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الرئيسية > The pressure relief theory of...>الوصف

The pressure relief theory of dividend policy

المصدر: المجلة العربية للإدارة
الناشر: المنظمة العربية للتنمية الإدارية
المؤلف الرئيسي: Kira, Mohamed Ihab Ahmed (Author)
المجلد/العدد: مج32, ع2
محكمة: نعم
الدولة: مصر
التاريخ الميلادي: 2012
الشهر: ديسمبر
الصفحات: 209 - 222
ISSN: 1110-5453
رقم MD: 657306
نوع المحتوى: بحوث ومقالات
قواعد المعلومات: EcoLink
مواضيع:
توزيع الارباح | النظريات الاقتصادية | الضغوط الاقتصادية
رابط المحتوى:
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المستخلص: Several theories have been forwarded to explain firms ’ payout behavior and the ‘abnormal ’ positive effect of dividend initiations/increases and repurchases on stock prices. This paper theoretically develops a strand of thought that has awkwardly introduced itself in the literature, namely: the avoidance of overinvestment, into an alternative theory. Mature firms with limited growth potential avoid undertaking negative net present value projects by paying out the majority of their earnings; these firms may even reduce their equity base through stock repurchases. When such firms announce that they will initiate dividends the downward pressure on their valuation, due to the market forecasts of overinvestment, is relieved leading to abnormal positive returns. The relative relevance of one or the other of the theories of dividend policy depends on the relative prevalence of the conditions assumed under each. In their seminal paper Miller & Modigliani (1961) show that, in a world described by perfect markets and rational behavior, dividend policy is irrelevant. Two understated assumptions underlie their conclusion.
ISSN: 1110-5453

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