FIRM-SPECIFIC FACTORS AND THE MARKET REACTION TO DIVIDEND CHANGE ANNOUNCEMENTS: EVIDENCE FROM EUROPE

Elisabete S. VİEİRA

Makale detayları

FIRM-SPECIFIC FACTORS AND THE MARKET REACTION TO DIVIDEND CHANGE ANNOUNCEMENTS: EVIDENCE FROM EUROPE

Yazarlar:

Elisabete S. VİEİRA

Yayıncı:

Marmara University

Ana Başlıklar:

Sosyoloji & antropoloji

Dergi:

Marmara Journal of European Studies 2011 Vol.19 Issue 1, pp.1-25

Belge Tipi:

Makale

Yayın Tarihi:

1/2015

Belge Dili:

İngilizce

Document ID (Org No.):

2000751516

Sıklık:

İki Yıllık

eISSN:

2529-0037

pISSN:

1301-1359

Anahtar kelimeler:

Özet:

 

According the dividend signalling hypothesis, it is expected a positive
relationship between dividend change announcements and the subsequent
share price reactions. However, empirical results are not consensual. This
study investigates whether firm-specific factors contribute to explain a
negative market reaction to dividend change announcements, contributing
to the scarce analysis of firm-specific factors explaining the inverse share
price reaction to dividend change announcements. The study applies the
panel data approach to three European markets. The results show that the
market reaction to dividend change announcements is negatively associated
with the firm size. We find that the negative market reaction to dividend
increase announcements is associated with firms that have, on average,
lower dividend changes and higher growth opportunities. Moreover, the
results suggest that a high percentage of dividend negative changes,
decreases the likelihood that the market reacts positively to a dividend
decrease announcement. Globally, we find some evidence for the dividend
signalling hypothesis.

Makale detayları

FIRM-SPECIFIC FACTORS AND THE MARKET REACTION TO DIVIDEND CHANGE ANNOUNCEMENTS: EVIDENCE FROM EUROPE

Yazarlar:

Elisabete S. VİEİRA

Yayıncı:

Marmara University

Ana Başlıklar:

Sosyoloji & antropoloji

Dergi:

Marmara Journal of European Studies 2011 Vol.19 Issue 1, pp.1-25

Belge Tipi:

Makale

Yayın Tarihi:

1/2015

Belge Dili:

İngilizce

Document ID (Org No.):

2000751516

Sıklık:

İki Yıllık

eISSN:

2529-0037

pISSN:

1301-1359

Nakit Temettü

Hipotez

Firma Özgü Faktörler Sinyalizasyon

Sayı

Makale detayları

FIRM-SPECIFIC FACTORS AND THE MARKET REACTION TO DIVIDEND CHANGE ANNOUNCEMENTS: EVIDENCE FROM EUROPE

Yazarlar: Elisabete S. VİEİRA

Yayıncı: Marmara University

Ana Başlıklar: Sosyoloji & antropoloji

Dergi: Marmara Journal of European Studies 2011 Vol.19 Issue 1, pp.1-25

Belge Tipi: Makale

Yayın Tarihi: 1/2015

Belge Dili: İngilizce

Document ID (Org No.): 2000751516

Sıklık: İki Yıllık

eISSN: 2529-0037

pISSN: 1301-1359

Nakit Temettü

Hipotez

Firma Özgü Faktörler Sinyalizasyon

Sayı

Yazarlar:

Elisabete S. VİEİRA

Yayıncı:

Marmara University

Ana Başlıklar:

Sosyoloji & antropoloji

Dergi:

Marmara Journal of European Studies 2011 Vol.19 Issue 1, pp.1-25

Belge Tipi:

Makale

Yayın Tarihi:

1/2015

Belge Dili:

İngilizce

Document ID (Org No.):

2000751516

Sıklık:

İki Yıllık

eISSN:

2529-0037

pISSN:

1301-1359