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Characteristics of New Zealand dividend omissions and resumptions

机译：新西兰股息遗漏和恢复的特征

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Purpose - For firms listed on the New Zealand Stock Exchange, which is a relatively thinly traded market, the purpose of this paper is to examine the nature of stock returns associated with a dividend omission announcement when computations specifically address thin trading, and whether specific firm characteristics affect the likelihood and nature of a dividend omission. Design/methodology/approach - First, event study analysis is used to check if dividend omissions actually do impact share prices in terms of short-term abnormal returns and longer-term cumulative abnormal returns (CARs) in a thinly traded market. Second, binomial logistic regression analysis is used to determine what, if any, company characteristics are associated with the decision to omit a dividend. Third, multinomial logistic regression analysis is employed to determine what firm characteristics are associated with continuing (or ending) a phase of no dividends before a dividend resumption. Findings - Dividend omissions generate immediate negative abnormal returns, and there is a longer-term persistence of negative CARs. The size and duration of these abnormal returns are smaller, but still significant, when thin-market-specific methodology is employed With respect to firm characteristic, smaller firms, firms with decreased earnings, a higher level of extraordinary charges, greater leverage and firms with a higher book-to-market value are associated with a greater likelihood of making an omission. With respect to the length of time between an omission and resumption of dividend payments, earnings decreases, a higher book-to-market value, a higher level of extraordinary charges and a decrease in firm debt level become significant Originality/value - This paper adds value in two dimensions. First, it considers dividend omissions in three different, but inter-connected ways. Second, the use of multinomial logistic regression to examine an aspect of the non-payment hiatus breaks new ground.
机译：目的-对于在相对薄弱的交易市场-新西兰证券交易所上市的公司而言，本文的目的是研究在计算专门针对稀疏交易时与股息遗漏公告相关的股票收益的性质，以及特定公司是否特性会影响股息遗漏的可能性和性质。设计/方法/方法-首先，使用事件研究分析来检查股利的遗漏是否确实确实影响了交投清淡的市场中的短期异常收益和长期累积异常收益（CAR）。其次，使用二项式逻辑回归分析来确定公司的哪些特征（如果有的话）与不分配股息的决定相关联。第三，采用多项式逻辑回归分析来确定哪些公司特征与恢复股息之前继续（或结束）无股息阶段有关。调查结果-股息遗漏立即产生负的异常收益，并且长期存在负CAR。当采用针对特定市场的方法时，这些异常收益的规模和持续时间较小，但仍然很重要。就公司特征而言，较小的公司，收益减少的公司，较高的特殊费用，较高的杠杆作用以及具有较高的市值市值与遗漏的可能性更高。关于遗漏和恢复支付股息之间的时间长度，收益减少，较高的市值市值，较高的非常规费用水平和公司债务水平下降变得十分重要原创性/价值-本文增加了二维值。首先，它以三种不同但相互联系的方式来考虑股息遗漏。其次，使用多项式逻辑回归检验非付款中断的一个方面开辟了新天地。

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