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Zero-debt policy under asymmetric information, flexibility and free cash flow considerations

Miglo, Anton - In: Journal of risk and financial management : JRFM 13 (2020) 12/296, pp. 1-25

We build a model of debt for firms with investment projects, for which flexibility and free cash flow problems are important issues. We focus on the factors that lead the firm to select the zero-debt policy. Our model provides an explanation of the so-called "zero-leverage puzzle". It also helps...

Persistent link: https://www.econbiz.de/10012392204

Debt capital and dividend policy as complementary indicators of firm valuation

Njoku, Okechukwu Enyeribe; Lee, Young Hwan - 2025

This study investigates the interdependencies between debt capital and dividend policy as complementary factors … metric and employing robust econometric techniques (OLS, 2-SLS, and GMM), the analysis reveals that while debt and dividend … cash flow has a significant positive effect. By disentangling the complex dynamics of capital structure, dividend …

Persistent link: https://www.econbiz.de/10015338351

Asymptotic expected utility of dividend payments in a classical collective risk process

Baran, Sebastian; Constantinescu, Corina; Palmowski, … - In: Risks : open access journal 11 (2023) 4, pp. 1-15

We find the asymptotics of the value function maximizing the expected utility of discounted dividend payments of an …

Persistent link: https://www.econbiz.de/10014303657

A Semi-Markov dynamic capital injection problem for distressed banks

Di Persio, Luca; Prezioso, Luca; Jiang, Yilun - In: Risks : open access journal 11 (2023) 4, pp. 1-16

Our study investigates the optimal dividend strategy for a bank, taking into account the potential for government …

Persistent link: https://www.econbiz.de/10014303713

How do dynamic financing decisions explain the behavior of dividend payout policies? : an empirical study of listed Pakistani manufacturing firms

Bashir, Zahid; Rafique, Zulqurnain Zeeshan; Toor, … - In: Financial internet quarterly 18 (2022) 1, pp. 1-15

The study investigates the factors that influence dividend payout policy in public Pakistani manu- facturing companies … a dividend at all or do not do so regularly so all these firms were excluded from the final dataset. The study discovers … life cycle ratio, increase the dividend payout while cash ratio decreases the dividend distribution ratio for publically …

Persistent link: https://www.econbiz.de/10013252615

The application of financing and dividend decision techniques in practice among Ghanaian chief financial officers (CFOs)

Owusu-Ansah, Anthony; Addico, Nene Lartey; Amewu, Godfred - In: Cogent business & management 10 (2023) 1, pp. 1-31

We use a survey approach to investigate how managers in a frontier market apply financing and dividend decision … debt when the firm’s internal funds are inadequate. Under dividend policy, the most treasured technique is ensuring cash …

Persistent link: https://www.econbiz.de/10014469158

Corporate Finance

Gherghina, Ştefan Cristian (ed.) - 2021

(Kedzior et al., 2020; Ntoung et al., 2020; Vintilă etal., 2019), dividend policy (Dragotă and Delcea, 2019; Pinto and Rastogi …

Persistent link: https://www.econbiz.de/10012586568

Optimal dividends for a two-dimensional risk model with simultaneous ruin of both branches

Strietzel, Philipp Lukas; Heinrich, Henriette Elisabeth - In: Risks : open access journal 10 (2022) 6, pp. 1-23

We consider the optimal dividend problem in the so-called degenerate bivariate risk model under the assumption that the …

Persistent link: https://www.econbiz.de/10013363123

Optimal dividends under Markov-Modulated Bankruptcy Level

Ferrari, Giorgio; Schuhmann, Patrick; Zhu, Shihao - 2021

This paper proposes and solves an optimal dividend problem in which a two-state regimeswitching environment affects the … expected profits from dividends until bankruptcy. The company's optimal dividend payout is therefore influenced by four factors … theoretical results by a detailed numerical study, where also a thorough analysis of the sensitivities of the optimal dividend …

Persistent link: https://www.econbiz.de/10012670176

Dividend versus investment : cash flow allocation

Bukalska, Elżbieta; Maziarczyk, Anna; Ociesa, Kinga - In: Journal of banking and financial economics 18 (2022) 2, pp. 94-108

,760 firm-year observations. We prepared regression models for the dividend and investment ratio depending on the company … cash flow hypothesis and signaling theory of dividends. Dividends and investment might be a tool to mitigate managerial … situation. The results contribute to the literature on firms' investment- and dividend-cash flow sensitivity and the order of …

Persistent link: https://www.econbiz.de/10014285913