Cet article appartient au dossier : DOSSIER, ESCP Applied Research Papers 15.

Performance

Announcing Growth-induced Dividend Cut: Good News for Shareholders?

This article deals with the announcement of growth-induced dividend cuts in the short and long run to understand the shareholder value creation associated and compare these returns to companies announcing dividend cut as a result of poor performance.

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Banque & Stratégie n°397

ESCP APPLIED RESEARCH PAPERS 15

Dividends have been subject to extensive debate amongst financial theorists in the past decades. When a company starts to generate earnings, the decision of paying dividends to shareholders or reinvesting the surplus in the business becomes crucial. Indeed, for investors, this decision conveys information about a firm’s expected future performance in order to ascertain the true value of the firm and to mitigate agency costs.Up until now, most studies on dividend distribution have concluded that a change in dividend policy results in a reaction from market participants in the form of a ...
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Banque & Stratégie

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ESCP Applied Research Papers 15

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