IDEAS home Printed from https://ideas.repec.org/a/prg/jnlcfu/v2007y2007i1id215p86-89.html
   My bibliography  Save this article

Dividend Puzzle is Still Alive
[Věčně živá dividendová hádanka]

Author

Listed:
  • Petr Marek

Abstract

Miller's and Modigliani's article Dividend Policy, Growth and the Valuation of Shares (1961) represented a revolution in the dividend theory development. By the issue of the article there was predominant opinion that the right choice of dividend policy can positively influence business value. In mentioned article authors presented dividend neutrality evidence in model with perfect markets, rational behavior and perfect certainty. Thenceforth scientists try to prove whether dividend neutrality is effective in real life or not. So far it hasn't failed to prove validity of the thesis, on the other hand to disprove as well not.

Suggested Citation

  • Petr Marek, 2007. "Dividend Puzzle is Still Alive [Věčně živá dividendová hádanka]," Český finanční a účetní časopis, Prague University of Economics and Business, vol. 2007(1), pages 86-89.
    • Handle: RePEc:prg:jnlcfu:v:2007:y:2007:i:1:id:215:p:86-89
    DOI: 10.18267/j.cfuc.215
    as

    Download full text from publisher

    File URL: http://cfuc.vse.cz/doi/10.18267/j.cfuc.215.html
    Download Restriction: free of charge
    File URL: http://cfuc.vse.cz/doi/10.18267/j.cfuc.215.pdf
    Download Restriction: free of charge
    File URL: https://libkey.io/10.18267/j.cfuc.215?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Jensen, Michael C, 1986. "Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers," American Economic Review, American Economic Association, vol. 76(2), pages 323-329, May.
    2. Shefrin, Hersh M. & Statman, Meir, 1984. "Explaining investor preference for cash dividends," Journal of Financial Economics, Elsevier, vol. 13(2), pages 253-282, June.
    3. Easterbrook, Frank H, 1984. "Two Agency-Cost Explanations of Dividends," American Economic Review, American Economic Association, vol. 74(4), pages 650-659, September.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Roni Michaely & Stefano Rossi & Michael Weber & Michael Weber, 2017. "The Information Content of Dividends: Safer Profits, Not Higher Profits," CESifo Working Paper Series 6751, CESifo.
    2. H.Kent Baker & Gary E. Powell & E.Theodore Veit, 2002. "Revisiting the dividend puzzle," Review of Financial Economics, John Wiley & Sons, vol. 11(4), pages 241-261.
    3. du Jardin, Philippe & Séverin, Eric, 2011. "Dividend policy," MPRA Paper 44382, University Library of Munich, Germany.
    4. Brav, Alon & Graham, John R. & Harvey, Campbell R. & Michaely, Roni, 2005. "Payout policy in the 21st century," Journal of Financial Economics, Elsevier, vol. 77(3), pages 483-527, September.
    5. Schmid, Thomas & Ampenberger, Markus & Kaserer, Christoph & Achleitner, Ann-Kristin, 2010. "Controlling shareholders and payout policy: do founding families have a special 'taste for dividends'?," CEFS Working Paper Series 2010-01, Technische Universität München (TUM), Center for Entrepreneurial and Financial Studies (CEFS).
    6. Gyimah, Daniel & Gyapong, Ernest, 2021. "Managerial entrenchment and payout policy: A catering effect," International Review of Financial Analysis, Elsevier, vol. 73(C).
    7. William M. Gentry & R. Glenn Hubbard, 1998. "Fundamental Tax Reform and Corporate Financial Policy," NBER Working Papers 6433, National Bureau of Economic Research, Inc.
    8. Boulton, Thomas J. & Braga-Alves, Marcus V. & Shastri, Kuldeep, 2012. "Payout policy in Brazil: Dividends versus interest on equity," Journal of Corporate Finance, Elsevier, vol. 18(4), pages 968-979.
    9. Maria Elisabete Duante Neves, 2017. "Payout and Firm's Catering," International Journal of Economics & Business Administration (IJEBA), International Journal of Economics & Business Administration (IJEBA), vol. 0(4), pages 104-132.
    10. de Jong, Abe & van Dijk, Ronald & Veld, Chris, 2003. "The dividend and share repurchase policies of Canadian firms: empirical evidence based on an alternative research design," International Review of Financial Analysis, Elsevier, vol. 12(4), pages 349-377.
    11. Kent Daniel & Lorenzo Garlappi & Kairong Xiao, 2021. "Monetary Policy and Reaching for Income," Journal of Finance, American Finance Association, vol. 76(3), pages 1145-1193, June.
    12. Hicheon Kim & Heechun Kim & Peggy M. Lee, 2008. "Ownership Structure and the Relationship Between Financial Slack and R&D Investments: Evidence from Korean Firms," Organization Science, INFORMS, vol. 19(3), pages 404-418, June.
    13. Nicholas Clarke & Dylan Norris & Andrew Schrowang, 2024. "Share repurchases and managerial reference points," The Financial Review, Eastern Finance Association, vol. 59(1), pages 57-87, February.
    14. Stuart Archbold & Elisabete F. Simões Vieira, 2010. "Corporate Dividend Policies in Bank-based and Market-based Systems: Survey Evidence from UK and Portugal," Portuguese Journal of Management Studies, ISEG, Universidade de Lisboa, vol. 0(1), pages 34-64.
    15. Nicolas Aubert, 2016. "Does the Catering Theory of Dividend Apply to the French Listed Firms?," Bankers, Markets & Investors, ESKA Publishing, issue 145, pages 27-38, November-.
    16. repec:ers:journl:v:v:y:2017:i:4:p:104-132 is not listed on IDEAS
    17. Dong, Ming & Robinson, Chris & Veld, Chris, 2005. "Why individual investors want dividends," Journal of Corporate Finance, Elsevier, vol. 12(1), pages 121-158, December.
    18. Ming‐Cheng Wu & Erin H. C. Kao & Hung‐Gay Fung, 2008. "Impact Of Dividend‐Protected Employee Stock Options On Payout Policies: Evidence From Taiwan," Pacific Economic Review, Wiley Blackwell, vol. 13(4), pages 431-452, October.
    19. Wu, Manhwa & Ni, Yensen & Huang, Paoyu, 2020. "Dividend payouts and family-controlled firms—The effect of culture on business," The Quarterly Review of Economics and Finance, Elsevier, vol. 75(C), pages 221-228.
    20. Kamal Anouar & Nicolas Aubert, 2016. "Does the catering theory of dividend apply to the French listed firms?," Working Papers halshs-01401867, HAL.
    21. Cave, Joshua & Lancheros, Sandra, 2024. "Local peer influence on dividend payout decisions," Journal of Banking & Finance, Elsevier, vol. 164(C).

    More about this item

    Keywords

    Dividend policy; Dividend theory; Thesis of dividend neutrality; Dividendová politika; Dividendová teorie; Teze o dividendové neutralitě;
    All these keywords.

    JEL classification:

    • M29 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Economics - - - Other

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:prg:jnlcfu:v:2007:y:2007:i:1:id:215:p:86-89. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Stanislav Vojir (email available below). General contact details of provider: https://edirc.repec.org/data/uevsecz.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.