Explore the vast range of titles available.

This study examines the relationship between funding surplus and dividend payments through capital structure. Research on the relationship between surplus companies and dividend payments is still relatively rare, as the majority of studies on funding surplus are linked to capital structure based on the pecking order theory. This study is the first to examine how dividend distribution differs among companies in Indonesia based on their surplus or deficit funding. This unique approach enriches the analysis by exploring how capital structure affects dividend distribution, contributing to a more thorough comprehension of the factors influencing dividend choices within the Indonesian setting. This analyzes 44 consumer sector manufacturing companies listed on the Indonesia Stock Exchange (ВЕ!) from 2016 to 2021 using panel regression analysis, requiring the selection of a model using path analysis. The main focus, first the role of capital structure as a mediator between funding surplus and dividend payments. Secondly, the influence of funding surplus on dividend payments. The research findings show that surplus funding is a factor that triggers the company's dividend payment policy. When the company has strong internal funding, the company tends to fulfill its dividend by relying on internal funding without considering the composition of its capital structure. Practical implications This study can be used as a reference in determining dividend policy based on the company's funding conditions.

'Investor Protection and Corporate Governance' analyzes the impact of corporate governance on firm performance and valuation. Using unique datasets gathered at the firm-level—the first such data in the region—and results from a homogeneous corporate governance questionnaire, the book examines corporate governance characteristics, ownership structures, dividend policies, and performance measures. The book's analysis reveals the very high levels of ownership and voting rights concentrations and monolithic governance structures in the largest samples of Latin American companies up to now, and new data emphasize the importance of specific characteristics of the investor protection regimes in several Latin American countries. By and large, those firms with better governance measures across several dimensions are granted higher valuations and thus lower cost of capital. This title will be useful to researchers, policy makers, government officials, and other professionals involved in corporate governance, economic policy, and business finance, law, and management.

Green innovation is an important driver for the sustainable development of the real economy and the realization of a green transformation. Previous studies have paid less attention to the relationship between dividend payments and the persistence of green innovation and neglected the mechanism of knowledge management on the relationship between the two. Using Chinese listed non-financial companies from 2007 to 2022, this paper empirically investigates the effect and mechanism of dividend payment on corporate green innovation persistence based on two perspectives: principal–agent theory and incentive theory, using Tobit and negative binomial models. It was found that there is a non-linear inverted U-shaped relationship between dividend payments and the persistence of green innovation. Dividend payments influence the persistence of green innovation through agency costs and knowledge management capabilities. Both independent director networks and knowledge spillovers have a positive impact on the relationship between the two. Based on firms’ characteristics, the inverted U-shaped relationship between dividend payment and green innovation persistence is found to be more significant for non-state-owned firms and high-tech firms. Depending on the shareholder type, the inverted U-shaped curve between dividend payments for shareholding managers and green innovation persistence is the steepest. This study enriches the relevant literature on green innovations. In addition, it provides companies with a reference for formulating appropriate dividend policies, improving knowledge management capabilities, and improving the persistence of green innovation at a firm level.

We test the role of dividends and investor sentiment in the relation between idiosyncratic risk and expected returns because Pastor and Veronesi (J Financ 58:1749–1789, 2003) find evidence that dividends reduce firm-specific uncertainty by sending information to the market participants through dividends. Also, Baker and Wurgler (J Financ 61:1645–1680, 2006) document that the negative relation between idiosyncratic risk and expected return only exists under the optimistic sentiment. We first document that the negative relation between idiosyncratic risk and expected return is more concentrated for stocks without dividends than stocks with dividends. We further find that the role of dividends in the relation between idiosyncratic risk and expected return is not affected by investor sentiment. These findings are robust to weighing schemes of returns and firm characteristics such as beta, size, book-to-market ratio, momentum, and liquidity.

We consider De Finetti’s control problem for absolutely continuous strategies with control rates bounded by a concave function and prove that a generalized mean-reverting strategy is optimal in a Brownian model. In order to solve this problem, we need to deal with a nonlinear Ornstein–Uhlenbeck process. Despite the level of generality of the bound imposed on the rate, an explicit expression for the value function is obtained up to the evaluation of two functions. This optimal control problem has, as special cases, those solved in Jeanblanc-Picqué and Shiryaev (1995) and Renaud and Simard (2021) when the control rate is bounded by a constant and a linear function, respectively.

This paper investigates the impact of debt financing on dividend payments when they face the agency costs of free cash flow. It focuses on a sample of 120 firms listed on the Saudi Stock Exchange during the period of 2011–2021. The findings from the Generalized Least Squares regression model revealed that the presence of agency costs of free cash flows may limit the funds available for dividend payments. Regarding the moderating effect of debt structure, the research highlights the significant role of long-term debt in making more prudent use of free cash flow. The use of long-term debt becomes more effective and can enhance shareholder wealth when a firm is facing agency costs of free cash flow. More specifically, bondholders primarily focus on affirmative covenants which require the firm to undertake specified actions such as maintaining assets and financial ratios, or paying taxes, but they do not restrict financing activities such as dividend payments. Since interest and debt repayments are fixed obligations, using free cash flow for dividend disbursement is considered a more profitable and beneficial approach for shareholders in the context of Saudi Arabia. This study contributes to our understanding of financial management under different debt structures and improves our scientific knowledge of the culture of Saudi firms regarding the dividend distribution policy.

This study considers the optimal debt ratio and dividend payment policies for an insurer concerned about model misspecification. We assume that the insurer can invest all of its asset to the financial market and the ambiguity may exist in the risky asset. Taking into account the ambiguous situation, the insurer aims to maximize the expected utility of a discounted dividend payment until it ruins. Under some assumption, we prove that there exists classical solutions of the optimal debt ratio, dividend payment policies, and value functions that show that the existence of ambiguity can affect the optimal debt ratio and dividend policies significantly.

Purpose This paper aims to examine the extent to which board composition and ownership structure (OS) affect a firm’s dividend payout (DP) policy. Design/methodology/approach The sample comprises a total of 1,432 firm-year observations for Gulf Cooperation Council (GCC) nonfinancial firms. Total 179 firms were analyzed from 2009 to 2016. To test the research hypotheses, the paper used panel data analysis (i.e. fixed effects model) and instrumental variable method to ensure the robustness of results against endogeneity effects. Findings Corporate governance (CG) variables were found to significantly impact DP. Specifically, independent directors on board, institutional ownership and royal ownership were positively associated with DP. In contrast, board size, management, government and family ownership had a negative association with DP. The empirical evidence presented in this study supports that CG elements can be both an outcome and substitute of DP as a disciplinary mechanism. Research limitations/implications This study excluded financial firms from the sample list. Future studies should carry out on financial firms to observe if the findings are different. Future research is suggested to incorporate more CG mechanisms. Future studies are suggested to use a dynamic panel regression due to its advantages. Practical implications Practitioners, such as investors and lenders operating in GCC markets, can derive valuable insights from this study regarding the influence of board components on DP policy. The study also provides information about the investment and business environment in GCC. Originality/value The contribution of this study lies in providing empirical evidence regarding the impact of CG mechanisms and OS on DP in GCC countries.

The objectives of this research include: (1) examining and analyzing the effect of capital structure, profitability, dividend payments and inflation on the value of mining companies; (2) examining and analyzing the moderating role of Good Corporate Governance (GCG) on the effect of capital structure, profitability, dividend payment and inflation on the value of mining companies listed on the IDX. The population of this study is all mining sector companies listed on the IDX for the period 2014-2020. The purposive sampling method is used as the sampling technique. The total population is 49 companies and the number of samples that meet the criteria are 44 companies. The research period is 7 years, so the total number of observations is 308 data (pooled data). The Moderated Regression Analysis (MRA) is used as the analysis method. The result is as follow: (1) capital structure has a negative significant effect on firm value; (2) profitability has a positive significant effect on firm value; (3) dividend payment has no significant effect on firm value; (4) inflation has a negative significant effect on firm value; (5) GCG has a moderating effect on the influence of capital structure, profitability and inflation on firm value, with the type of Quasi Moderating, whereas on the influence of dividend payments on firm value, it was the type of Pure Moderating.

This research aims to investigate the effects of dividend policies on a firms' financial performance. The paper explores the research gap and then builds a research model using ROA, ROE, and Tobin's Q as dependent variables, dividend rate and decision of dividend payment as independent variables. The paper collected data and financial statements of 450 firms that are listing on the stock market of Vietnam from 2008 to 2019. The analysis results indicate that the decision of dividend payment has negative impact to Vietnamese firms measured by accounting-based performance but this improve market expectation on firms. In addition, the paper finds that Vietnamese firms are offering low dividend rate which has a positive impact on accounting-based performance but a negative effect on market expectation. This paper proposes some instructive recommendations based on the findings, including a more appropriate model of dividend policies, a lower dividend rate, and clear decision of dividend payment.