Μερισματική πολιτική εταιριών εισηγμένων στο Χρηματιστήριο των Αθηνών : μια εμπειρική ανάλυση
Part of : Σπουδαί : journal of economics and business ; Vol.47, No.3-4, 1997, pages 249-285
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Pages:
249-285
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Abstract:
In this article we present the existing theoretical models which describe the dividend policy of firms listed in the Stock Exchange. Following an examination of their econometric problems the models were estimated with a sample of a large number of firms quoted on the Athens Stock Exchange. The empirical results lead to the general conclusion that Lintner's model best describes the dividend policy of this extended investigation. Current profits constitute the most important variable which tends to influence change in dividends while the previous period dividends tend to also significantly influence changes in the dividend policy of firms. Finally the optimal dividend payout ratio of the sample is 55% whereas the coefficient which reflects the speed of adjustment is 67%.
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Περιέχει πίνακες, σημειώσεις και βιβλιογραφία
