英国公司股利政策的决定因素

M. Momany, Khaled Bataineh, Omar Al-Bataineh
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摘要

本研究探讨了从 1990 年到 2022 年的 32 年间,影响英国《金融时报》证券交易所(FTSE)100 指数股票市场上市公司股利政策(由股利支付率决定)的主要因素。股息溢价和自由现金流构成了餐饮股息。广义矩法(GMM)和两阶段最小二乘法(2SLS)等多种面板数据分析回归的结果清楚地表明,餐饮股息对英国公司的股息政策有显著影响。另一方面,股利政策受益于股利溢价,平均增加了 12% 至 17%。另一方面,自由现金流对股利政策的负面影响微乎其微,仅为 5%。值得一提的是,这一结果因所使用的模型和回归技术而异。此外,本研究还强调了公司的规模和盈利能力在决定公司如何实施股利政策方面的重要作用。财务杠杆也很重要,因为当公司在资本结构中更多地依赖债务时,其股息支付率就会下降。通过使用 GMM 和 2SLS 回归,本研究谨慎地解决了内生性问题,即使在减少内生性影响的情况下,研究结果也能保持不变。最终,本研究强调了股息迎合要素在指导英国公司股息政策方面的重要性,认为首席执行官和立法者应对此给予更多关注。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Determinants of UK companies’ dividend policy
This study examines the major factors influencing UK companies listed on the Financial Times Stock Exchange (FTSE) 100 stock market's dividend policy (as determined by the dividend payout ratio) over 32 years, from 1990 to 2022. The dividend premium and free cash flow components make up the catering dividend. The outcomes of a wide range of panel data analysis regressions, such as Generalized Method of Moments (GMM) and Two-Stage Least Squares (2SLS) regressions, clearly show that the catering dividend significantly impacts UK firms' dividend policy. On the other hand, the dividend policy benefits from the dividend premium, which increases it by 12% to 17% on average. Free cash flow, on the other hand, has a negligible negative impact on the dividend policy by just 5%. It is crucial to mention that this outcome varies depending on the models and regression techniques used. Furthermore, this study emphasizes how important it is for a firm's size and profitability to play a key role in determining how it will implement its dividend policy. Financial leverage also becomes important since a company's dividend payment ratio decreases when it relies more heavily on debt in its capital structure. By using GMM and 2SLS regressions, this study carefully tackles the endogeneity issue, and the results hold up even when the endogeneity effect is reduced. Ultimately, this study emphasizes how important dividend catering components are in guiding UK companies' dividend policies, arguing that CEOs and legislators should pay more attention to this.
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