Current Issue : October - December Volume : 2016 Issue Number : 4 Articles : 5 Articles
This article analyzes the present situation of dividend distribution of listed banks in China based\non the 2010-2013 panel data, the results show that some of the listed banks do not pay dividend,\nbut the proportion is small, the dividend payment rate is generally low but the state-controlled\nbanks often have a higher rate. Then the article analyzes the factors affecting dividend policy of\nlisted banks by using empirical method, and finds that profitability and liquidity of assets have a\npositive effect on the dividend payment rate, debt levels have a negative effect on the dividend\npayment rate, and the growth ability and operation ability have no significant effect on the rate of\ndividend payment....
To identify how corporate characteristics impact the decision to converge, we tested three groups of European\nfirms assigned into a group by the time of the IFRS adoption. Following the theory on network externalities, we\nhypothesize that companies with more business complexity and higher value benefit from a positive network effect\nand therefore, represent a driving force in accounting standardization. We provide evidence, that a firm�s business\ncomplexity and valuation characteristics have a significant impact on IFRS adoption. We also document that the\nextenuating effects of jurisdictions and national levels of bureaucratic formalities in business are factors that affect\nfirms� IFRS adoption decisions....
The topic on cash holding has attracted strong debate in the field of financial management for the past half\ncentury. A number of researchers studied the topic corporate cash holding and its determinants in the past in\ndeveloped economies while a little attention is given to the corporate cash holdings of developing economies. The\nobjective of the study is to identify and measure the relationship of firm size, profitability, net working capital and\nleverage and their effect on corporate cash holdings. A sample of 30 textile firms of Pakistan listed on Karachi\nStock Exchange (KSE) was selected for the study, for the reason of examining their relationship. Secondary data\nfor the period 2006-2013 was selected for the study. Variance Inflation Test (VIF) was used to check the problem\nof multi collinearity. Multiple regression models were used to conduct the results. Results calculated by regression\nmodel show consistency with the literature available. Profitability (ROA) and firm size (FS) show a positive and\nsignificant relation with cash holding. However negative and significant relationship was found between net working\ncapital (NWC) and leverage (LEV) with cash holding....
In this study, the implication of mode of taxation and transaction costs charging on an insurer’s investment when dividends, consumption and reinsurance are involved was investigated. The associated H-J-B equation in the optimization problem was established using Ito’s lemma. The insurer’s surplus process was approximated by a Brownian motion with drift. Solving the H-J-B equations, obtained the explicit optimal strategies for cases when transaction costs and taxes are charged on the insurer’s investment in the risky asset only and the total investment. A relationship was established between both cases for the investment in the risky....
This paper evaluates the Web-based voluntary disclosure practices in a sample of 180 French listed firms.\nThe main objective is to investigate the impact of Internet-based disclosure on capital market risk. Three measures\nare used to present the capital market risk: total risk is measured by the standard deviation of stock returns, and\nsystematic risk and idiosyncratic risk are the beta and standard deviation of the residuals generated from the market\nmodel, respectively. Following the method of Gajewski and Li, the Web-based disclosure is measured by an index of\n40 items. The empirical results show that total risk and idiosyncratic risk vary inversely with the strength of Internet\ndisclosure. This indicates that improved online disclosure can reduce investors� uncertainty in the capital market.\nHowever, systematic risk is not influenced by the disclosure practice. Furthermore, capital concentration and board\nsize are negatively associated with total and idiosyncratic risk. This study extends the prior research by investigating\nthe influence of online disclosure on capital risk in the French stock market. I am particularly concerned about the\ntechnical features of Internet disclosure and its impact on capital risk. Online information is generally considered to\nbe user-friendly, yet it is now necessary to analyze the effect of this convenience provided by Internet technology on\nthe capital market....
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