Dividend premium: Are dividend-paying stocks worth more?

被引：17

作者：

Karpavicius, Sigitas ^{[1
]}

Yu, Fan ^{[2
]}

机构：

[1] Univ Adelaide, Adelaide Business Sch, Accounting & Finance, Level 12,10 Pulteney St, Adelaide, SA 5005, Australia

[2] Macquarie Univ, Fac Business & Econ, Dept Appl Finance & Actuarial Studies, E4A,Eastern Rd, N Ryde, NSW 2109, Australia

来源：

INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS | 2018年 / 56卷

关键词：

Dividend premium; Dividend policy; Firm value; DISAPPEARING DIVIDENDS; INTERNATIONAL EVIDENCE; SHARE REPURCHASES; POLICY; SUBSTITUTION; INITIATIONS; PROPENSITY; FIRMS;

D O I：

10.1016/j.irfa.2018.01.004

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper reports that the relation between dividend payout and firm value is positive. Panel data regressions suggest that the dividend premium for firms' equity is 17.4% and the dividend premium for firms' assets is 7.1%. The tests using propensity score matching methodology report a lower -but still positive and statistically significant - dividend premium: 12.5% for equity and 6.1% for assets. Thus, stock prices of dividend payers are greater by 12.5% or 17.4% on average (depending on methodology) compared to those of nonpayers. We find that policy-related economic uncertainty and the proportion of firms paying dividends explain more than half of the variation in dividend premium for assets.

引用

页码：112 / 126

页数：15

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