臺灣人文及社會科學引文索引資料庫系統

:::

詳目顯示

回上一頁
第 1 筆 / 總合 1 筆   第一頁 上一頁 下一頁 最後一頁
/1頁
題名：公司股利政策之研究
作者：邱永金
作者(外文)：Yung-Chin Chiu
校院名稱：元智大學
系所名稱：管理學院博士班
指導教授：黃嘉威
學位類別：博士
出版日期：2013
主題關鍵詞：股利政策；庫藏股；盈餘管理；現金流量；Accelerated Share Repurchase；Earnings Management；Cash-Flow Volatility；Total Payout
原始連結：連回原系統網址new window
相關次數：
  • 被引用次數被引用次數:期刊(0) 博士論文(0) 專書(0) 專書論文(0)
  • 排除自我引用排除自我引用:0
  • 共同引用共同引用:0
  • 點閱點閱:20
本博士論文主要在探討公司的股利政策，並且分為兩個議題。第一個議題旨在探討是否公司會在宣告加速買回庫藏股(ASR)決策前，去執行盈餘管理。根據Gong, Louis, and Sun (2008)的研究指出，公司會在宣告公開市場買回庫藏股(OMR)之前去執行盈餘管理。我們推測公司也會在宣告加速買回庫藏股(ASR)決策前，去執行盈餘管理。但是我們的實證結果並沒有發現一致的結論。第二個議題旨在探討當公司面對過去現金流量的波動時，公司會如何決定其股利政策。根據我們的實證結果發現，公司的股利政策會和過去的現金流量波動呈現一個負向關係，此一負向關係，在執行支付股利策略的公司會明顯大於執行買回庫藏股的公司。我們也同時檢視公司在面臨高現金流量波動時，如何選擇股利政策。實證結果發現，買回庫藏股是較有彈性的方針。最後我們檢驗在這樣的政策之下，是否會影響到公司的投資策略。
This dissertation examines two essays that are related to corporate payout policy. The first essay investigates whether earnings manipulation is related to accelerate share repurchases (ASRs). ASRs are a type of repurchase undertaken by a company that purchases shares back through the underwriter at a set price on a specific date. Based on Gong, Louis, and Sun (2008), the firms tend to engage in downward earnings manipulation to lower the purchasing price for OMRs. It is nature to link earnings manipulation to the ASRs. However, our results suggest that there is no relation between earnings manipulation and ASRs. The second essay investigates how cash-flow volatility affects a firm’s payout policy. Previous papers regard stable cash flow as an important factor that substantially affects dividend payout decisions, yet few papers so far examines the impact of cash flow stability on total payout. I find that a firm’s total payout decreases with its cash flow volatility. I also find a negative relationship between a firm’s dividend payments (or stock repurchases) and cash flow volatility. Because a repurchase program is a more flexible way to pay out cash, this negative impact of cash flow volatility on the current amount of dividend payments would be larger than on stock repurchases.
Akyol, A.C., Kim, J.S., Shekhar, C., 2010. The causes and consequences of accelerated stock repurchases, 21st Australasian Finance and Banking Conference 2008 Paper, Available at SSRN: http://ssrn.com/abstract=1252922.
Barber, B.M., Lyon, J.D., 1997. Detecting long-run abnormal stock returns: the empirical power and specification of test statistics, Journal of Financial Economics 43, 341-372.new window
Bagwell, L. S., 1991. Share repurchase and takeover deterrence, The RAND Journal of Economics 22, 72-88.
Bargeron, L., Kulchania, M., Thomas, S., 2011. Accelerated share repurchases, Journal of Financial Economics 101, 69-89.
Bergstresser, D., Philippon, T., 2006. CEO incentives and earnings management, Journal of Financial Economics 80, 511-529.
Chan, K., Chan, L.K.C., Jegadeesh, N., Lakonishok, J., 2006. Earnings quality and stock returns, Journal of Business 79, 1041-1082.
Chemmanur, T.J., Cheng, Y., Zhang, T., 2010. Why do firms undertake accelerated share repurchase programs? Available at SSRN: http://ssrn.com/abstract= 1107217.
Comment, R., Jarrell, G. A., 1991. The relative signaling power of Dutch auction and fixed price tender offers and open market share repurchases, Journal of Finance 46, 12433-1271.
Chen, S.S., Huang, C.W., 2013. The Sarbanes-Oxley Act, Earnings Management, and Post-Buyback Performance of Open-Market Repurchasing Firms, Journal of Financial and Quantitative Analysis, Forthcoming.
Cohen, D. A., Dey, A. and Lys, T. Z., 2008. Real and Accrual-Based Earnings Management in the Pre- and Post-Sarbanes-Oxley Periods, The Accounting Review 83, 757–787.
Cohen, D. A. and Zarowin, P., 2010. Accrual-Based and Real Earnings Management Activities around Seasoned Equity Offerings, Journal of Accounting and Economics 50, 2–19.
Core, J. E., Guay, W. R., Rusticus, T. O., 2006. Does Weak Governance Cause Weak Stock Returns? An Examination of Firm Operating Performance and Investors’ Expectations, Journal of Finance 61, 655-687.
Daniel, K., Grinblatt, M., Titman, S., and Wermers, R., 1997. Measuring mutual fund performance with characteristic-based benchmarks, Journal of Finance 52, 1035–1058.
Das, S., Zhang H., 2003. Rounding-up in reported EPS, behavioral thresholds, and earnings management, Journal of Accounting and Economics 35, 31-50.
Fama, E.F., French, K.R., 1992. The cross-section of expected returns, Journal of Finance 47, 427-466.
Gompers, P., Ishii, J., Metrick, A., 2003. Corporate Governance and Equity Prices, Quarterly Journal of Economics 118, 107-155.
Gong, G., Louis, H., Sun, A.X., 2008a. Earnings management and firm performance following open-market repurchases, Journal of Finance 63, 947-986.
Healy, P., 1985. The effect of bonus schemes on accounting decisions, Journal of Accounting and Economics 7, 85 107.
Healy, P. H., Wahlen, J. M., 1999. A review of the earnings management literature and its implications for standard setting, Accounting Horizons 13, 365–383.
Holthausen, R.W., Larcker, D.F., Sloan, R.G., 1995. Annual bonus schemes and the manipulation of earnings, Journal of Accounting and Economics 19, 29-74.
Hovakimian, A., Opler, T., Titman, S., 2001. The debt-equity choice, Journal of Financial and Quantitative Analysis 36, 1-24.
Hribar, P., Jenkins, N. T., Johnson, W. B., 2006. Stock repurchases as an earnings management device, Journal of Accounting and Economics 41, 3-27.
Ikenberry, D., Lakonishok, J., Vermaelen, T., 1995. Market underreaction to open market share repurchases, Journal of Financial Economics 39, 181-208.
Jensen, M. C., 1986. Agency costs of free cash flow, American Economic Review 76, 323-329.
Jones, J. J., 1991. Earnings management during import relief investigations, Journal of Accounting Research 29, 193–228.
Kahle, K. M., 2002. When a buyback isn’t a buyback: open-market repurchases and employee options, Journal of Financial Economics 63, 235–261.
Kasznik, R., 1999. On the association between voluntary disclosure and earnings management, Journal of Accounting Research 37, 57-81.
Kothari, S. P., Leone, A. J., Wasley, C. E., 2005. Performance matched discretionary accrual measures, Journal of Accounting and Economics 39, 163-197.
Kurt, A. C., 2010. Earnings Management Around Accelerated Share Repurchases, Katz Graduate School of Business, University of Pittsburgh, working paper.
Lakonishok, J., Shleifer, A., Vishny, R.W., 1994. Contrarian investment, extrapolation, and risk, Journal of Finance 49, 1541-1578.
Lie, E., 2005. Operating performance following open market share repurchase announcements, Journal of Accounting and Economics 39, 411–436.
Louis, H., 2004. Earnings management and the market performance of acquiring firms, Journal of Financial Economics 74, 121-148.
Louis, H., Robinson, D., 2005. Do managers credibly use accruals to signal private information? Evidence from the pricing of discretionary accruals around stock splits, Journal of Accounting and Economics 39, 361-380.
Marquardt, C.A., Tan, C., Young, S., 2009. Accelerated share repurchases, bonus compensation, and CEO horizons, Working Paper.
Michel, A., Oded, J., Shaked, I., 2010. Not all buybacks are created equal: The case of accelerated repurchase programs, Financial Analysts Journal 66, 55-72.
Stephens, C. P., Weisbach, M. S., 1998. Actual share reacquisitions in open-market repurchase programs, Journal of Finance 53, 313-333.
Teoh, S., Welch, I., Wong, T., 1998a. Earnings management and the long-run market performance of initial public offerings, Journal of Finance 53, 1935-1974.
Teoh, S., Welch, I., Wong, T., 1998b. Earnings management and the underperformance of seasoned equity offerings, Journal of Financial Economics 50, 63-100.
Boudoukh, J., Michaely, R., Richardson, M., Roberts, M., 2007. On the importance of measuring payout yield: implications for empirical asset pricing. Journal of Finance 62, 877–915.
Brav, A., Graham, J., Harvey, C., Michaely, R., 2005. Payout policy in the 21st century. Journal of Financial Economics 77, 483–527.
Brown, J., Liang, N., Weisbenner, S., 2007. Executive financial incentives and payout policy: firm responses to the 2003 dividend tax cut. Journal of Finance 62, 1935–1965.
Chay, J., Suh, J., 2009. Payout policy and cash-flow uncertainty. Journal of Financial Economics 93, 88–107.
Connnent, R., Schwert, G., 1995. Poison or placebo? evidence on the deterrence and wealth effects of modem antitakeover measures. Journal of Financial Economics 39, 3–43.
DeAngelo, H., DeAngelo, L., Skinner, D., 2004. Are dividends disappearing? dividend concentration and the consolidation of earnings. Journal of Financial Economics 72, 425–456.
Demsetz, H., Lehn, K., 1985. The structure of corporate ownership: causes and consequences. Journal of Political Economy 93, 1155–1177.
Denis, D., Denis, D., Sarin, A., 1994. The information content of dividend changes: cash flow signaling, overinvestment, and dividend clienteles. Journal of Financial and Quantitative Analysis 29, 567–587.
Deshmukh, S., Vogt, S., 2005. Investment, cash flow, and corporate hedging. Journal of Corporate Finance 11, 628–644.
Dittmar, A., 2000. Why do firms repurchase stock? Journal of Business 73, 331–355.
Dittmar, A., Dittmar, R., 2002. Stock repurchase waves: an explanation of the trends in aggregate corporate payout policy, Working paper, Available at SSRN: http://ssrn.com/abstract=346548.
Easterbrook, F., 1984. Two agency-cost explanations of dividends. American Economic Review 74, 650–659.
Fama, E., French, K., 2001. Disappearing dividends: changing firm characteristics or lower propensity to pay? Journal of Financial Economics 60, 3–43.
Fenn, G., Liang, N., 2001. Corporate payout policy and managerial stock incentives. Journal of Financial Economics 60, 45–72.
Grullon, G., Michaely, R., 2002. Dividends, share repurchases, and the substitution hypothesis. Journal of Finance 57, 1649–1684.
Guay, W., Harford, J., 2000. The cash-flow permanence and information content of dividend increases versus repurchases. Journal of Financial Economics 57, 385–415.
Henry, D., 2011. Ownership structure and tax-friendly dividends. Journal of Banking and Finance 35, 2747–2760.
Jagannathan, M., Stephens, C., Weisbach, M., 2000. Financial flexibility and the choice between dividends and stock repurchases. Journal of Financial Economics 57, 355–384.
Jensen, M., 1986. Agency costs of free cash flow, corporate finance, and takeovers. American Economic Review 76, 323–329.
Kahle, K., 2002. When a buyback isn't a buyback: open market repurchases and employee options. Journal of Financial Economics 63, 235–261.
Kaplan, S., Reishus, D. 1990. Outside directorships and corporate performance. Journal of Financial Economics 27, 389–410.
Lee, B., Suh, J., 2011. Cash holdings and share repurchases: international evidence. Journal of Corporate Finance 17, 1306–1329.
Lintner, J., 1956. Distribution of incomes of corporations among dividends, retained earnings, and taxes. American Economic Review 46, 97–113.
Minton, B., Schrand, C., 1999. The impact of cash flow volatility on discretionary investment and the costs of debt and equity financing. Journal of Financial Economics 54, 423–460.
Officer, M., 2003. Termination fees in mergers and acquisitions. Journal of Financial Economics 69, 431–467.
Renneboog, L., Trojanowski, G., 2011. Patterns in payout policy and payout channel choice. Journal of Banking and Finance 35, 1477–1490.
Sharma, V., 2011. Independent directors and the propensity to pay dividends. Journal of Corporate Finance. 17, 1001–1015.
Skinner, D., 2008. The evolving relation between earnings, dividends, and stock repurchases. Journal of Financial Economics 87, 582–609.
Tobin, J., 1958. Estimation of relationships for limited dependent variables. Econometrica 26, 24–36.

 
 
 
 
第一頁 上一頁 下一頁 最後一頁 top
QR Code
QRCODE

臺灣人文及社會科學引文索引資料庫

目前上線人數：403（臺灣：394，外國：9） ／ 本年度總使用人次：2219088 ／ 訪客人次（自102年09月）：68027432
國家圖書館著作權聲明 Copyright © 2013 All rights reserved.
本館地址: 100201臺北市中山南路20號． 本館地圖及交通資訊．
總機：(02)23619132．最佳瀏覽解析度為1024x768以上