arabian firms' return on equity (ROE) increases with each unit increase in each independent variable. Given that the F-statistic is 39.82, the fitted significance level for the pooled OLS model is 1%. The FGLS Regression Model was developed to investigate the connection between Saudi Arabian financial stock markets, stocks, commodities, and currency. During the COVID-19 pandemic, the ROE of Saudi Arabian firms decreased by up to 3.5%. The size and activity of the stock market have statistically and economically significant effects on business expansion. The economy of Saudi Arabian companies is affected by the opening stock price, dividend yield, market capitalization, trading volume, and open Saudi Riyal to US Dollar exchange rate. Equity-heavy corporations grow more rapidly than others. Future research could investigate how the stock market's growth influences macroeconomic variables such as capital formation, private savings rates, and firm productivity. [ABSTRACT FROM AUTHOR]

There has always been controversy among researchers over how dividend policies affect share prices, and this equivocal relationship varies throughout international markets. This study is set to examine the relation between share prices and number of dividend policy and profitability variables. Based on the information from five insurance companies that are listed on Kuwait Stock Exchange (KSE) over the period 2014 and 2022, findings indicates that 55.3% of stock prices could be explained by factors related to profitability and dividend policy. The relationship between stock price, as a dependent variable, and earnings per share (EPS), dividend yield (DY), earning to price ratio (EP), risk premium (RP), and retention ratio (RR), as independent variables, was investigated in this study using OLS regression approach. The results of the regression analysis demonstrated a significant direct relationship between stock price and earnings per share (EPS), suggesting that investors choose highly profitable shares. At the 99% confidence level, the earnings to price ratio (EP) likewise revealed a statistically significant direct relationship with the stock price. At 90% confidence level, risk premium (RP) also shown a substantial direct relationship. The only variable that significantly correlated negatively with share prices was dividend yield (DY), suggesting that investors choose more stable payouts over uncertain future capital gains. Conversely, the retention ratio (RR) demonstrated a negligible direct impact on share prices. [ABSTRACT FROM AUTHOR]

Income-seeking investors naturally favor stocks with higher dividend yield in the equity portion of their portfolios. Although this helps meet their income objectives, it has some potentially undesirable consequences: a strong style bias and a lack of tactical flexibility in the style dimension. A growth equity covered call strategy is one possible tool for generating income in a multi-asset portfolio that can address these issues. We demonstrate the effectiveness of this type of strategy in generating income while providing diversification against conventional high dividend yield equity. We further show that the strategy's diversification and income outcomes can be enhanced through systematic stock selection based on option market characteristics rather than growth characteristics alone. [ABSTRACT FROM AUTHOR]

We identify a problem in the widely used binomial option pricing model when it is used to value options on an asset paying continuous dividends. It does not value pairs of European spot and futures options consistently even though they are theoretically equivalent. The inconsistency arises from the way dividend yield is incorporated into the jumps and probabilities. In addition, the model also has the tendency to undervalue American options due to suboptimal early exercise decisions. While the lingering effect of this problem diminishes asymptotically, it is nonetheless a concern for someone just beginning to learn the model or in applications where the use of a sufficiently large binomial tree is not practical or economical. We propose a simple modification to solve the problem and demonstrate the effectiveness of the solution. [ABSTRACT FROM AUTHOR]

Despite empirical research, the relationship between dividend policy and stock price volatility is continuously debatable. This study investigated the relationship between dividend policy and stock price volatility of Indian listed companies. The study examined 260 listed companies based on the reliable dividend-paying manners of nonfinancial companies listed on the Bombay Stock Exchange (BSE) for the financial period from 2014–2015 to 2020–2015. To analyze the data, this study used the panel data models: fixed effects, random effects, and the Hausman test. Finally, this study applied the fixed effect model after careful examination of multicollinearity, endogeneity, and causality issues related to the dataset. The analyses revealed a significant negative relationship between dividend payout and stock price volatility meanwhile, dividend yield and stock price volatility have a positive association. The study outcomes provide information for investors and managers about dividend decision. This study provides an extensive understanding of the emerging stock market fluctuation on the relationship with the dividend policy. [ABSTRACT FROM AUTHOR]

This study examines the role of women included in governance system in explaining the impact of dividend policy framework on the risk-taking of banks, using a panel dataset of 52 African countries over the period, 2006–2020. The empirical outcome confirms that independent women on the board has a lower probability of paying dividend, reduce dividend yield and induce less risk-taking of banks while women in country-level governance position seek to protect the interest of shareholders and subsequently increase the likelihood of dividend payments and risk-taking of banks. The study found that banks that pay dividends face stricter market discipline, which in turn reduces banks' risk-taking. The study found that dividend policy framework generally acts as a complement for risk-taking when independent women are included in corporate boards while it acts as a substitute control device for banks' risk-taking when women are included in country-level governance positions. Based on the net effects, the study found robust and strong evidence to support that the dividend policy framework reduces the risk-taking at higher level of women included in governance system. [ABSTRACT FROM AUTHOR]

We argue that cash dividend is a type of arbitraging cost that short sellers tend to avoid. We find that dividend announcements lead to temporary short squeezes, causing the prices of highly shorted stocks to overshoot and fully revert over time. These stocks also experience excessive buy‐initiated trades and abnormal trading volume in response to dividend announcements. These results are driven mainly by stocks with unpredicted dividends, low lending fees, and high dividend yields. Overall, results suggest that news of a dividend distribution is magnified by short squeezes due to increased short costs and generates excessive nonfundamentals‐driven price fluctuations. [ABSTRACT FROM AUTHOR]

In this paper, we analyse the extent of cum-ex trading in European markets. We document that the abnormal trading activity around the dividend day of a stock can be attributed to cum-ex trading, in addition to existing tax clientele hypotheses. Cum-ex trading is positively associated with dividend yield, which is consistent with maximizing returns from this strategy. Based on abnormal trading volume, we estimate a substantial loss to treasuries due to illicit tax refunds of withholding tax on dividends. Our results are robust, controlling for confounding effects and investors' tax preference and heterogeneity. [ABSTRACT FROM AUTHOR]

Copyright of Revista Contabilidade, Gestao E Governanca is the property of Revista Contabilidade, Gestao E Governanca and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The term structure of equity risk premium is moderately downward-sloping unconditionally, markedly downward-sloping in good times, and markedly upward-sloping in bad times. An asset-pricing model featuring time-varying correlation between realized and expected cashflow shocks explains these puzzling empirical findings. Indeed, the model-implied slope of the equity term structure is in line with the data, both conditionally and unconditionally, because the estimated cashflow shock correlation is volatile, counter-cyclical, and negative on average. The model also generates realistic asset-pricing moments and a positive relation between the equity risk premium, slope of the equity term structure, and the dividend yield. This paper was accepted by David Sraer, finance. Funding: The authors thank the University of Texas at Dallas and the University of Toronto for financial support. Supplemental Material: The data files are available at https://doi.org/10.1287/mnsc.2022.4565. [ABSTRACT FROM AUTHOR]

We examine how the dividend tax cut policy tied to the investment horizon enforced on September 8, 2015, influences stock price stability in China's A‐share market. As the new dividend tax policy waives the tax on cash dividends for investors holding a stock for more than a year, it encourages long‐term investment behavior. From 2013 to 2017, we find that stock turnover, return volatility, and turnover volatility decrease after the policy enforcement, especially for stocks with high dividend yields. This result shows that dividend tax reforms increase investors' stock investment horizons and help stabilize the market. However, our findings demonstrate that stock crash risk increases after policy enforcement. Further analysis shows that earnings management through real activities manipulation for stocks with a higher dividend yield contributes to an increase in stock crash risk. Therefore, one externality of the dividend tax cut policy tied to the investment horizon is that top managers of firms with a higher dividend yield may take advantage of investors' passive longer‐term investment behavior and engage in more earnings management. This result suggests that regulatory agencies should pay attention to top managers' earnings management behavior after enacting policies that encourage long‐term investment. [ABSTRACT FROM AUTHOR]

We derive the short-maturity asymptotics for option prices in the local volatility model in a new short-maturity limit T → 0 at fixed ρ = (r − q) T , where r is the interest rate and q is the dividend yield. In the case of practical relevance ρ being small, however, our result holds for any fixed ρ. The result is a generalization of the Berestycki–Busca–Florent formula (Berestycki et al., 2002) [Asymptotics and calibration of local volatility models, Quantitative Finance 2, 61–69] for the short-maturity asymptotics of the implied volatility which includes interest rates and dividend yield effects of O (((r − q) T) n) to all orders in n. We obtain the analytical results for the ATM volatility and skew in this asymptotic limit. Explicit results are derived for the CEV model. The asymptotic result is tested numerically against the exact evaluation in the square-root model σ (S) = σ ∕ S , which demonstrates that the new asymptotic result is in very good agreement with the exact evaluation in a wide range of model parameters relevant for practical applications. [ABSTRACT FROM AUTHOR]

In this paper, a simple no-arbitrage methodology to estimate option-implied interest rates and dividend yields simultaneously via a regression model is employed. Since the mean-based least squares estimation places equal weights on all data points making it sensitive to outliers, a robust median-based estimation approach is proposed. The proposed methodology is only valid for European options; consequently, an empirical analysis is conducted on options on the S & P 500 Index. Robust forward-looking model-free estimates of the risk-free interest rate and dividend yield, based exclusively on market prices of options, are thus obtained. [ABSTRACT FROM AUTHOR]

Copyright of Boğaziçi Journal: Review of Social, Economic & Administrative Studies is the property of Bogazici University, Faculty of Economics & Administrative Sciences and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The relationship between dividend policy (DP) and the value of firms (FV) has been investigated by several researchers in different jurisdictions. However, the findings of these researchers have been always inconsistent. This is due to the other factors that affect this relationship, which include the investment opportunity (IO). This paper is therefore aimed to empirically examine the impact of dividend policy on firms’ value with investment opportunity as moderator. The population of the study consists of 102 listed Non-financial companies. Based on the criterion set by the researcher, a judgmental technique of sampling was used in selecting 30 non-financial companies from the year 2011 to 2020. Tobin’s’ Q (TQ) and Market Price Per share (MPS) are the proxies for firms’ value, while Dividend per share (DPS) dividend payout ratio (DPR) and dividend yield (DY) are the proxies for dividend policy. Investment opportunity (IO) was measured as fixed asset growth. The study also used Firms’ size (FSIZE), Leverage (LEV) and Industry dummy (IND) as control variables. Descriptive statistics, correlation, and Feasible Generalized Least Squares (FGLS) analysis were used. It was found that DP, DPR, and DY are statistically significant to influence TQ. While MPS was only influenced by DP and DY. It was also found that IO did not moderate the relationship between dividend policy and firm value. It is recommended that the management of corporations should put measures in place that will increase revenue and decrease expenses so that regular dividend payments could be maintained.

The objective of this paper is to check the impact of dividend policy and firm performance with a moderating effect of ownership structure. Many studies have been made to check the impact of dividend policy on firm performance but there is not a single study that has been made yet to check the impact of dividend policy and firm performance with moderating effect of ownership structure. This research had been carried out on different non-financial sectors of Pakistan covering the firms of automobile assembler and parts manufacturing, cement and chemical manufacturing, fertilizer manufacturing, pharmaceuticals, and textile manufacturing etc. The data used in carrying out this research was taken from the companies that was paying dividends and were listen in KSE-100 index of Pakistan Stock Exchange. Ownership data of the firms were collected by the company's pattern of shareholding which are published or mentioned in the company's annual report as per Securities and Exchange Commission of Pakistan (SECP) requirements that can be taken from the company's website. The study shows significant positive relationship between dividend policy and firm performance. The study also shows that there is positive significant relationship between dividend policy and firm performance with moderating effect of ownership structure. Dividend policy can also have implications for a company's investment and growth prospects. In general, firms that retain more of their earnings for reinvestment are likely to have higher levels of capital expenditures and research and development spending. However, dividend payments can also signal to investors that a company has confidence in its future growth prospects. [ABSTRACT FROM AUTHOR]

Copyright of Optimum: Journal of Economics & Management Sciences / Ekonomi ve Yönetim Bilimleri Dergisi is the property of Optimum: Journal of Economics & Management Sciences and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Brazilian Business Law Journal / Administração de Empresas em Revista is the property of Administracao de Empresas em Revista and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Bu çalışmada Campbell ve Shiller (1988a) modelinden hareketle, temettü veriminin BIST hisse senedi fiyatlarını tahmin gücü incelenmektedir. Araştırmada, temettü veriminin hisse senedi fiyatlarını tahmin etmede başarılı bir faktör olup olmadığı test edilecektir. Çalışma, teorisyenler, yatırımcılar ve politika yapıcılar açısından önemli çıkarımlara sahiptir. Öncelikle, kâr payı ödemelerinin firma değerine etkisinin ortaya koyulmuş olması, yöneticiler açısından temettü dağıtım politikalarının oluşturulmasında belirleyici olacaktır. Ayrıca, temettü veriminin tahmin gücünün ortaya koyulması durumunda, yatırımcılar ve portföy yöneticileri, bugünkü değer (present value) yaklaşımını kullanarak belirli bir hisse senedinin yüksek veya düşük değerlenmiş olduğunu tespit edebilirler. Temettü ödemelerinin piyasa dinamiklerine olan etkilerinin bilinmesi, düzenleyici otoritelerin politika kararlarında da yol gösterici olacaktır. Araştırma metodolojisi olarak Toda-Yamamoto (1995) ve Hatemi-J (2012) asimetrik bootstrap nedensellik testleri benimsenmiştir. Araştırmada, Aralık 2011–Kasım 2021 tarihlerinde BIST 100 endeksinde devamlılık gösteren ve kesintisiz olarak temettü ödeyen hisse senetlerine ait temettü verimi ve ay sonu kapanış fiyatı serileri kullanılmıştır. Toda-Yamamoto nedensellik testi bulgularına göre AGHOL, BIMAS, EGEEN, INDES, SARKY, SELEC ve TOASO hisse senetlerinde temettü veriminden hisse senedi fiyatlarına doğru nedensellik ilişkisi tespit edilmiştir. Hatemi-J (2012) asimetrik bootstrap nedensellik testi, Toda-Yamamoto testine nazaran daha az sayıda nedensellik ilişkisine işaret etmektedir. İncelenen çoğu hisse senedinde temettü verimi ve fiyat değişkenlerinin pozitif ya da negatif bileşenleri arasında nedensellik ilişkisi saptanmamıştır. Temettü veriminin tahmin gücüyle ilgili karışık bulgulara ulaşılmasının arka planında, incelenen değişkenlerde yapısal kırılmaların görülmesi, temettü veriminin tahmin gücünün zamanla değişen bir yapıda olması, piyasa şartlarına bağlı olarak tahmin gücünün zayıflaması, temettü verimi ve fiyat arasındaki ilişkinin nonlineer yapıda gerçekleşebilmesi, hisse senedi bazında yapılan sınamaların endeks bazında yapılan sınamalara nazaran dezavantajlı olması, aylık frekanstaki gözlemlerden ziyade yıllık frekanstaki gözlemlerin kullanılması durumunda, temettü veriminin tahmin gücünün daha fazla artış gösteriyor olması, firmaların temettü politikasındaki değişikliklerin ve hisse geri alım kararlarının temettü veriminin tahmin gücünü zayıflatıyor olması sayılabilir.

In a world of increasing energy and water scarcity, companies are devising new technical and operational strategies to reduce energy and water consumption – especially the ratio of water and energy usage to units of production. Savings derivable from such environmental resource conservation contribute to cost reduction, which invariably result in better financial performance. This paper analysed the relationship between water and energy reduction on dividend yield. Many studies on water and energy efficiency's effect on financial performance have paid little attention to dividend yield – hence this paper contributes to the academic science. The paper applied a positivist paradigm and hence a quantitative approach. Data on energy reduction, water reduction, and dividend yield were from the Coca-Cola financial and sustainability reports for different years. A simple regression analysis was applied to the data analysis. Research results indicate that at an alpha level of 0.05%, energy and water reduction are significantly related to dividend yield at a p-value of P

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This paper examines whether adding expected dividend yields implied by analyst dividend forecasts to expected capital gains implied by analyst target prices improves the portfolio strategy of buying stocks with the highest expected returns and selling stocks with the lowest expected returns. We find that the strategy based on the expected total returns performs only slightly better at the 1-month horizon because the short-term return predictability of the expected dividend yield is weak. We find that the strategy generates significant abnormal returns regardless of sorting the stocks universally or within industries, although sorting stocks within industries improves the performance. [ABSTRACT FROM AUTHOR]

In this article, we investigate whether the negative creditor governance shock due to the initiation of credit default swap (CDS) contracts results in monitoring substitution effects between bondholders and shareholders. Using several mechanisms to test increased shareholder monitoring such as board structure, CEO–chair duality, and institutional ownership, we show that shareholder monitoring increases post‐CDS contract initiation. We examine board decision outcomes and show that incentive compensation is higher for real estate investment trusts (REITs) post‐CDS initiation. Furthermore, we find that post‐CDS initiation, REITs undertake more acquisitions that are more likely to be paid for with stocks and take longer to complete than non‐REITs. Finally, we find that REITs industry‐adjusted cash holdings and dividend yield increases post‐CDS initiation. [ABSTRACT FROM AUTHOR]

Both fertility and mortality rates are declining in the five Central Asian countries, so far resulting in an increasingly working-age population. The main question is whether these countries can benefit from this demographic transition while having different economic structures and diverse ethnicities. Our article shows the importance of demographic, economic, and human capital indicators and the influential role of governance indicators such as the Political Corruption Index and Egalitarian Democracy Index for economic growth. Based on the data from 1991 to 2018, the analysis has been conducted by employing fixed effect estimation with Driscoll-Kraay standard errors. The findings indicate that human capital with proper education and an appropriately absorbed labour force does have a more powerful effect on the demographic benefit. In addition, improving the quality of governance has a significant impact on economic growth. [ABSTRACT FROM AUTHOR]

The article discusses the use of dividend yield variation as a criterion for asset selection in momentum strategies of Brazilian real estate investment funds (FII-BR). The study shows that strategies based on this criterion have yielded results above sector indices, and are easily applicable for individual or institutional investors. Dividend yield variation can indicate irregularities in the risk-return dynamics of FII-BR, allowing for the attainment of both insufficient and excessive reaction returns. The research contributes to the understanding of the dynamics between prices and dividend payments in this asset class. [Extracted from the article]