KaydedilenlerDerginizi ekleyin

Dergiler / Gaziantep Üniversitesi Sosyal Bilimler Dergisi / 2016 / Cilt: 15 - Sayı: 4

Asymmetric Information and Signaling Theory: Panel Causality Approach on the Relationship between Dividends and Earnings

Yunus KILIÇ
Mehmet Fatih BUĞAN
B. Dilek ÖZBEZEK
Sayfa
1132–1145
Yayın Tarihi
2016-10-28
DOI
—
🏛️Bu makalenin bibliyografik verileri ve tam metin bağlantısı DergiPark üzerinden sağlanmıştır.
DergiPark Kaydı ↗
✨

Yapay Zeka Hızlı Bakış & Çıkarımlar

AI Insight
⚡ TL;DR(1 Cümlede Hızlı Çıkarım)

Obtained findings have pointed out that, in most companies, earnings are more effective in identifying future dividends.

📌 3 Maddede Bu Makale

🎯
Amaç & Hipotez:It has been long debated how, with what methods, to what extent, and how much should the earnings obtained in companies be distributed so as to maximize the market value of companies.
📊
Temel Bulgular & Veri:In this study, the relationship between dividends and earnings per share for the period between 1990 and 2014 has been studied using two different panel causality tests and the asymmetric-information-based signal effect has been analyzed for individual companies.
💡
Sonuç & Katkı:Obtained findings have pointed out that, in most companies, earnings are more effective in identifying future dividends.
🔬Tür:Araştırma Makalesi
📍Kapsam:2014 Verileri
⚙️Değişkenler:Signaling Theory · Earnings per Share · Dividends

Abstract

It has been long debated how, with what methods, to what extent, and how much should the earnings obtained in companies be distributed so as to maximize the market value of companies. The extent of the dividends any company would distribute to its stakeholders undoubtedly depends on the profitability situation of the relevant period. However, the distributed dividends provide reliable information concerning the future earnings of the company. For this reason, the short- and long-time relationship between dividends and earnings should be evaluated in a bidirectional way. In this study, the relationship between dividends and earnings per share for the period between 1990 and 2014 has been studied using two different panel causality tests and the asymmetric-information-based signal effect has been analyzed for individual companies. As a result of the tests conducted, a weak causality relationship has been detected between changes in dividends and companies’ future earnings. Obtained findings have pointed out that, in most companies, earnings are more effective in identifying future dividends.

🔖

Bu Makaleye Atıf Yap

KILIÇ, Y., BUĞAN, M. F., ÖZBEZEK, B. D. (2016). Asymmetric Information and Signaling Theory: Panel Causality Approach on the Relationship between Dividends and Earnings. Gaziantep Üniversitesi Sosyal Bilimler Dergisi, Cilt: 15 - Sayı: 4, 1132–1145. https://ajindex.com/articles/70186

📄 Tam Metin PDF Okuyucu

📄

PDF görüntüleyici hazırlanıyor...

Kaynakça (14)

  1. Aharony, Joseph ve Swary, Itzhak (1980), “Quarterly Dividend and Earnings Announcements and Stockholders’ Returns: An Empirical Analysis”, Journal of Finance, 35, 1-12.
  2. Aharony, Joseph ve Dotan, Amihud (1994), “Regular dividend announcements and future unexpected earnings: an empirical analysis” Financial Review, Vol. 29, No. 1, 125-151.
  3. Allen, F. ve Michaely, R. (2003). Payout policy. Handbook of the Economics of Finance, 1, 337–429.
  4. Ang, J. S. (1975). Dividend policy: Informational content or partial adjustment? The Review of Economics and Statistics, 65–70.
  5. Ashiq, Ali ve Urcan, Oktay (2012), “Dividend increases and future earnings”, Asia-Pacific Journal of Accounting & Economics, 19:1, 12-25.
  6. Baker, Kent H. ve Powell, Gary E. (1999), “How Corporate Managers View Dividend Policy”, Quarterly Journal of Business and Economics, Vol. 38, 17-35.
  7. Baker, Kent H. ve Powell, Gary E. (2000), “Determinants of Corporate Dividend Policy: A Survey of NYSE Firms”, Financial Practice and Education, Vol. 10, 29-40.
  8. Benartzi, Shlorao, Michaely, Roni ve Thaler, Richard (1997), “Do changes in dividends signal the future or the past?”, Journal of Finance, Vol. 52, No. 3, 1007-1034.
  9. Bhattacharya, S. (1979). Imperfect information, dividend policy, and “the bird in the hand” fallacy. Bell Journal of Economics, 10(1), 259-270.
  10. Breusch, T. S. ve Pagan, A. R. (1980). The Lagrange multiplier test and its applications to model specification in econometrics. The Review of Economic Studies, 47(1), 239–253.
  11. Campbell, John Y. ve Shiller, Robert J. (1988), “Stock Prices, Earnings, and Expected Dividends”, The Journal of Finance, Vol. 43, No. 3, 661-676.
  12. Charitou, Andreas, Lambertides, Neophytos ve Theodoulou, Giorgos (2010), “The effect of past earnings and dividend patterns on the information content of dividends when earnings are reduced”, Abacus, 46, 153–87.
  13. Charitou, Andreas, Lambertides, Neophytos ve Theodoulou, Giorgos (2011), “Losses, dividend reductions, and market reaction associated with past earnings and dividends patterns”, Journal of Accounting, Auditing & Finance, 26, 351–82. doi:10.1177/0148558X11401220. Chaudhry, Mukesh K., Boldin, Robert J., Affaneh, Ibrahim ve Tickell, Geoffrey (2015), “Dividend policy and earnings: a study of short- and long-term causality”, Applied Economics, 47:50, 5445-5459.
  14. Chen, G., Firth, M., ve Gao, N. (2002). The information content of concurrently announced earnings, cash dividends, and stock dividends: an investigation of the Chinese stock ma