Corporate Financial Decisions And Future Earnings Performance the Case of Init

Cover Corporate Financial Decisions And Future Earnings Performance the Case of Init
Corporate Financial Decisions And Future Earnings Performance the Case of Init
Paul M Healy
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-11- FOOTHOTES Jensen (1986) proposes an agency cost model of dividend policy with implications that are similar to those predicted by the signaling literature. Our test do not discriminate between these models.
Results for unstandardized earnings are also estimated and are consistent with the reported findings.
There is some evidence that the dividend initiations are clustered in time. Forty-four percent of the dividends annouincements are in 1976 and 1977. To test whether our findings reflect
... a time-dependent increase in earnings that is unrelated to the dividend initiations, we estimate standardized eranings changes for two sub-periods, 1970 to 1975 and 1976 to 1979. Fifty-three firms initiate dividend payments in the first period and 74 in the second. The results are consistent with the findings reflected for the full sample in Table 2.
The regression is also estimated substituting the mean standardized earnings change for three years prior to the dividend initiation, for the standardized earnings change one year prior to that event.


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