Do Changes in Dividends Signal Something? New Evidence from New Zealand
نویسندگان
چکیده
All 137 publicly listed firms in New Zealand were used to analyse the relationship between dividend changes and earning changes. The question being asked is: Do dividend changes point to good past performance, good current performance, or signal growth in future performance. The findings show that there is no statistically significant relationship between dividend changes and either past or future performance but that dividend changes are related significantly to current earnings. The calls into question the notion that dividends can be seen as signals.
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