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dc.contributor.author
Chatzipoulka, Vaia
en
dc.contributor.author
Moustakidou, Athanasia
en
dc.date.accessioned
2015-04-08T13:30:25Z
dc.date.available
2015-09-27T05:58:35Z
dc.date.issued
2015-04-08
dc.identifier.uri
https://repository.ihu.edu.gr//xmlui/handle/11544/75
dc.rights
Default License
dc.title
An investigation of dividend smoothing behavior in CIVETS
en
heal.type
masterThesis
heal.keyword
Dissertations, Academic
en
heal.keyword
Dividends--Developing countries
en
heal.language
en
heal.access
free
el
heal.license
http://creativecommons.org/licenses/by-nc/4.0
heal.recordProvider
School of Economics, Business Administration and Legal Studies, MSc in Banking and Finance
heal.publicationDate
2012-10-15
heal.bibliographicCitation
Chatzipoulka Vaia and Moustakidou Athanasia, 2012 , An investigation of dividend smoothing behavior in CIVETS, Master's Dissertation, International Hellenic University
en
heal.abstract
The principal aim of this study was to assess the dividend behavior of firms in the group of countries named CIVETS, which is formed from the initials of the countries of Colombia, Indonesia, Vietnam, Egypt, Turkey and South Africa. These countries are characterized by their highly economically developing markets. As it is widely noticed, developing countries offer high dividend yields in an attempt to attract institutional investors; and, even if they have great need of financing for investing, they do not cut dividends sharply, because they will lose investors. Thus, they choose to follow a more smoothed dividend policy, in order to adjust variations in dividend payments to the variations in earnings streams. Specifically, this study tests the presence of dividend smoothing by implementing two alternative measures of smoothing based on the Lintner’s model (1956). For this purpose, 472 firms listed on the Colombian, Indonesian, Vietnamese, Egyptian, Turkish and South Africa’s Stock Exchange were investigated over a 21-year period, from 1990-2011. The empirical results of this study show evidence that CIVETS companies pay smoothed dividends. However, the degree of dividend smoothing differs among CIVETS countries. Finally, the outcome indicates that the Lintner’s dividend smoothing model does not fully explain the dividend behavior in CIVETS countries.
en
heal.tableOfContents
INTRODUCTION ..................................................................................................................... 4 DESCRIPTION OF INVESTIGATION AREA ................................................................................. 6 THEORITICAL CONSIDERATION AND PRIOR RESEARCH......................................................... 13 MEASURES OF DIVIDEND SMOOTHING................................................................................ 19 DATA AND SUMMARY STATISTICS ....................................................................................... 21 Sample selection ............................................................................................................. 21 Summary Statistics .......................................................................................................... 22 Robustness ...................................................................................................................... 29 CONCLUSION ...................................................................................................................... 30 REFERENCES ........................................................................................................................ 31 APPENDIX............................................................................................................................ 34 TABLE 1: Summary Statistics resulted from the regressions of each company .................. 34 FIGURE 1: Histograms of SOA and Relative Volatility estimations of Colombia ................ 66 FIGURE 2: Histograms of SOA and Relative Volatility estimations of Indonesia ................ 67 FIGURE 3: Histograms of SOA and Relative Volatility estimations of Vietnam .................. 68 FIGURE 4: Histograms of SOA and Relative Volatility estimations of Egypt ...................... 69 FIGURE 5: Histograms of SOA and Relative Volatility estimations of Turkey .................... 70 FIGURE 6: Histograms of SOA and Relative Volatility estimations of South Africa ............ 71 FIGURE 7: Histograms of SOA and Relative Volatility estimations of CIVETS(5) ................ 72 FIGURE 8: Histograms of SOA and Relative Volatility estimations of CIVETS(10) .............. 73 TABLE 2: Mean and median tests for Columbia ................................................................ 74 TABLE 3: Mean and median tests for Indonesia ............................................................... 75 TABLE 4: Mean and median tests for Vietnam ................................................................. 76 TABLE 5: Mean and median tests for Egypt ...................................................................... 77 TABLE 6: Mean and median tests for Turkey .................................................................... 78 TABLE 7: Mean and median tests for South Africa ........................................................... 79 TABLE 8: Mean and median tests for CIVETS(10).............................................................. 80 TABLE 9: Mean and median tests for CIVETS (5)............................................................... 81
en
heal.advisorName
Tsekrekos, Andrianos
en
heal.committeeMemberName
Tsekrekos, Andrianos
en
heal.committeeMemberName
Livanis
en
heal.committeeMemberName
Artikis
en
heal.academicPublisher
School of Economics, Business Administration and Legal Studies, MSc in Banking and Finance
en
heal.academicPublisherID
ihu
heal.numberOfPages
81
heal.fullTextAvailability
true


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