1. FACTORS THAT AFFECT DIVIDEND POLICIES  Ioana? Corina, Nichita Mirela and Gruiescu Mihaela wrote this article to determine the amount of dividend that a company should give out to its shareholders. It begins with how different companies require, different dividend policies and why.  Via this paper we come to know about the pillars on which a dividend policy stands: company growth rate, profitability, earnings stability, maintenance of control and degree of financial leverage. After this the authors have written about the rate of return effect which highlights the importance of both dividend yield and payout ratios. The paper answers to the questions like when should a company invest in a project. Further the essential terms related to dividend like price volatility, earning volatility and payout ratio are introduced. Then the paper focuses on the effect that a dividend policy will have on the stock prices. It also portrays the significance of retained earnings and explains why it is the most important source of finance. This paper was concluded by stating the purpose of dividend policies. Reference: Corina, I., Mirela, N., & Mihaela, G. (2009). FACTORS THAT AFFECT DIVIDEND POLICIES. Romanian Economic and Business Review,4(2), 83-88. Retrieved from https://ezproxy.svkm.ac.in:2301/docview/1152018764?accountid=32277 dfd  2.NATIONAL CULTURE AND DIVIDEND POLICY  One of the main motive of this paper is to analyze the relevance of national culture in dividend policy. Liang shaow , Chuck kwok and Omrane Guedhami , the authors have researched about the relation between tradition, culture and corporate practices. The paper brought up some of the most crucial theories in context of dividend like “bird in hand theory “, “signaling effect theory” and “pecking order theory”.  Two dimensions, conservatism which symbolizes harmony, family security, and public image and mastery, which signifies independence and success were taken from the Schwartz seven values to analyze their effects on dividend policies. Methods like regression has been used to research about the effects that culture has on dividend policies, the OSIRIS database and Schwartz cultural values data were chosen as samples for the same. From the data the authors calculated the dividend payouts and national cultural values and then analyzed the results.  It was found that: i) conservatism is directly proportional to dividend payouts i.e. , people who believe in conservatism would prefer more dividend and  mastery is indirectly proportional to dividend payouts i.e., people who believe in mastery will be okay with less dividend so that the company can use the earnings for re-investment purposes. So, it was concluded that the results implied: the companies which have conservative shareholders should make sure to have higher dividend payout ratios and companies which have shareholders who follow mastery should keep their main focus on reinvestment. Reference: copied  Shao, L., Kwok, C., & Guedhami, O. (2010). National culture and dividend policy. Journal of International Business Studies, 41(8), 1391-1414. Retrieved from http://ezproxy.svkm.ac.in:2067/stable/40863986 3.Dividend Policy, Ownership Structure and Corporate Governance: An Empirical Analysis of Indian Firms  This paper is written by Amitava Roy, with the motive to establish the relation between dividend policy and a) Ownership structure b) Corporate governance c) Use of debt, as an additional monetary mechanism d) Factors like profitability, growth, age and size of the firm, in India.  She started by categorizing Indian companies into family run and non-family run companies, and stating how they are different from each other. Further it highlighted about dividend policy and agency theory and asymmetric information. It also brought up the determinants of dividend policy and how the market value of shares are affected, and portrayed how the new taxations policies can play a role in deciding dividend policies. Data of 70 companies from S&P BSE 100 and NSE CNX Nifty 100 were gathered as the sample for the research. Dividend yield ratios and dividend payout ratios were measured.  After analyzing the different dividend policies of the major companies in India, which is a developing country and has a, market that is still emerging, it was found that there is a positive relation in all the cases, ownership structure, corporate governance, use of debt, profitability, growth, age and size of the firm are in direct proportion with dividend policies. Amitava Roy also stated that there are a lot of problems, the Indian economy is facing because of insider ownership and high ownership concentration and some other factors, which need to be examined. Reference: Roy, A. (2015). Dividend policy, ownership structure and corporate governance: An empirical analysis of indian firms. Indian Journal of Corporate Governance, 8(1), 1-33. doi:http://ezproxy.svkm.ac.in:2103/10.1177/0974686215574422  4.Dividend policy in Indonesia   This paper aims to focus on the Indonesian corporate sector, and survey the firms which are paying out dividend, to find out the determinants of dividend policy in the country and explore the reasons to why Indonesia, being the largest economy in the Sout-east asia pay dividends. H. Kent Baker and Gary E. Powell, the authors, through this paper sought to answer questions like what do the managers of Indonesian firms think are the most influential determinants of dividend policy and what perceptions do they have on dividend patterns and dividend processes.  A mail survey consisting of three sections, translated from English to Bahasa was used as the survey instrument. Through their research they found the most important factors of determining dividend in Indonesian companies according to their managers are:  level of current and expected future earnings. Investment considerations availability of cash past dividend patterns  It was concluded that dividend policies have an effect on firm value and shareholder wealth and therefore it is crucial that the managers do not take dividend decisions lightly. Reference: Baker, H. K., & Powell, G. E. (2012). Dividend policy in indonesia: Survey evidence from executives. Journal of Asia Business Studies, 6(1), 79-92. doi:http://ezproxy.svkm.ac.in:2103/10.1108/15587891211191399   5. A survey of management views on dividend policy in Iranian firms This paper is written by Omid Pourheydari , aims to explore the factors affecting the dividend policies of Iranian firms and how different industries have different policies in the country and . The paper also captures the views of different Chief Financial Officers in Iran. The paper started with a short brief about the economy environment and market situation and of the country.  340 Companies nominated by the TSE in 1995, formed the sample of the research.  Questionnaires were used as the survey instruments, which were mailed to the Chief Financial Officers of each company in the sample.  One drawback of using questionnaires was that many companies did not respond on time.   All over the country 111 responses were taken and analyzed and it was found that according to the CFOs, factors like  1)Growth rate of future earnings  2) degree of financial leverage  3)tax policies   4)control issues and ownership structure,  5)Cost of raising external funds  6)Desire to conform to industry dividend practice Were the most important determinants, whereas factors like, : 1)dividend policy in comparative companies 2)prestige associated paying dividends 3)expected inflation rate in the country 4)size of the firm Were rejected and said to be hardly influential, in the dividend decisions. Reference: Pourheydari, O. (2009). A survey of management views on dividend policy in iranian firms. International Journal of Islamic and Middle Eastern Finance and Management, 2(1), 20-31. doi:http://ezproxy.svkm.ac.in:2103/10.1108/17538390910946249     


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