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  1. SSMSパブリケーション
  2. Vol.06

Earnings Information Conveyed By Dividend Policy

http://hdl.handle.net/10173/1843
http://hdl.handle.net/10173/1843
a32fb4a8-05e0-4aed-bc86-817e5c940fa4
名前 / ファイル ライセンス アクション
SMS10-144.pdf SMS10-144.pdf (107.4 kB)
Item type 会議発表論文 / Conference Paper(1)
公開日 2018-02-06
タイトル
タイトル Earnings Information Conveyed By Dividend Policy
言語
言語 eng
キーワード
主題Scheme Other
主題 dividend policy
キーワード
主題Scheme Other
主題 dividend initiation
キーワード
主題Scheme Other
主題 dividend omission
キーワード
主題Scheme Other
主題 Thailand
資源タイプ
資源タイプ識別子 http://purl.org/coar/resource_type/c_5794
資源タイプ conference paper
著者 Napompech, Kulkanya

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Napompech, Kulkanya

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内容記述タイプ Abstract
内容記述 It is known that managers know more about their firm’s true financial health than shareholders do. Therefore, dividend policy may be of consequence if changes in dividend payments are used to convey information that is not otherwise known to the market. This study examines whether managers of Thai firms convey information about future earnings through dividend policy. It also documents investor reaction to dividend changes. Using financial data during 1994-2008, the sample includes 76 firms that omitted dividend payments for the first time, or after paying continuously for at least three years. It also includes 78 firms that paid no dividends for at least three years preceding the announcement of the initial dividend. The null hypothesis that average earnings changes are zero was tested with Dunnett’s C (Post Hoc) test. The results provide evidence that management signals earnings information content through dividend omission policy. Firms that omit dividends have earnings declines prior to the dividend date; the omission firms’ earnings recover for one year afterward. However, there is no support for dividend initiation helping to identify firms with superior future profitability. The results demonstrate that the market reaction to dividend omissions and initiations are statistically insignificant, suggesting that these earnings changes are anticipated when the dividend is announced.
書誌情報 Society for Social Management Systems Internet Journal

巻 6, 号 1, 発行日 2010-03
ISSN
収録物識別子タイプ ISSN
収録物識別子 2432-552X
著者版フラグ
出版タイプ VoR
出版タイプResource http://purl.org/coar/version/c_970fb48d4fbd8a85
出版者
出版者 Society for Social Management Systems
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