The effect of financial reporting quality on corporate dividend policy
作者: David S. KooSanthosh RamalingegowdaYong Yu
作者单位: 1University of Illinois at Urbana-Champaign
2University of Georgia
3University of Texas at Austin
刊名: Review of Accounting Studies, 2017, Vol.22 (2), pp.753-790
来源数据库: Springer Nature Journal
DOI: 10.1007/s11142-017-9393-3
关键词: Financial reporting qualityDividend policyAgency theory of dividendsOutcome viewSubstitute viewM40M41G30G35
原始语种摘要: This study examines how financial reporting quality affects corporate dividend policy. We find that higher quality reporting is associated with higher dividends. This positive association is more pronounced among firms with more severe free cash flow problems and among firms with higher ownership by monitoring-type institutional investors. Further analysis of the relation between reporting quality and under−/over-payment of dividends suggests that reporting quality largely mitigates underpayment of dividends. Additionally, both a granger causality test and a difference-in-difference analysis of dividend changes around a quasi-exogenous reporting event yield evidence consistent with the direction of causality going from financial reporting to dividends. Overall, these findings are...
全文获取路径: Springer Nature  (合作)
影响因子:1.364 (2012)

  • 监视 所有权
  • reporting 申报
  • dividend 被除数
  • financial 财政的
  • quality 品质
  • corporate 法人的
  • causality 因果律
  • policy 政策
  • ownership 所有权
  • monitoring 所有权
  • institutional 惯例的