DETERMINANTS OF CORPORATE DIVIDEND PAYMENT POLICIES: A CASE OF THE BANKING INDUSTRY IN SOUTH AFRICA

Journal of Governance and Regulation

关键词: Dividend Policy;    Banking;    Agency Theory;    Signalling Theory;   

DOI  :  10.22495/jgr_v4_i4_c3_p3

学科分类：社会科学、人文和艺术（综合）

来源: Virtus Interpress

【 摘 要 】

Dividends are of strategic importance to organisations because they form the nexus of organisations’ capital structures and have an important bearing on firm value. Consequently, this study sought to investigate factors affecting dividend policy formulations and practices of South African banks by assessing the application of ex ante dividend theory literature on these firms. Our approach followed a mixed-methods design of analysis with a behavioural stand point of eliciting responses from banking experts through a survey. Findings indicate that factors relating to financial performance, investor needs and preferences and regulatory considerations are crucial for dividend decisions among banks. Overall, findings cast doubt on signalling, clientele and catering hypotheses, yet find favourable support for agency and lifecycle theories.

【 授权许可】

CC BY-NC