haku: @indexterm VALUATION / yhteensä: 677
viite: 342 / 677
| Tekijä: | Rees, W. P. |
| Otsikko: | The impact of dividends, debt and investment on valuation models |
| Lehti: | Journal of Business Finance and Accounting
1997 : SEP, VOL. 24:7-8, p. 1111-1140 |
| Asiasana: | VALUATION MODELS DIVIDENDS CAPITAL STRUCTURE OF COMPANIES CAPITAL INVESTMENT DEBT |
| Kieli: | eng |
| Tiivistelmä: | This paper analyses substantial sample pf 8,287 firm/years drawn from UK commercial and industrial sectors during the years 1987-1995. An approximation of the earnings and book value model of value is estimated. The inclusion of the log of market value in the model does have a strong impact on the explanatory power and the estimated coefficients, suggesting that there is scope for improving the model. The model is then extended to measure the impact of dividends, debt and capital investment. The evidence suggests that earnings distributed as dividends have a bigger impact on value than does earnings retained within the firm. The inclusion of dividends in the valuation model improves the explanatory power of the model from 54% to 60%. The evidence also supports the hypothesis that capital expenditure is positively related to value. |
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