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首页> 外文期刊>The journal of risk finance >Determinants of dividend payout ratios in Ghana
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Determinants of dividend payout ratios in Ghana

机译：加纳股息支付比率的决定因素

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摘要

Purpose - This study seeks to examine the determinants of dividend payout ratios of listed companies in Ghana. Design/methodology/approach - The analyses are performed using data derived from the financial statements of firms listed on the Ghana Stock Exchange during a six-year period. Ordinary Least Squares model is used to estimate the regression equation. Institutional holding is used as a proxy for agency cost. Growth in sales and market-to-book value are also used as proxies for investment opportunities. Findings - The results show positive relationships between dividend payout ratios and profitability, cash flow, and tax. The results also show negative associations between dividend payout and risk, institutional holding, growth and market-to-book value. However, the significant variables in the results are profitability, cash flow, sale growth and market-to-book value. Originality/value - The main value of this study is the identification of the factors that influence the dividend payout policy decisions of listed firms in Ghana.
机译：目的 - 本研究旨在检查加纳上市公司的股息支付比率的决定因素。设计/方法/方法 - 分析是使用从加纳证券交易所在六年内列出的公司的财务报表得出的数据进行的。普通最小二乘模型用于估计回归方程。机构持有被用作代理成本的代理。销售和市场对账面价值的增长也被用作投资机会的代理。调查结果 - 结果显示了股息支付比率与盈利能力，现金流量和税收之间的正相关关系。结果还显示了股息支出与风险，机构持有，增长和市场对账面价值之间的负相关。但是，结果的重大变量是获利能力，现金流，销售增长和市场对账面价值。原创性/价值 - 本研究的主要价值是确定影响加纳上市公司股息支付政策决策的因素。

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