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首页> 外文期刊>Journal of Accounting Research >Show Me the Money! Dividend Policy in Countries with Weak Institutions
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Show Me the Money! Dividend Policy in Countries with Weak Institutions

机译：把钱拿出来！ 拥有弱机构的国家的股息政策

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We hypothesize that, in weak-institution countries, firms adjust the 'timing' of dividend payments by committing to distribute a percentage of current earnings as dividends, revealing the extent of firm-level agency conflicts to future investors and facilitating the raising of external capital. Consistent with this hypothesis, we find that, on average, firms in weak-institution countries have a higher speed of adjustment (SOA) to their target payout ratio, pay dividends earlier in the life cycle, and are more likely to disclose a dividend policy committing to pay a minimum percentage of earnings. Within-country tests show that, in weak-institution countries, the firms with the highest SOA dividend policies have fewer agency problems and an increased ability to raise external capital. Finally, returns tests around earnings announcements show that high-SOA dividend policies are associated with larger market reactions to earnings in weak-institution countries. Collectively, our findings suggest that dividend policy helps to alleviate agency conflicts in weak-institution countries between firms and (future) investors.
机译：我们假设，在弱势机构国家，企业通过宣告将当前收益的百分比分配为股息来调整股息支付的“时间”，揭示了坚定的机构与未来投资者冲突的程度，并促进了外部资本的提高。符合这一假设，我们发现，平均而言，弱势机构国家的公司将调整速度更高（SOA）到其目标支付率，前面的生命周期提前支付股息，并且更有可能披露股息政策致力于支付最低百分比的收益。在国内测试表明，在弱势机构国家，拥有最高的SOA股息政策的公司具有较少的代理问题和增加外部资本的能力。最后，返回盈利公告的测试表明，高索股息政策与弱势机构国家的收益的更大市场反应有关。集体调查结果表明，股息政策有助于减轻公司与（未来）投资者之间的弱机构国家在弱势机构国家冲突。

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