The Impact of Dividend Policy on Firm Value. A Panel Data Analysis of Romanian Listed Firms
The Impact of Dividend Policy on Firm Value. A Panel Data Analysis of Romanian Listed Firms
Author(s): Sorin Gabriel AntonSubject(s): National Economy, Business Economy / Management, Micro-Economics, Financial Markets
Published by: Editura Tehnopress
Keywords: dividend policy; firm value; emergent economies; Romania; listed firms;
Summary/Abstract: The aim of the paper is to investigate the impact of dividend policy on firm value. Our sample consists of sixty-three non-financial firms listed on the Bucharest Stock Exchange over the period 2001-2011. Employing a fixed effects model, we found that dividend pay-out ratio positively influences firm value after controlling for other firm-specific variables. Furthermore, leverage and firm size were found to have a positive effect on firm value.
Journal: Journal of Public Administration, Finance and Law
- Issue Year: 2016
- Issue No: 10
- Page Range: 107-112
- Page Count: 6
- Language: English
