Dividend reductions, the timing of dividend payments and information content

被引：11

作者：

Balachandran, Balasingham ^{[1
]}

Krishnamurti, Chandrasekhar ^{[2
]}

Theobald, Michael ^{[3
]}

Vidanapathirana, Berty ^{[4
]}

机构：

[1] La Trobe Univ, La Trobe Business Sch, Dept Finance, Bundoora, Vic 3086, Australia

[2] Univ So Queensland, Fac Business, Sch Accounting Econ & Finance, Toowoomba, Qld 4350, Australia

[3] Mifranthe Associates, Claverdon CV35 8HG, Warks, England

[4] Monash Univ, Dept Accounting & Finance, Caulfield, Vic 3145, Australia

来源：

JOURNAL OF CORPORATE FINANCE | 2012年 / 18卷 / 05期

关键词：

Price reactions; Australia; Dividend reductions; Information content; Franked and unfranked; Interim and final; ABNORMAL OPERATING PERFORMANCE; EARNINGS; POLICY; OMISSIONS; INITIATIONS; FUTURE; SIGNAL; TAXES;

D O I：

10.1016/j.jcorpfin.2012.08.002

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Australian companies pay dividends semi-annually with smaller "interim" payments and larger "final" payments. Interim dividends are declared and paid within a less full information environment than final dividends. We analyze the interactions between the timing of dividends and their information content, controlling for share repurchase and tax effects. Dividend reductions that are not associated with share repurchases are statistically significantly related to future abnormal earnings and provide strong support for the information content of dividend reductions. The percentage of dividend reduction is stronger for interim than for final dividend reductions. The market reaction is negatively related to the reduction in imputation tax credit and reacts more aggressively and negatively to interim as compared to final dividend reductions. (C) 2012 Elsevier B.V. All rights reserved.

引用

页码：1232 / 1247

页数：16

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