企业价值与股利政策英文文献.docx

企业价值与股利政策英文文献.docx

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企业价值与股利政策英文文献

Dividendpolicyandfirmvalue

Thedividenddecisionisanintegralpartofthefirm'sstrategicfinancingdecision.Itessentiallyinvolvesafirm'sdirectorsdecidinghowmuchofthefirm'searnings,afterinterestandtaxes（EAIT,shouldbedistributedtothefirm'sordinaryshareholdersinreturnfortheirinvestmentinthefirm,andhowmuchshouldberetainedtofinancefuturegrowthanddevelopment.（SterkandVandenberg2004441-55Theobjectiveofthefirm'sdividenddecision,likeallfinancialdecisions,shouldbethemaximisationofshareholderwealth.Ifanoptimaldividendpolicydoesexistthenclearlymanagersshouldconcernthemselveswithitsdetermination;ifitdoesnot,thenanydividendpolicywilldo,asonepolicywillbeequaltoanother.Itshouldbenotedthatthedividenddecisionanddividendpolicyrelateonlytoordinarysharecapital.（AsquithandMullins200377-96Thepaymentofpreferencesharedividendsisnotconsideredpartofafirm'sdividendpolicy,asthelevelof,ormethodofcalculating,thepreferencedividendisfixedinadvancebythetermsandconditionsoftheoriginalpreferenceshareoffer.Onceadividendpolicyhasbeenformulated,settingouttheamountandtiming,etc.ofdividendpayments,itshouldbefollowedwithstabilityandconsistencyasitsguidingprinciples.Asweshalldiscusslater,changestoafirm'sdividendpolicycanbeinterpretedinvariouswaysbythefinancialmarkets,sometimeswithdramaticconsequencesforthefirm'sshareprice.Youwillnotethatthedividenddecisionismadeatthelevelofthefirm'smostseniormanagers-atboardofdirectorlevel.Itisthedirectorswhowilldecidetheamountandtimingofdividendpayments.UnderUKcompanylawthedirectorscannotbecompelledtorecommendadividendandshareholderscannotvotethemselvesahigherdividendthanthatrecommendedbythedirectors.（BajajandVijh2004193PaymentofdividendsIntheUK,incommonwithmanyothercountries,dividendsareusuallypaidtoshareholderstwiceayear.Aninterimpaymentismadehalf-waythroughthefinancialyear,withafinalpaymentbeingmadeaftertheendofthefinancialyear.Dividendsarepaidtotheshareholderslistedonafirm'sShareRegisteronaspecifieddate,knownastheRecordDate.（SterkandVandenberg2004441-55Inthestockmarket,sharesoflistedcompaniesaretradedonwhatisknownaseitheracum-dividendorex-dividendbasis.Alistedcompany'ssharesaretradedcum-dividendforaperiodafterthecompanyannouncesitsresults,interimandfinal.Whenthesharesaretradingcum-dividend,buyersoftheshareswillbeentitledto

receivethedividendpayment.Whenthesharesaretradingex-dividend,buyerswillnotbeentitledtoreceiveadividendpayment.Thisexplainswhy（assumingtheabsenceofanyotherrelevantfactorsthereisusuallyadropinashare'sprice,roughlyequivalenttothevalueofthedividendpershare,whenthesharegoesex-dividend.（Impson2005422-27Forinstance,distributingcapitalorcertaintypesofreserves（e.g.sharepremiumaccountasdividendsisprohibitedbycompanylaw.Thedeterminationofdistributableprofitsissetoutinadetailedcodeofstatutoryregulations.Forpublicandprivatecompanies,theCompaniesAct2003definesdistributableprofitsas:

'accumulatedrealisedprofits,sofarasnotpreviouslyutilisedbydistributionorcapitalisation,lessaccumulatedrealisedlosses,sofarasnotpreviouslywrittenoffinareductionorreorganisationofcapitaldulymade'.Theselegalrestrictionsonthepaymentsofdividendsarenecessarytomaintainthecapitalofacompanyandtoprotecttherightsandclaimsofcreditors.Therelevance（orirrelevanceofdividendpolicytothevalueofthefirmhasbeenoneofthemostwidelyresearchedtopicsinfinanceandaccounting.Argumentshavebeenadvancedonallsidesoftheissue.Giventheinabilitytostructureasingleconceptualrelationshipbetweendividendpolicyandthevalueofthefirm,empiricalstudiesoftherelationshipbetweendividendsandfirmvaluehavetakenonincreasedimportance.Previousstudieshaveusedeithershort-runmeasuresofstockpriceorrisk-adjustedreturnstomeasurefirmvalue.（JoseandStevens2004652Dividendannouncementstudieshaveexaminedtheimmediatereactionofthefirm’sstockpricetoadividendannouncementtodetermineifthestockpricefallsbymoreorlessthantheamountofthedividend.Findingsfromannouncementstudiessuggestthatinvestorsdiscountdividends.Otherstudieshavetestedfortherelationshipbetweenrisk-adjustedreturnsanddividendyield.Usingshort-runholdingperiods,thesestudieshavefoundthatinvestorsrequirehigherrisk-adjustedreturnsfromhigherdividendyieldstocks.Whiletherearecontroversiesovertheshort-runmeasuresandassumptionsofassetpricingmodelsrelatingreturnstofirmvalue,theempi