老年人更喜欢分红吗?本地客户vs.公司特征

Kevin Krieger, Bong‐Soo Lee, Nathan Mauck
{"title":"老年人更喜欢分红吗?本地客户vs.公司特征","authors":"Kevin Krieger, Bong‐Soo Lee, Nathan Mauck","doi":"10.2139/ssrn.2022085","DOIUrl":null,"url":null,"abstract":"We examine the payout policy of U.S. firms over the period 1980–2008. Prior research indicates that firm characteristics, managerial preferences, and investor clienteles are all important factors in setting payout policy. Counter to the oft-reported positive relation between senior citizens and the use of dividends, we find no such significant relation. Our results indicate that either senior citizens are indifferent between dividends and repurchases, or that if seniors do demand dividends, they have no influence over firm payout policy. The evolution of firm characteristics, including the average firm size, age, and volatility of earnings over time, best explains payout policy.","PeriodicalId":264822,"journal":{"name":"BHNP: Business History & Firm Policy (Topic)","volume":"67 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"2012-03-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"8","resultStr":"{\"title\":\"Do Senior Citizens Prefer Dividends? Local Clienteles vs. Firm Characteristics\",\"authors\":\"Kevin Krieger, Bong‐Soo Lee, Nathan Mauck\",\"doi\":\"10.2139/ssrn.2022085\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"We examine the payout policy of U.S. firms over the period 1980–2008. Prior research indicates that firm characteristics, managerial preferences, and investor clienteles are all important factors in setting payout policy. Counter to the oft-reported positive relation between senior citizens and the use of dividends, we find no such significant relation. Our results indicate that either senior citizens are indifferent between dividends and repurchases, or that if seniors do demand dividends, they have no influence over firm payout policy. The evolution of firm characteristics, including the average firm size, age, and volatility of earnings over time, best explains payout policy.\",\"PeriodicalId\":264822,\"journal\":{\"name\":\"BHNP: Business History & Firm Policy (Topic)\",\"volume\":\"67 1\",\"pages\":\"0\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2012-03-14\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"8\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"BHNP: Business History & Firm Policy (Topic)\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.2139/ssrn.2022085\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"BHNP: Business History & Firm Policy (Topic)","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.2139/ssrn.2022085","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
引用次数: 8

摘要

我们研究了1980-2008年期间美国公司的派息政策。先前的研究表明,企业特征、管理偏好和投资者客户都是制定股利政策的重要因素。与经常报道的老年人与红利使用之间的正相关相反,我们发现没有这种显著的关系。我们的研究结果表明,要么老年人对股息和回购漠不关心,要么如果老年人确实要求股息,他们对公司的派息政策没有影响。公司特征的演变,包括公司的平均规模、年龄和收益随时间的波动,最好地解释了派息政策。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Do Senior Citizens Prefer Dividends? Local Clienteles vs. Firm Characteristics
We examine the payout policy of U.S. firms over the period 1980–2008. Prior research indicates that firm characteristics, managerial preferences, and investor clienteles are all important factors in setting payout policy. Counter to the oft-reported positive relation between senior citizens and the use of dividends, we find no such significant relation. Our results indicate that either senior citizens are indifferent between dividends and repurchases, or that if seniors do demand dividends, they have no influence over firm payout policy. The evolution of firm characteristics, including the average firm size, age, and volatility of earnings over time, best explains payout policy.
求助全文
通过发布文献求助,成功后即可免费获取论文全文。 去求助
来源期刊
自引率
0.00%
发文量
0
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整,为了账户安全,请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
确定
请完成安全验证×
copy
已复制链接
快去分享给好友吧!
我知道了
右上角分享
点击右上角分享
0
联系我们:info@booksci.cn Book学术提供免费学术资源搜索服务,方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号:481959085
Book学术官方微信