Naslov
Dividend behavior of companies on the Zagreb Stock Exchange

Autori
Miletić, Marko ; Pavić Kramarić, Tomislava ; Pepur, Petar

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

Izvornik
Gospodarstvo istočne Hrvatske – vizija i razvoj, Economy of eastern Croatia – vision and growth / Mašek Tonković, Anka - Osijek : Ekonomski fakultet Sveučilišta Josipa Jurja Strossmayera u Osijeku, 2017, 1093-1099

Skup
6. međunarodni znanstveni simpozij Gospodarstvo istočne Hrvatske – vizija i razvoj, 6th International Scientific Symposiume Economy of eastern Croatia – vision and growth

Mjesto i datum
Osijek, Hrvatska, 25.05.2017. - 27.05.2017

Vrsta sudjelovanja
Predavanje

Vrsta recenzije
Međunarodna recenzija

Ključne riječi
Dividend smoothing, Dividend, Volatility, Speed of adjustment coefficient, Earnings

Sažetak
Dividend decisions, as determined by a firm’s dividend policy, are a type of financing decisions that affect the amount of earnings that a firm distributes to shareholders versus the amount it retains and reinvests. In 1956, Lintner has set postulations regarding dividend behaviour according to which dividends are a function of long-term sustainable earnings. According to Lintner (1956), managers try to manage the dividends. By managing the dividends, they try to lower their volatility (dividend smoothing) in comparison to earnings volatility that companies achieve. Companies have target dividend payout ratios. Changes in dividends follow a shift in earnings with managers being reluctant to cut dividend payments except when they are forced to do so. This represents the basis ofresearch. The authors will conduct a research trying to prove that joint stock companies listed on the Zagreb Stock Exchange (ZSE) implement a managed dividend policy with a higher degree of dividend smoothing relative to the earnings. Previous research on dividend behaviour can be divided in two directions. One that deals with questionnaires and interviews with corporate managers and the other one based on empirical research set on Lintner's theory. Methodology applied in this paper is based on concepts of Lintner's research conducted with the use of regression analysis that will be conducted in STATA. The sample is consisted of joint stock companies listed on the ZSE that in the period 2003 to 2016 at least seven consecutive years pay out a dividend.

Izvorni jezik
Engleski

Znanstvena područja
Ekonomija

POVEZANOST RADA