For nearly half a century, the literature on dividend payments has questioned why firms pay dividends at all. Two competing models have emerged to explain this. In low investor protection regimes, corporate insiders give dividends to signal trust. In high-protection regimes, outside investors have the power to demand dividends. Using a unique laboratory experiment, our results back the empirica...

Disease management programs are one strategy used by health plans, employers, and public payers to contain the rising health care costs of individuals with complex chronic diseases. Typically, health plans contract with disease management firms or groups of specialty providers to manage and care for particular subsets of patients. For instance, they may ‘carve out’ or contract with a disease ma...

We study the causal effect of labor unions on corporate payout policy by using a regression discontinuity (RD) design. Passing a union election leads to an 8.7% lower dividend ratio and a 17.9% lower total payout ratio (including both dividends and share repurchases) than failing an election in the following year. The negative effect of unions on payout is absent in firms located in states with...

This paper investigates the supply of Dividend Reinvestment Plans (DRPs) in relation to corporate governance and imputation tax system Australia. Since DRPs are popular among large firms, we compiled data 300 largest companies listed on Australian stock exchange (ASX300) during 2001-2013. Tobit regression method is used estimate models. Results indicate that good leads higher DRPs. We also foun...

This paper investigates the effect of CFO gender on corporate financial reporting decision-making. Focusing on firms that experience changes of CFO from male to female, the paper compares the firms’ degree of accounting conservatism between preand post-transition periods. We find that female CFOs are more conservative in their financial reporting. In addition, we find that the relation between ...

We study how the relationship between a firm’s growth opportunities and its dividend policies shifts in response to reduction information asymmetry investors firms. Existing literature suggests negative payouts presence of asymmetry. Using mandatory adoption IFRS (International Financial Reporting Standards) as an exogenous shock environment firm, we document that payout strengthens. This impro...

Although firms have been distributing dividends to their shareholders for four centuries (Baskin, 1988), the motivation for this corporate policy is under debate in the academic community. In an early paper, Black (1976, p. 5) coined the term the “dividends puzzle” to illustrate the poor understanding of dividend payment policy: “The harder we look at the dividend picture, the more it seems lik...

dividend policy has long been an issue of interest in the financial literature. to date, a number of studies published on agency costs and dividend policy but most of them are on developed markets, it is well known that the emerging markets are quite different from developed markets in all respects. so, the existing published evidence is of limited relevance in identifying the influence of agen...

Financial firms make up a substantial fraction of the domestic equity market. A number of studies subsequently used different conceptual and methodological approaches to model equity return of financial services firms. Movement of the stock price as the consequence of the movement of the micro and macroeconomic factors is strongly supported by the literature review. Amman Stock Exchange in Jord...