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Pregled bibliografske jedinice broj: 1017931

Divident smoothing asymmetry on Zagreb Stock Exchange


Miletić, Marko; Pavić Kramarić, Tomislava; Visković, Josip
Divident smoothing asymmetry on Zagreb Stock Exchange // Proceedings of FEB Zagreb 10th International Odyssey Conference on Economics and Business / Šimurina, Jurica ; Načinović Braje, Ivana ; Pavić, Ivana (ur.).
Zagreb: Faculty of Economics & Business University of Zagreb, 2019. str. 461-467 doi:10.22598/odyssey/2019.1 (predavanje, međunarodna recenzija, cjeloviti rad (in extenso), znanstveni)


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Naslov
Divident smoothing asymmetry on Zagreb Stock Exchange

Autori
Miletić, Marko ; Pavić Kramarić, Tomislava ; Visković, Josip

Vrsta, podvrsta i kategorija rada
Radovi u zbornicima skupova, cjeloviti rad (in extenso), znanstveni

Izvornik
Proceedings of FEB Zagreb 10th International Odyssey Conference on Economics and Business / Šimurina, Jurica ; Načinović Braje, Ivana ; Pavić, Ivana - Zagreb : Faculty of Economics & Business University of Zagreb, 2019, 461-467

Skup
10 th International Odyssey Conference on Economics and Business

Mjesto i datum
Opatija, Hrvatska, 12-15.6.2019

Vrsta sudjelovanja
Predavanje

Vrsta recenzije
Međunarodna recenzija

Ključne riječi
dividends ; dividend smoothing ; dividend behaviour ; Zagreb Stock Exchange

Sažetak
Even though dividends are a frequently analysed matter, they are still considered to be one of the most interesting and intriguing issues in modern financial literature. This is once again proven by Brealy and Myers who, at the beginning of the 21st century, put dividends among ten most important unresolved concerns of modern finance. One of the quintessential papers dealing with dividends is John Lintner’s paper written in 1956 which, according to many economic theorists, gives basis for modern dividend policy. His work presented an econometric model of conclusions drawn from research made by analysing managers making decisions about dividend payout. Lintner has set postulations regarding dividend behaviour according to which dividends are a function of long-term sustainable earnings. As stated by Lintner (1956), managers are trying to manage dividends. In doing so, the managers try to smooth dividends or mitigate dividend volatility compared to earnings volatility attain. Companies have target dividend payout ratios. The change in dividends follows the changes in the company’s earnings, with the managers not willing to reduce dividends unless they are forced to do so. The Linter model assumes that companies are smoothing dividends to their target dividend payout ratios at the same speed, regardless of whether the dividend is above or below the target payout ratio. The aim of this paper is to reject the assumption of symmetric dividend movement and to investigate if there is dividend smoothing asymmetry depending on whether the paid dividend is above or below the target payout ratio. In this paper, the authors have followed Lintner (1956) approach using regression analysis conducted in STATA. The sample consists of joint stock companies listed on the Zagreb Stock Exchange (ZSE) that have, in the period from 2003 to 2018, paid out a dividend for at least four consecutive years.

Izvorni jezik
Engleski

Znanstvena područja
Ekonomija



POVEZANOST RADA


Ustanove:
Sveučilište u Splitu Sveučilišni odjel za stručne studije

Citiraj ovu publikaciju

Miletić, Marko; Pavić Kramarić, Tomislava; Visković, Josip
Divident smoothing asymmetry on Zagreb Stock Exchange // Proceedings of FEB Zagreb 10th International Odyssey Conference on Economics and Business / Šimurina, Jurica ; Načinović Braje, Ivana ; Pavić, Ivana (ur.).
Zagreb: Faculty of Economics & Business University of Zagreb, 2019. str. 461-467 doi:10.22598/odyssey/2019.1 (predavanje, međunarodna recenzija, cjeloviti rad (in extenso), znanstveni)
Miletić, M., Pavić Kramarić, T. & Visković, J. (2019) Divident smoothing asymmetry on Zagreb Stock Exchange. U: Šimurina, J., Načinović Braje, I. & Pavić, I. (ur.)Proceedings of FEB Zagreb 10th International Odyssey Conference on Economics and Business doi:10.22598/odyssey/2019.1.
@article{article, year = {2019}, pages = {461-467}, DOI = {10.22598/odyssey/2019.1}, keywords = {dividends, dividend smoothing, dividend behaviour, Zagreb Stock Exchange}, doi = {10.22598/odyssey/2019.1}, title = {Divident smoothing asymmetry on Zagreb Stock Exchange}, keyword = {dividends, dividend smoothing, dividend behaviour, Zagreb Stock Exchange}, publisher = {Faculty of Economics and Business University of Zagreb}, publisherplace = {Opatija, Hrvatska} }
@article{article, year = {2019}, pages = {461-467}, DOI = {10.22598/odyssey/2019.1}, keywords = {dividends, dividend smoothing, dividend behaviour, Zagreb Stock Exchange}, doi = {10.22598/odyssey/2019.1}, title = {Divident smoothing asymmetry on Zagreb Stock Exchange}, keyword = {dividends, dividend smoothing, dividend behaviour, Zagreb Stock Exchange}, publisher = {Faculty of Economics and Business University of Zagreb}, publisherplace = {Opatija, Hrvatska} }

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