当前位置:
X-MOL 学术
›
Zagreb International Review of Economics and Business
›
论文详情
Our official English website, www.x-mol.net, welcomes your feedback! (Note: you will need to create a separate account there.)
Dividend Policies and Business Groups: the Case of Croatia
Zagreb International Review of Economics and Business Pub Date : 2019-03-01 , DOI: 10.2478/zireb-2019-0003 Martina Sopta 1 , Mihaela Mikić 1 , Tin Horvatinović 1
Zagreb International Review of Economics and Business Pub Date : 2019-03-01 , DOI: 10.2478/zireb-2019-0003 Martina Sopta 1 , Mihaela Mikić 1 , Tin Horvatinović 1
Affiliation
Abstract There are two competing hypothesizes on whether firms that are part of a business group should pay higher or lower dividends. Under one hypothesis, that can have different theoretical assumptions, firms that are a part of a business group should pay higher dividends. In contrast, if the pecking order hypothesis holds, firms that operate within a business group should pay lower dividends. The purpose of this paper is to examine the effect of group affiliation of Croatian firms, which are listed on the Zagreb Stock Exchange, on their propensity to pay dividends. Two panel data models were used in line with recent literature and the results of the study show some evidence that the pecking order theory was followed by Croatian firms. From this result the conclusion is that Croatian firms are more likely to pay dividends if they are not part of a business group.
中文翻译:
股利政策和企业集团:克罗地亚
摘要关于业务集团中的公司应支付较高还是较低的股息,存在两个相互竞争的假设。在一个可以有不同理论假设的假设下,属于业务组的公司应支付更高的股息。相反,如果啄食顺序假设成立,则在业务组内运营的公司应支付较低的股利。本文的目的是研究在萨格勒布证券交易所上市的克罗地亚公司的集团从属关系对他们派发股息的倾向的影响。根据最近的文献,使用了两个面板数据模型,研究结果表明,克罗地亚公司遵循啄食顺序理论。
更新日期:2019-03-01
中文翻译:
股利政策和企业集团:克罗地亚
摘要关于业务集团中的公司应支付较高还是较低的股息,存在两个相互竞争的假设。在一个可以有不同理论假设的假设下,属于业务组的公司应支付更高的股息。相反,如果啄食顺序假设成立,则在业务组内运营的公司应支付较低的股利。本文的目的是研究在萨格勒布证券交易所上市的克罗地亚公司的集团从属关系对他们派发股息的倾向的影响。根据最近的文献,使用了两个面板数据模型,研究结果表明,克罗地亚公司遵循啄食顺序理论。