Signaling Effect of Dividend on Firm’s Future Performance: A Study of Select Emerging Economies

IF 1.2 Q3 BUSINESS, FINANCE

Journal of Emerging Market Finance Pub Date : 2023-09-02 DOI:10.1177/09726527231182279

Sunaina Kanojia, Bunny Singh Bhatia

引用次数: 0

Abstract

The present study examines the signaling effects of a firm’s dividend policy in developing economies (India, Brazil, China, and Taiwan) from 2010 to 2020 in 4,630 companies’ observations. It highlights that the Indian market indicates greater intensity to the signaling model, though no such reactions were recorded in the Brazilian and Taiwanese markets. Further, the Lintner partial adjustment model reveals that companies in India adjust dividends at a slower rate as compared to other emerging markets like China, Brazil, and Taiwan. We found that the Lintner model is the behavioral consequence of the applicability or non-applicability of dividend signaling theory in these emerging economies. JEL Codes: G35, C32, G15

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股利对企业未来绩效的信号效应:基于新兴经济体的实证研究

本研究以4,630家公司为样本，检视2010年至2020年发展中经济体(印度、巴西、中国和台湾)企业股利政策的讯号效应。它突出表明，印度市场对信号模型的反应更强烈，尽管巴西和台湾市场没有记录到这种反应。此外，林特纳部分调整模型显示，与中国、巴西和台湾等其他新兴市场相比，印度公司调整股息的速度较慢。我们发现林特纳模型是股利信号理论在这些新兴经济体中适用或不适用的行为结果。JEL代码:G35, C32, G15

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Emerging Market Finance BUSINESS, FINANCE-

CiteScore

1.80

自引率

33.30%

发文量

期刊介绍： The Journal of Emerging Market Finance is a forum for debate and discussion on the theory and practice of finance in emerging markets. While the emphasis is on articles that are of practical significance, the journal also covers theoretical and conceptual aspects relating to emerging financial markets. Peer-reviewed, the journal is equally useful to practitioners and to banking and investment companies as to scholars.