DIVIDEND POLICY DETERMINANTS: AN INVESTIGATION OF THE INFLUENCES OF STAKEHOLDER THEORY by Mark E. Holder‚ Frederick W. Langrehr‚ J. Lawrence Hexter There is considerable debate on how dividend policy affects firm value. Some researchers believe that dividends increase shareholder wealth (Gordon‚ 1959)‚ others believe that dividends are irrelevant (Miller and Scholes‚ 1978)‚ and still others believe that dividends decrease shareholder wealth (Litzenberger and Ramaswamy‚ 1979). Financial management
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Bachelor of Science degree in Applied Accounting of the Oxford Brookes University‚ United Kingdom. The main reason for choosing the project topic‚ “An Evaluation of the Business and Financial performance of J Sainsbury plc for the year ended 24 March 2006 – 22 March 2008”‚ was to assess and improve my professional ability to conduct a business and financial analysis of a publicly listed company. Secondly‚ I have deep interest in specialising
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1.0 Executive Summary Greggs plc intend to expand their operations into international markets in order to satisfy their overriding objective: ’to be Europe’s No. 1 Bakery’. Germany has been selected as the host country and justification for this decision has been discussed. Moreover‚ Greggs will enter the German Bakery market through the employment of a ’Foreign Direct Investment’ method‚ more specifically a ’Sales and Production Subsidiary’. This report outlines the blend of marketing mix components
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Dividend discount model Dividend discount model (DDM) is a way of valuing a share based on the net present value of the dividends that you expect to receive in the future. According to the DDM‚ dividends are the cash flows that are returned to the shareholder. FY 2002 2003 2004 2005 2006 2007F 2008F 2009F Share price 0.155 0.150 0.230 0.370 0.450 0.450 Dividends per share 0.005 0.012 0.014 0.012 0.013 0.019 0.0178 0.020 Dividend Growth 0.0833 0.258 0.014 0.014 Dividend rates
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THE SETTING OF DIVIDEND POLICY Dividend policy is likely to be set in the form of a goal rather than a rigid rule‚ even though a definite policy has the advantage of providing the investor‚ or potential investor‚ a clear basis for choice. Investors knowing the dividend policy of the alternative companies can choose the type of company that best fits their individual investment goals. This is desirable‚ because stockholders differ in the extent to which they prefer dividends rather than opportunities
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Acleda bank PLC 1. Introduction After civil war in 1979 and general election in 1993‚ Cambodia has become a peaceful country. Since that Cambodia attracts both local and international investors in many industries. Especially‚ in bank services is extremely boom. Related to the financial services‚ there are many finance organizations and institutes have been invented. Now‚ our group would like to focus on one private bank which is the largest commercial bank in Cambodia according
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ANALYTIC CONSULTING IB94R0 INDIVIDUAL ASSIGNMENT STUDENT ID: 1262478 GROUP 12 Table of Contents Soft Systems Methodology: Rationale for Reflection ..................................................................................3 Rich Pictures ..................................................................................................................................................3 Root Definition ................................................................................
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Dividend Policy of Indian Corporate Firms: An Analysis of Trends and Determinants Dr. Y. Subba Reddy1 The present study examines the dividend behavior of Indian corporate firms over the period 1990 – 2001 and attempts to explain the observed behavior with the help of trade-off theory‚ and signaling hypothesis. Analysis of dividend trends for a large sample of stocks traded on the NSE and BSE indicate that the percentage of companies paying dividends has declined from 60.5 percent in 1990 to 32.1
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Deriving the Dividend Discount Model in the Intermediate Microeconomics Class Stephen Norman Jonathan Schlaudraff Karianne White Douglas Wills* May 2012 Abstract This paper shows that the dividend discount model can be derived using the basic intertemporal consumption model that is introduced in a typical intermediate microeconomic course. This result will be of use to instructors who teach microeconomics to finance students in that it demonstrates the value of utility maximization in obtaining
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CORPORATE DIVIDEND PRACTICE One consideration is the desire to have a relatively stable dividend; the second is the desire to pay out‚ in the long run‚ a given fraction of earnings. This fraction is usually referred to as the payout target. These objectives may be conflicting. Earnings tend to fluctuate substantially from year to year. If a corporation routinely paid out a given fraction of those earnings as dividends‚ then the dividend itself would tend to fluctuate drastically from year to year
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