代理成本对内罗毕证券交易所上市公司股利政策与价值关系的影响

Q3 Economics, Econometrics and Finance

Afro-Asian Journal of Finance and Accounting Pub Date : 2023-09-15 DOI:10.53819/81018102t2192

Maxwell Onyango

引用次数: 0

摘要

公司价值是每个企业不可或缺的焦点，因为它描绘了股东的财富。股利政策被认为是公司价值的关键预测指标。尽管如此，支付政策仍然是一个有争议的话题。因此，本文的目的是研究在内罗毕证券交易所上市的公司的股息政策和价值之间的关系是如何中介的代理成本。平衡面板数据来自2011年至2020年间在印度证券交易所上市的52家公司。公司价值用托宾Q(市场价值与账面价值之比)来衡量。股息政策的代表是中期股息比率(股息支付频率)和股息支付比率(股息数量)的组合。代理成本用资产利用率来衡量。采用相关性和一般最小二乘(GLS)固定效应模型对数据进行分析。研究发现，代理成本在股利政策与公司价值之间起中介作用。这些发现通过证明支付政策和公司价值之间的关系是由代理成本中介的，从而有助于认识。因此，管理者应该从自由现金流中支付股息以降低代理成本，因为最小的代理成本可以提高公司价值。调查结果对内罗毕证券交易所和资本市场管理局在投资者培训和政策制定方面也很有价值。关键词:股利政策，股利相关性，股利不相关性

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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Effect of Agency Costs on the Relationship between Dividend Policy and Value of Firms Listed at the Nairobi Securities Excha

How to cite this article : Onyango M., Nyamute W, & Wanjare J. (2023). Effect of Agency Costs on the Relationship between Dividend Policy and Value of Firms Listed at the Nairobi Securities Exchange

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来源期刊

Afro-Asian Journal of Finance and Accounting Economics, Econometrics and Finance-Finance

CiteScore

0.70

自引率

0.00%

发文量

期刊介绍： Finance and accounting are seen as essential components for the successful implementation of market-based development policies supporting economic liberalisation in the rapidly emerging economies in Africa, the Middle-East and Asia. AAJFA aims to foster greater discussion and research of the development of the finance and accounting disciplines in these regions. A major feature of the journal will be to emphasise the implications of this development and the effects on businesses, academics and professionals. Topics covered include: -Asset pricing, corporate finance, banking; market microstructure -Behavioural and experimental finance; law and finance -Emerging economies: finance, audit committees, corporate governance -Islamic finance, accounting and auditing -Equity analysis and valuation, venture capital and IPOs -National GAAP and IASs compliance, harmonisation and strategies -Financial measurement/disclosure, and the quality of information reported -Accountability and social/ethical/environmental measurement/reporting -Cultural, political, institutional impact on financial measurement/disclosure -Accounting practices for intellectual capital and other intangible assets -Provision of non-audit services and impairment to auditor independence -Audit quality and auditor skills; internal control/auditing -Management accounting, control and /use of key performance indicators -Accounting education and professional development, accounting history -Public sector and not-for-profit accounting