Higher Dividends Research Articles

Determinants of Institutional Ownership in the MENA Region

This study explores the main determinants of institutional ownership in the MENA region. Using a large sample of 262 listed companies across MENA countries, this study focuses on company and country characteristics that might explain institutional behavior. We attempt to answer the following questions: First, what are the main categories of institutional investors operating in MENA countries? Secondly, what factors drive institutional ownership? Results reveal a weak presence of institutional investors in the MENA region. Unlike foreign and passive investors, domestic and active institutional investors dominate the companies’ ownership. Such findings raise serious issues about how to attract foreign institutional investors. Results also suggest that value stocks appeal to institutional investors, whatever their origin (foreign or domestic) and kind (active or passive). Institutional investors look for large, profitable, and liquid companies that pay high dividends. They prefer investing in highly indebted companies as they consider debt an efficient mechanism to mitigate agency problems. Corporate governance and information disclosure are also crucial determinants of institutional ownership. However, foreign-domestic and active-passive institutional investors have different investment preferences. Our study would contribute to a better understanding of ownership endogeneity within an emerging context. Results would help professionals, managers, and policymakers to adopt appropriate reforms to offer an appealing business climate and attract a large base of institutional investors, not only foreign and active investors.

The Life Cycle And Dividend Premium Toward Dividend-Paying Behavior In Manufacturing Sector Companies

This study aims to determine the independent variables that are able to predict dividend payment behavior and prove the occurrence of dividend catering theory in manufacturing companies that are in the growth phase. In determining the research sample, the researcher used purposive sampling. The number of samples in this study were 7 manufacturing companies with a total of 92 observations during 2015 – 2019. This study uses multinomial logistic regression analysis on SPSS 25. The results show that the dividend premium and profitability variables get positive and significant values in the high dividend payout model. as well as low dividend payout models. While the firm size variable gets a positive and significant value in the high dividend payout model, it does not get a significant value in the low dividend payout model. This means that in the high dividend payout model, the variables of premium dividends, profitability, and firm size are able to predict the behavior of dividend payments in manufacturing companies that are in the growth phase. However, in the low dividend payout model, only the dividend premium and profitability variables are able to predict the behavior of dividend payments in manufacturing companies that are in the growth phase. The results also prove that the dividend catering theory is proven to occur in manufacturing companies that are in the growth phase of 2015 – 2019.

Routine Use of Indocyanine Green Fluorescence Cholangiography in Cholecystectomy at Marginal Cost and High Dividends: Subvesical Duct Identified

Routine Use of Indocyanine Green Fluorescence Cholangiography in Cholecystectomy at Marginal Cost and High Dividends: Subvesical Duct Identified

Analysis of Representative Stocks in the UK Supermarket Industry

This essay provides a comprehensive analysis of three major supermarket stocks: Marks & Spencer (M&S), Sainsbury's, and Tesco. The analysis focuses on evaluating the risks, profitability, market ratios, and suitability for different types of investors. M&S exhibits the highest level of risk, while Tesco and Sainsbury's appear to be more stable. M&S is the most profitable stock, followed by Tesco and Sainsbury's. In terms of market ratios, M&S shows potential undervaluation and growth opportunities, Sainsbury's offers a high dividend yield, and both Sainsbury's and Tesco display positive momentum. The preferred stock choices for different types of investors are Sainsbury's for value investors, M&S for growth investors, Tesco for index investors, and Sainsbury's for income investors. These results are used for different investors to analyze and decide which company they will invest to earn more profit in its operation.

From high dividends to impairment. Oil companies revise offshore wind investment strategy 

From high dividends to impairment. Oil companies revise offshore wind investment strategy 

Income illusions: challenging the high yield stock narrative

While stocks with high dividends have historically outperformed those with low dividends, we show that the difference can be completely explained by a set of well-known factors including value, quality and defensive. Applying a dividend filter to a portfolio of strategies having high exposure to these factors yields sub-optimal results. To test whether incorporating dividend yields can improve the performance of long-only factor portfolios, we construct a set of dividend-favored long-only factor portfolios with a heuristic rebalance algorithm and find that their after-tax net returns are lower than the dividend-agnostic counterparts. Collectively our results indicate that long-only active investors are better off loading directly on value, quality and defensive factors than purposely tilting their portfolios toward high-dividend stocks.

A Comprehensive Analysis of Stock Investment Recommendations Based on the Liquor Industry: Risk, Profitability, and Ratio Perspectives

Focusing on the liquor industry, this study takes Kweichow Moutai Liquor Co., LTD., Shanxi Xinghuacun Fen Distillery Co., LTD., and Sichuan Tuopai Shed Liquor Co., LTD., as the objects, and provides targeted investment suggestions for different types of investors by analyzing risk, profitability, valuation and other indicators. The results show that Kweichow Moutai has an excellent performance in market value and ROA, which is suitable for index investment and ratio analysis investors. Shanxi Xinghuacun Fen Distillery attracts the attention of income investors with its high dividend rate; Sichuan Tuopai Shede Wine's low PE Ratio may attract value investors. Depending on the type of investment, we provide investment advice for index investors, ratio analysis investors, income investors, value investors, PEG investors, discounted cash flow investors, momentum investors, insider trading investors and share buyback investors. The results and analysis of this study can help investors more accurately evaluate the investment value of different liquor companies to meet their specific investment objectives and risk preferences.

KAITAN PROFITABILITAS, UKURAN PERUSAHAAN, LEVERAGE, DAN LIKUIDITAS TERHADAP KEBIJAKAN DIVIDEN PADA LQ 45

This study was conducted to determine the correlation between profitability, firm size, leverage, and liquidity in companies listed on the LQ 45 in Indonesia Stock Exchange. The sample selected using a purposive sampling method and 25 companies was chosen with the amount of data that could be used were 91. The data was processed using the IBM application version 22. Using non-parametric research with The Spearman Rank Correlation test results that the profitability variable has a strong, positive and significant correlation to dividend policy, the firm size variable has a weak, negative and insignificant correlation to dividend policy, the leverage variable has a moderate, negative and significant correlation to dividend policy, and the liquidity variable has a weak, positive and significant correlation to dividend policy. The results of this study show that companies that convey high profitability, leverage and liquidity can give a signal rather than the company will give a high dividend or not.

Investment in the context of financial constraints: A case of Vietnamese listed firms

To consider investment in the context of financial constraints, this study focuses on analysing the sensitivity of investment to internal funds (cash flow) to examine the impact of financial constraints on investment by Vietnamese enterprises as well as supporting evidence that the financial market is imperfect. Using data from financial statements and market data of 306 enterprises listed on the Ho Chi Minh City Stock Exchange, the authors find that Vietnamese listed firms have to face with many financial constraints due to investment dependence on the availability of internal finance. In particular, the firms with low dividend payout and high KZ (Kaplan & Zingales) index do exhibit higher sensitivity coefficients of investment to internal funds than those with high dividend payout firms and low KZ index. The findings imply that the sensitivity of investment to internal funds varies across the degree of financial constraints of firms, and financial constraints are considered a barrier to investment of the Vietnamese enterprises.

Nexus between Dividend Payment and Earnings Quality of Quoted Manufacturing Firms in Nigeria

The objective of this study is to ascertain the nexus between dividend payment and earnings quality of quoted manufacturing firms in Nigeria. The study adopted the ex-post facto research design. It covered a period of ten years spanning from 2012 to 2021. The population of the study was44 quoted manufacturing firms out which 32 were selected as sample size using purposive sampling techniques. The data were collected from financial statement of the selected firms listed on the Nigeria Exchange Group as at 31 st December, 2021. The data were analyzed using Ordinary Least Square and operated by E-Views 11. The results showed that there is a significant and positive relationship between dividend-paying status and earning quality, there is a significant and negative relationship between dividend size and earning quality, there is a significant and positive relationship between dividend changes and earning quality, and there is a significant and negative relationship between dividend persistence and earning quality. This study concluded that there is nexus between dividend payment and earnings quality of listed manufacturing companies in Nigeria. It was recommended that, managers should maintain an increase in the value of the (cash) dividends paid divided by the net income of the year. Shareholders should watchfully evaluate the size of dividend payments: This is because managers paying bogus dividends may mask unhealthy firm performance. Managers should adopt a fluctuating rather than static dividend policy for its positive signaling effect on earnings quality. Investors should prioritize a high dividend payout since dividends offer assurance regarding the company's financial stability. The shareholders and policy regulators should be watchful of companies consistently declaring profits even in unstable times.

Kinerja Keuangan Terungkap: Metode Du Pont dan Tobin's

The aim of this research is to analyze the financial performance using the Du Pont method as a mediator to understand the influence of DER, dividend yield, and firm size on the financial indicator Tobin's Q. The research method used is descriptive-verification. The population of this study consists of 20 companies listed in the Index High Dividend during the period 2018 to 2020. Using the saturated sample method, 20 companies from the Index High Dividend were selected as the research sample. Data analysis was conducted using the descriptive and verification approach with the structural equation modeling (SEM-PLS) technique. The research findings indicate that DER and firm size do not have a significant influence on Tobin's Q, while dividend yield and ROE Du Pont have a positive influence on Tobin's Q. Furthermore, DER and firm size have a positive influence on ROE Du Pont, but there is no significant influence of dividend yield on ROE Du Pont. ROE Du Pont functions as a mediator between DER and firm size with Tobin's Q, but it does not mediate the influence of dividend yield on ROE Du Pont. Overall, DER, dividend yield, and firm size jointly have an influence on ROE Du Pont, and ROE Du Pont also affects Tobin's Q.

Dividend policy and firm liquidity under the tax imputation system in Australia

PurposeThe primary goal of this paper is to investigate the relationship between stock market liquidity and firm dividend policy within a market implementing the tax imputation system. The main aim is to understand how the tax imputation system influences the relationship between firm dividend policy and stock market liquidity within a cross-sectional framework.Design/methodology/approachThis paper investigates the relationship between stock market liquidity and the dividend payout policy under the full tax imputation system in the Australian market. This study uses the Generalized Least Squares regressions with firm- and year-fixed effects.FindingsIn contrast to the negative relationship between the liquidity of common shares and the firms' dividends documented in countries with the double tax system, the study reveals that in Australia, the dividend payout ratios are positively associated with liquidity after controlling for various explanatory variables with both the contemporaneous and lagged time periods. Such a finding is robust to the use of alternative liquidity proxies and to the sub-period tests and remains during the COVID-19 pandemic period.Research limitations/implicationsThe insights derived from this study have significant implications for various stakeholders within the economy. The findings provide regulators with valuable insights to conduct a more holistic assessment of how the tax system impacts the economy, especially concerning the dividend choices of firms. Within the context of a full tax imputation system, investors can make investment decisions without factoring in the taxation impact. Simultaneously, firms can be relieved of concerns about losing investors who prioritize liquidity, particularly when a high dividend payout might not align optimally with their financial strategy.Originality/valueThis study contributes to the literature by extending the literature on the tax clientele effects on dividend policy, providing evidence that the tax imputation system can moderate the impact of liquidity on dividend policy. This study examines the impact of the dividend tax imputation system on the substitution effect between dividends and liquidity.

Military CEOs and firm dividends and cash holdings

PurposeThe purpose of this study is to examine the relationships between chief executive officers (CEOs) with military service and firm dividend and cash holding decisions.Design/methodology/approachThe authors use a sample of Standard and Poor's (S&P) 1500 firms in the USA over a sample period from 1999 to 2017 and a panel data approach, as well as instrumental variable (IV)analysis. The models control for firm characteristics as well as industry and year-fixed effects.FindingsThe results show CEOs with military service are associated with higher total payout and less cash. Higher dividends appear to drive the total payout result. When cash holdings are split into pure cash and short-term investments, the reduction in cash holdings is driven by a reduction in pure cash. The findings are more pronounced for powerful CEOs and CEOs with low labor mobility. Military CEOs are also associated with less risk, measured by stock return volatility and return on assets (ROA) volatility.Originality/valueOverall, the results are consistent with military CEOs implementing conservative policies that reduce firm risk, curtailing the demand for precautionary cash and reducing the necessity to forego dividend payouts.

Consequences of Paying High Dividends to Shareholders and/or Share Buybacks on a Firm’s Competitive Advantage

Consequences of Paying High Dividends to Shareholders and/or Share Buybacks on a Firm’s Competitive Advantage

Pengaruh Keputusan Investasi Keputusan Pendanaan Dan Kebijakan Dividen Terhadap Nilai Perusahaan Indexs High Dividen 20 Yang Terdaftar Di BEI Pada Tahun 2017-2021

This study aims to examine the effect of investment decisions, funding and dividend policies on firm value. The research was conducted at High Dividend Index (IHD) companies listed on the Indonesia Stock Exchange in 2021. The research method used is descriptive verification. The data collected is secondary data, namely data regarding investment decisions, funding, dividend policies and company values ​​available from 2017 to 2021. Data obtained from the official website of the Indonesia Stock Exchange and the company's official website. The data analysis method used is panel data regression analysis. The results of the study show that investment decisions have no effect on firm value, funding decisions have an effect on firm value, dividend policy has an effect on IHD company value on the IDX in 2017-2021. Then, simultaneously, investment decision variables measured using Total Asset Growth (TAG), funding decision variables measured using the Dept to Equity Ratio (DER) and dividend policy variables measured using the Dividend Payout Ratio (DPR) have an effect on measured company value using Price Book Value (PBV).

The Effect of Liquidity, Leverage and Profitability, on Dividend Policy in IDX High Dividend 20 Index Companies Listed On the Indonesia Stock Exchange

This study aims to determine the effect of liquidity, leverage and profitability, on dividend policy in IDX High Dividend 20 index companies listed on the Indonesia Stock Exchange. The location of this research is on the Indonesia Stock Exchange (IDX) by accessing the official IDX website, www.idx.co.id. The population in this study were 20 IDX High Dividend 20 index companies listed on the Indonesia Stock Exchange in 2015-2017. The sample analysis technique used is purposive sampling technique, namely 20 companies with a total of 60 observations. The data analysis technique used is multiple linear regression analysis, multiple correlation analysis, determination analysis and ujit. The test results show that liquidity has a positive and significant effect on dividend policy in IDX High Dividend 20 index companies; leverage has a negative and significant effect on dividend policy in IDX High Dividend 20 index companies; profitability has a positive and significant effect on dividend policy in IDX High Dividend 20 index companies.

Relationship between Ownership, Capital Structure, and Investment Opportunities with Dividend Policy: A study in Manufacturing Companies

Dividend policy is the disagreeing desire of the company between managers and shareholders. The company retains cash to increase the company's growth; on the other hand, shareholders expect a reasonably high dividend. This study analyses the effect of managerial ownership, institutional ownership, capital structure, investment prospects, and sales growth on dividend policy. The type of data used in this research is secondary data from the 2017-2021 financial reports. The technique in this study uses panel data regression. Samples were taken using a purposive sampling technique of 71 companies listed on the Indonesia Stock Exchange (IDX). The results show that managerial ownership, institutional ownership, and sales growth do not affect dividend policy. Capital structure has a significant negative effect on dividend policy. Investment opportunities have a significant positive effect on dividend policy.

Effect of Earning Per Share, Debt to Equity Ratio and Cash Ratio to the Dividend Payout Ratio

Investors in investing certainly expect benefits in the form of dividends. To find out how much the amount of dividends that can be distributed to investors, the company must know percentage of the dividend payout ratio. Dividend payout ratio is a comparison between dividends with profit per sheet share. Besides dividends payout ratio, the company must also take into account other factors, such as market prices, liquidity levels, solvency, etc. determine policy the dividend. Study this is done with a view to know influence from earning Per share, Debt to equity ratio, Cash Ratio to dividends payout ratio on the company IDX High Dividend index for the period 2018 - 2021. The research method used is the correlational method, Technique withdrawal sample on study This is done using the non-probability technique sampling. This study uses data secondary to technique analysis data using analytical techniquesregression double linear. The results of research on Earning per Share, Debt to Equity Ratio, Cash Ratio to Dividend Payouts Ratio in a manner stimulant own influence positive in a mannersignificant.Specifically Partial earning per Share to Dividend Payouts Rati o influential positive significant. The Debt to Equity Ratio and the Cash Ratio to the Dividend Payout Ratio have a negative effect not significant. The R Square value shows a relatively small effect on the Earning per Share, Debt to Equity Ratio and Cash Ratio variables to other variables. Dividend Payout Ratio.

Peranan Emas Dan Crypto Hedge Fund Dalam Meningkatkan Kinerja Indeks Portofolio Indeks Saham LQ45, JII, High Dividend, Dan Sri-Kehati

This research was conducted to determine the role of gold and crypto hedge funds in improving the performance of stock index portfolios. The stock index portfolio used consists of the LQ45, JII, High Dividend, and SRI-KEHATI indices. The purpose of this study is to analyze the role of gold and crypto hedge funds in improving the performance of stock index portfolios for the 2019-2021 period rather than investing in portfolios made up of stock indexes only. This study uses the Naive method and measures portfolio performance based on the Sharpe Index, Treynor Index, Jensen Index, Sortino Ratio, and Omega Ratio. This study concludes that the formation of a portfolio with the role of gold and crypto hedge funds can improve the performance of stock indexes using the calculation results of the Naive Diversification model in the period January 1 2019 to December 30 2021. In general it is found that portfolios formed with gold and crypto hedge funds as value better hedged than a portfolio formed without a hedge

Tobin's Q Modeling Through the Du Pont System Financial Performance Method Using SEM-PLS

This study aims to examine the factors that influence Tobin's Q. This goal is achieved by testing the Debt to Equity Ratio (DER), Dividend Yield, and Firm Size through the financial performance mediating variable using the du Pont system method. This study uses a population of 20 companies indexed in the High Dividend Index of the Indonesia Stock Exchange with a saturated sample technique. The 20 companies are the samples in this study. This research approach uses descriptive quantitative that is path analysis to test the hypothesis that has been formed. The most important research result is that the financial performance of the du Pont system method affects mediating the Debt to Equity Ratio (DER) and Firm Size of Tobin's Q. Then, partially Dividend Yield and Financial Performance of the du Pont system method significantly influence the company's Tobin's Q. High Dividend Index 20