公司声誉和派息

IF 3.5 Q1 BUSINESS, FINANCE
Muhammad Nurul Houqe, Michael Michael, Muhammad Jahangir Ali, Dewan Rahman
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引用次数: 0

摘要

本文旨在研究公司声誉与股利政策之间的关联。研究使用了来自 22 个国家的 98,809 个公司年度观察样本,时间跨度为 2005-2016 年。研究结果公司声誉问题与较高的股利支付倾向和支付率相关。此外,对于自由现金流高、信息不对称程度高和机构监控程度低的公司,这种积极影响更为明显。在解决内生性问题的同时,这些结果对工具变量法、倾向得分匹配法和赫克曼两阶段校正法都是稳健的。这些发现对现有和潜在投资者、管理者、政策制定者和监管者等各利益相关者具有重要意义,因为它们提供了企业声誉与企业股利支付决策之间关系的见解。研究强调了企业声誉对于获得融资的重要性,同时强调了国家监管机构和政策制定者在促进企业提高声誉方面的作用。研究强调了企业声誉和股息支付的动态变化,呼吁监管机构和政策制定者积极参与。制定有利于建立声誉的政策可以改善企业的财务前景,这表明需要在管理、监管和政策层面进行战略性干预。总体而言,研究结果表明,声誉是一种约束机制,企业会通过支付红利来维护其声誉。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Company reputation and dividend payout

Purpose

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.

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来源期刊
Meditari Accountancy Research
Meditari Accountancy Research BUSINESS, FINANCE-
CiteScore
7.80
自引率
14.30%
发文量
66
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.
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