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Baker and Wurgler(2004) propose a new view on dividend policy called a catering theory of dividends. Managers cater to investors by paying dividends when investors put a stock price premium on payers, and by not paying when investors prefer nonpayer. We connect the catering theory and the difference in the market structure among countries, and want to know in which market structure managers are more willing to care about investors’ demand and then decide to pay dividends or not. First, our study indicates that the catering theory of dividends proposed by Baker and Wurgler (2004) exists around the world. Second, our study shows that managers in a country with a developed stock market, with higher protection and with lower tax advantage pay more attention to what investors desire on dividends, while managers in the higher ownership concentration group care less about investors demand.

by Yeung Yu-Man. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1992. / Includes bibliographical references (leaves 62-64). / ABSTRACT --- p.ii / ACKNOWLEGEMENTS --- p.iv / TABLE OF CONTENTS --- p.v / LIST OF TABLES --- p.vii / CHAPTER / Chapter I. --- INTRODUCTION --- p.1 / Chapter 1.1 --- Dividends Come in Many Forms --- p.2 / Chapter 1.2 --- How Do Companies Decide on Dividend Payments ？ --- p.3 / Chapter 1.3 --- Limitation on Dividend Payments --- p.3 / Chapter 1.4 --- The Analytical Approach --- p.5 / Chapter II. --- EMPIRICAL LITERATURE REVIEW --- p.7 / Chapter 2.1 --- Lintner's Model --- p.7 / Chapter 2.1.1 --- Stability of Dividend Rate --- p.8 / Chapter 2.1.2 --- Stockholders ' Needs and Expectations --- p.9 / Chapter 2.1.3 --- Earnings --- p.10 / Chapter 2.1.4 --- Principal Considerations in Dividend Decisions --- p.10 / Chapter 2.1.5 --- Partial Adjustment Model --- p.11 / Chapter 2.2 --- Fama and Babiak's Empirical Analysis on Dividend Policy --- p.13 / Chapter 2.3 --- Empirical Results for the Hong Kong Market --- p.15 / Chapter 2.4 --- Miller and Modigliani's Model --- p.17 / Chapter 2.4.1 --- No Agency Cost --- p.17 / Chapter 2.4.2 --- No Tax --- p.17 / Chapter 2.4.3 --- Full Information --- p.18 / Chapter 2.4.4 --- No Transformation Cost --- p.18 / Chapter 2.4.5 --- Independent Investment and Financing Decisions --- p.18 / Chapter 2.4.6 --- Summary of M & M Theory [1961] --- p.18 / Chapter 2.4.7 --- Other Considerations --- p.20 / Chapter 2.5 --- The Information Contents of Dividends --- p.20 / Chapter III. --- METHODOLOGY --- p.22 / Chapter 3.1 --- Cash Dividend Policy for Hong Kong Market --- p.22 / Chapter 3.2 --- Stock Dividends and Stock Splits --- p.23 / Chapter 3.3 --- Cash Dividend Payment Practices --- p.25 / Chapter 3.3.1 --- A Preliminary Test on Dividends and Distributed Lags --- p.26 / Chapter 3.3.2 --- Initial Tests of Lintner's Model --- p.26 / Chapter 3.3.3 --- Tests of the Lag Structure . --- p.27 / Chapter IV. --- FINDINGS --- p.28 / Chapter 4.1 --- Cash Dividend Policy for Hong Kong Market --- p.28 / Chapter 4.1.1 --- Background Information --- p.28 / Chapter 4.1.2 --- Principal Considerations in Dividend Decisions --- p.30 / Chapter 4.1.3 --- Other Influences on Dividend Decisions --- p.31 / Chapter 4.1.4 --- Earnings --- p.33 / Chapter 4.1.5 --- Regularity of Payment --- p.36 / Chapter 4.1.6 --- Availability of Cash --- p.37 / Chapter 4.1.7 --- Stability of Rate and Dividend Growth --- p.39 / Chapter 4.1.8 --- Stockholders' Needs and Expectations --- p.40 / Chapter 4.2 --- Stock Dividends and Stock Splits . . . --- p.41 / Chapter 4.2.1 --- Reasons for Stock Dividends --- p.41 / Chapter 4.2.2 --- Reasons for Stock Splits . . --- p.43 / Chapter 4.3 --- Cash Dividend Payment Practices --- p.44 / Chapter 4.3.1 --- A Preliminary Test on Dividends and Distributed Lags --- p.44 / Chapter 4.3.2 --- Initial Tests of Lintner's Model --- p.48 / Chapter 4.3.3 --- Tests of the Lag Structure . --- p.51 / Chapter V. --- CONCLUSIONS --- p.54 / APPENDIX --- p.56 / BIBLIOGRAPHY --- p.62

Li Wing-Yi. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2004. / Includes bibliographical references (leaves 93-96). / Abstracts in English and Chinese. / Abstract --- p.i / 摘要 --- p.ii / Acknowledgement --- p.iii / Table of Contents --- p.iv / List of Tables --- p.vii / Chapter Chapter 1 --- Introduction --- p.1 / Chapter Chapter 2 --- Literature Review --- p.5 / Chapter 2.1 --- Relevant Dividend Literature / Chapter 2.1.1 --- Dividend Irrelevance Theory --- p.6 / Chapter 2.1.2 --- Information Content of Dividends --- p.7 / Chapter 2.1.3 --- Cash Flow Signaling --- p.10 / Chapter 2.1.4 --- Agency Cost Theory --- p.13 / Chapter 2.2 --- Relevant Literature on Corporate Governance / Chapter 2.2.1 --- Ownership Structure in Hong Kong --- p.17 / Chapter 2.2.2 --- Ownership Concentration --- p.18 / Chapter 2.2.3 --- Separation of Cash Flow Rights and Control Rights --- p.20 / Chapter 2.3 --- Relevant Literature on Corporate Governance and Dividend Policy / Chapter 2.3.1 --- Corporate Governance and Dividend Payout Levels --- p.22 / Chapter 2.3.2 --- Corporate Governance and Stock Price Reaction to Dividend Changes --- p.24 / Chapter Chapter 3 --- Methodology --- p.27 / Chapter 3.1 --- Stock Price Reaction to Dividend Change Announcements / Chapter 3.1.1 --- Hypothesis Development --- p.28 / Chapter 3.1.2 --- Regression Model --- p.29 / Chapter 3.1.3 --- Interpretations --- p.29 / Chapter 3.2 --- Ownership Structure and Stock Price Reaction to Dividend Changes / Chapter 3.2.1 --- Hypothesis Development --- p.30 / Chapter 3.2.2 --- Regression Models --- p.31 / Chapter 3.2.3 --- Interpretations --- p.33 / Chapter Chapter 4 --- Data Description --- p.35 / Chapter 4.1 --- Sample Criteria --- p.35 / Chapter 4.2 --- Data Sources --- p.37 / Chapter 4.3 --- Variables / Chapter 4.3.1 --- Stock Price Reaction --- p.38 / Chapter 4.3.2 --- Unexpected Dividend Changes --- p.38 / Chapter 4.3.3 --- Ownership Structure --- p.44 / Chapter Chapter 5 --- Descriptive Statistics --- p.47 / Chapter 5.1 --- Summary Statistics / Chapter 5.1.1 --- Cumulative Abnormal Return (CAR) --- p.47 / Chapter 5.1.2 --- Stockholdings (major) --- p.47 / Chapter 5.1.3 --- Ratio of Cash Flow to Control Rights (O/C) --- p.48 / Chapter 5.2 --- Limitations --- p.49 / Chapter Chapter 6 --- Empirical Analysis --- p.50 / Chapter 6.1 --- Regression Results / Chapter 6.1.1 --- Stock Price Reaction to Dividend Change Announcements --- p.50 / Chapter 6.1.2 --- Effects of Ownership Structure on Stock Price Reaction --- p.51 / Chapter 6.1.3 --- Non-Linear Ownership Effects on Stock Price Reaction --- p.53 / Chapter 6.2 --- Sensitivity Tests / Chapter 6.2.1 --- Two-Step Estimation Problem --- p.55 / Chapter 6.2.2 --- Regression Results With Corrected Covariance Matrix --- p.56 / Chapter Chapter 7 --- Discussion and Relation to Prior Literature --- p.58 / Chapter Chapter 8 --- Conclusion --- p.60 / Tables --- p.62 / Appendices / Appendix A1 Interim dividend increase announcements in sampling period 2001 --- p.79 / Appendix A2 Interim dividend decrease announcements in sampling period 2001 --- p.80 / Appendix A3 Interim dividend increase announcements in sampling period 2002 --- p.81 / Appendix A4 Interim dividend decrease announcements in sampling period 2002 --- p.82 / Appendix A5 Final dividend increase announcements in sampling period 2001 --- p.83 / Appendix A6 Final dividend decrease announcements in sampling period 2001 --- p.85 / Appendix A7 Final dividend increase announcements in sampling period 2002 --- p.86 / Appendix A8 Final dividend decrease announcements in sampling period 2002 --- p.87 / Appendix B Definitions of Datastream Datatype --- p.88 / Appendix C Complete dataset --- p.89 / Bibliography --- p.93

No abstract available. / Dissertation (LLM)--University of Pretoria, 2013. / Public Law / unrestricted

M.Com. (Taxation) / This study has been undertaken to clarify the meaning of "dividend" with reference to the definition of dividend in the Income Tax Act. The study has been conducted as follows:- (1) The meaning of "dividend" as described in general mercantile and accounting terms has been investigated and a description of the term has been composed. (if) As a dividend entails the distribution of profits, the terms "profit" and "profit available for distribution" have also been addressed. Thereafter an in depth investigation was undertaken of the definition of a "dividend" 1n the Income Tax Act, and compared with the general meaning of the term "dividend, II Finally, the income tax payable on dividends received is discussed. A conclusion is reached that the definition of a dividend in the Income Tax Act has a much wider meaning than is understood by the term in the business world. Further more the Act ignores the general Accounting connotation to the term "dividend" Lastly, it is clear that no neutrality exists concerning the taxability of dividends in the hands of the various taxpayers that we find in the South African tax system.

I examine the relation between a firm's dividend policy and its strategic tax decisions. I posit that the capital market pressure associated with paying a dividend leads dividend-paying firms to seek predictable cash flows. I specifically focus on the volatility of a firm's cash effective tax rate (ETR) due to the observability, large size, variability, and periodicity of cash tax payments. Consistent with dividend payments altering a firm's strategic tax preferences, I find that firms that pay a higher dividend exhibit more predictable cash ETRs. Further, I find that the predictability of a dividend-initiating (eliminating) firm's cash ETR subsequently increases (decreases). Additionally, I find that, consistent with prior research suggesting that financially constrained firms "borrow" cash from their tax account, financial constraint moderates the positive relation between the predictability of a firm's cash ETR and its dividend payments. Importantly, my results hold for firms initiating a dividend in response to the exogenous shock of the Bush tax cuts. Finally, I also examine specific tax strategies dividend-paying firms use to help increase the predictability of their cash tax payments. My results contribute to the academic literature by examining whether, and how, dividend-paying firms alter their strategic tax decisions. Additionally, I contribute to ongoing public policy debates over the value of dividend payments by demonstrating a positive relation between dividend payments and the predictability of a firm's cash tax payments.

The determinants of corporate dividend policy remain controversial despite half a century of active research. Over that time a number of competing theories of dividend policy have been proposed, but no consensus has been reached about their explanatory power. This thesis examines the determinants of dividend policy of publicly quoted companies in Jordan as a case study of an emerging market. The study uses a firm-level panel data set of all publicly traded firms on the Ammam Stock Exchange between 1989 and 2000. Nine research hypotheses are developed, which are used to represent the main theories of corporate dividends. The results of studies conducted in this thesis suggest that the proportion of stocks held by insiders and state ownership significantly affect the amount of dividends paid, but not the decision to pay dividends. Larger, mature, profitable firms with less investment opportunities are more likely to pay dividends. These factors are found to also positively affect the level of dividends. Results provide no support for the signalling hypothesis. The thesis concludes with a discussion of some of the implications of all results and suggestions for further research. / Doctor of Philosophy (Finance)

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