Bonding, signaling theory and dividend policy: Evidence from multinational firms

被引：0

作者：

Ghadhab, Imen ^{[1
]}

机构：

[1] Univ Tunis, BESTMOD Lab, Inst Super Gest, 41 Ave Liberte, Bardo 2000, Tunisia

来源：

JOURNAL OF ASSET MANAGEMENT | 2023年 / 24卷 / 01期

关键词：

Cross-listing; Dividend policy; Bonding; FREE CASH FLOW; STOCK DIVIDENDS; CROSS-LISTINGS; CORPORATE GOVERNANCE; RETAINED EARNINGS; INFORMATION-CONTENT; AGENCY PROBLEMS; MARKET REACTION; PAYOUT POLICY; US;

D O I：

10.1057/s41260-022-00289-7

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper investigates the dynamics of cross-listing and dividend policy. Using a sample of 19,200 firm-year observations for the period 1990-2019, we find that cross-listed firms are less likely to distribute dividends, adopt more stable policy and pay more cash compared to their non-cross-listed peers. We also show that firms originated from poor legal environment have a stable policy and pay more dividend. Finally, we find that cross-listed firms with more dividend payment exhibit higher valuations.

引用

页码：69 / 83

页数：15

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