The dividend puzzle: Testing the signalling hypothesis in an European context

dc.contributor.authorLobão, Júlio
dc.contributor.authorPacheco, Luís Miguel
dc.contributor.authorLajas, Tiago
dc.date.accessioned2020-03-31T08:36:07Z
dc.date.available2020-03-31T08:36:07Z
dc.date.embargo2021-03-26
dc.date.issued2020-03-26
dc.description.abstractDividend policy continues to puzzle researchers in the discipline of finance. In this paper we test the signalling effects of the dividend payout for a set of European firms that had sustained earnings growth for a minimum period of five years with a decline in the last year. To the best of our knowledge this is the first paper to run and compare the results of several different models including the recently created Simultaneous-Equation Model in its linear and nonlinear forms alongside a simple OLS based estimation. Our results show that managers change dividends to signal equity-scaled earnings prospects instead of asset-scaled earnings. We also find evidence that managers change dividends for signalling previous earnings changes and may distribute dividends to reduce agency costs. These findings suggest that managers identify shareholders as the accepters of dividends and the most direct targets to signalling information.pt_PT
dc.identifier.citationLobão, J., Pacheco, L., & Lajas, T. (2020). The Dividend Puzzle: Testing the Signalling Hypothesis in an European Context. International Journal of Banking, Accounting and Finance, 11(2), 202-226. Disponível no Repositório UPT, http://hdl.handle.net/11328/3035
dc.identifier.issn1755-3830
dc.identifier.urihttp://hdl.handle.net/11328/3035
dc.language.isoengpt_PT
dc.peerreviewedyespt_PT
dc.publisherIndersciencept_PT
dc.rightsembargoed accesspt_PT
dc.subjectDividendspt_PT
dc.subjectSignalling hypothesisept_PT
dc.subjectBehavioural financept_PT
dc.titleThe dividend puzzle: Testing the signalling hypothesis in an European contextpt_PT
dc.typejournal articlept_PT
degois.publication.firstPage202pt_PT
degois.publication.issue2
degois.publication.lastPage226pt_PT
degois.publication.titleInternational Journal of Banking, Accounting and Financept_PT
degois.publication.volume11pt_PT
dspace.entity.typePublicationen

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