دانلود مقاله ISI انگلیسی شماره 48890
عنوان فارسی مقاله

تاثیر قوانین معاملات داخلی در سیاست پرداخت سود سهام

کد مقاله سال انتشار مقاله انگلیسی ترجمه فارسی تعداد کلمات
48890 2014 25 صفحه PDF سفارش دهید محاسبه نشده
خرید مقاله
پس از پرداخت، فوراً می توانید مقاله را دانلود فرمایید.
عنوان انگلیسی
The impact of insider trading laws on dividend payout policy
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Journal of Corporate Finance, Volume 29, December 2014, Pages 263–287

کلمات کلیدی
قوانینمعاملات داخلی - سیاست پرداخت - هزینه های نمایندگی
پیش نمایش مقاله
پیش نمایش مقاله تاثیر قوانین معاملات داخلی در سیاست پرداخت سود سهام

چکیده انگلیسی

We posit that firms use dividend payout policy to reduce information asymmetry and agency costs caused by country-level institutional weaknesses. Firms operating in countries with weak insider trading laws attempt to mitigate this institutional weakness by committing themselves to paying out large and stable cash dividends. We test this central hypothesis (among others) using an international sample of firms across 24 countries, as well as by conducting a case study during an enforcement action. The results show that weak insider trading laws lead to a higher propensity of paying dividends, larger dividend amounts and greater dividend smoothing. We also show that the market's valuation of dividend payouts is significantly higher when insider trading protection is weak. It is important to note that these insider trading results are not due to cross-country variations in investor or creditor protection, nor are they contingent on the enforcement of insider trading laws. Overall, our evidence supports the view that dividend payouts serve as a substitute bonding mechanism when country-level legal protections fail.

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