Sun Yat-Sen Management Review

  Journal Fullview

Sun Yat-Sen Management Review  1996/3

Vol. 4, No.1  p.135-155


Title
公司上市後首次支付股利對股東財富影響之研究
The Impact of Initiating Dividend Payments on Shareholders Wealth
(79_04017_Full.pdf 8,119KB)

Author
陳隆麒、闕河士、黃國誠、黃旭輝/政治大學企業管理研究所
Long-Chi Chen, Her-Shih Chuei, Kuo-Cheng Huang, Hsyu-Huei Huang/

Graduate Institute of Business Administration National Cheng-Chi University


Abstract(Chinese)

(79_04017_Abs.pdf(File does not exist))

KeyWord(Chinese)

首次股利宣告、股東財富


Abstract(English)

The relations between dividend policy and firm value is a puzzle. The purpose of this study is to find the impact of initial dividend announcement of new listed firms on shareholders. The market model is used to examine the abnormal returns when the initial cash dividends and stock dividends are announced by the new listed firms. Also, the abnormal returns are analyzed by using a cross-sectional regression model. Moreover, 132 institutional investors are surveyed about the influence of the dividend policy of invested firms to their investment decisions. The results demonstrate a positive stock-price reaction to the initial announcement of dividend of the new listed firms. And the announcement of stock dividends leads more significant effect than cash dividends. It also explains why institutional investors pay more attention to the stock dividends of invested firms . In addition, the cross-sectional regression model shows that all the variables cannot significantly explain the abnormal returns. The information content hypothesis also can't get a consistent conclusion.

(79_04017_Abs.pdf(File does not exist))

KeyWord(English)

Initial Dividend Announcement, Shareholder’s Wealth


Policy and management implications
(Available only in Chinese)


References