Muhammad Nurul Houqe, Michael Michael, Muhammad Jahangir Ali, Dewan Rahman
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The results are robust to an instrumental variable approach, propensity score matching and the Heckman two-stage correction approach while addressing endogeneity concerns.</p><!--/ Abstract__block -->\n<h3>Practical implications</h3>\n<p>These findings have significant implications for various stakeholders, such as existing and potential investors, managers, policymakers and regulators, by providing insights into the relationship between corporate reputation and firm dividend payout decisions. Corporate reputation is highlighted as crucial for accessing finance, emphasizing the role of national regulators and policymakers in facilitating firms' efforts to improve their reputation. The study highlights the dynamics of corporate reputation and dividend payout, calling for proactive engagement from regulators and policymakers. Crafting policies conducive to reputation-building can enhance firms' financial prospects, indicating the need for strategic interventions at managerial, regulatory and policy levels. Understanding the influence of economic context is crucial for firms to tailor reputation management strategies and optimize funding opportunities in different economic environments.</p><!--/ Abstract__block -->\n<h3>Originality/value</h3>\n<p>Overall, results suggest that reputation serves as a disciplining mechanism, where firms will pay dividends to maintain their reputations.</p><!--/ Abstract__block -->","PeriodicalId":18453,"journal":{"name":"Meditari Accountancy Research","volume":"21 1","pages":""},"PeriodicalIF":3.5000,"publicationDate":"2024-09-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Company reputation and dividend payout\",\"authors\":\"Muhammad Nurul Houqe, Michael Michael, Muhammad Jahangir Ali, Dewan Rahman\",\"doi\":\"10.1108/medar-12-2023-2249\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<h3>Purpose</h3>\\n<p>The purpose of this paper is to examine the association between company reputation and dividend policy.</p><!--/ Abstract__block -->\\n<h3>Design/methodology/approach</h3>\\n<p>In this study, sample of 98,809 firm-year observations from 22 countries covering 2005–2016 were used.</p><!--/ Abstract__block -->\\n<h3>Findings</h3>\\n<p>Firm reputation concerns are associated with higher propensities to pay dividends and payout ratios. 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The purpose of this paper is to examine the association between company reputation and dividend policy.
Design/methodology/approach
In this study, sample of 98,809 firm-year observations from 22 countries covering 2005–2016 were used.
Findings
Firm reputation concerns are associated with higher propensities to pay dividends and payout ratios. Further, this positive effect is more pronounced for firms with high free cash flows, high information asymmetry and low institutional monitoring. The results are robust to an instrumental variable approach, propensity score matching and the Heckman two-stage correction approach while addressing endogeneity concerns.
Practical implications
These findings have significant implications for various stakeholders, such as existing and potential investors, managers, policymakers and regulators, by providing insights into the relationship between corporate reputation and firm dividend payout decisions. Corporate reputation is highlighted as crucial for accessing finance, emphasizing the role of national regulators and policymakers in facilitating firms' efforts to improve their reputation. The study highlights the dynamics of corporate reputation and dividend payout, calling for proactive engagement from regulators and policymakers. Crafting policies conducive to reputation-building can enhance firms' financial prospects, indicating the need for strategic interventions at managerial, regulatory and policy levels. Understanding the influence of economic context is crucial for firms to tailor reputation management strategies and optimize funding opportunities in different economic environments.
Originality/value
Overall, results suggest that reputation serves as a disciplining mechanism, where firms will pay dividends to maintain their reputations.
期刊介绍:
Meditari Accountancy Research (MEDAR). MEDAR takes its name from the Latin for constantly pondering, suggesting a journey towards a better understanding of accountancy related matters through research. Innovative and interdisciplinary approaches are encouraged. The journal is a double blind refereed publication that welcomes manuscripts using diverse research methods that address a wide range of accountancy related topics, where the terms accountancy and accounting are interpreted broadly. Manuscripts should be theoretically underpinned. Topics may include, but are not limited to: Auditing, Financial reporting, Impact of accounting on organizations, Impact of accounting on capital markets, Impact of accounting on individuals, Management accounting, Public sector accounting, Regulation of the profession, Risk management, Social and environmental disclosure, Impact of taxation on society, Accounting education, Accounting ethics.