haku: @indexterm Accounting standards / yhteensä: 876
viite: 217 / 876
| Tekijä: | Charitou, A. Vafeas, N. |
| Otsikko: | The association between operating cash flows and dividend changes: An empirical investigation |
| Lehti: | Journal of Business Finance and Accounting
1998 : JAN/MAR, VOL. 25:1-2, p. 225-249 |
| Asiasana: | COMPANIES ACCOUNTING STANDARDS FINANCIAL REPORTING |
| Kieli: | eng |
| Tiivistelmä: | The Association btw. earnings and dividend changes has been established since Lintner's (1956) pioneering work. Subsequent research attempted to establish an association btw. operating cash flows and dividend changes, given earnings, without success (Simons, 1994). Recently, there has been increased attention in cash flow reporting. Regulatory bodies worldwide have stressed the significance of cash flow information in capital markets. Research on the association btw. cash flows and dividends has been limited, yielding inconclusive results. The purpose of this study is to re-evaluate and extend prior studies by examining the incremental ability of cash flows to explain dividend changes, given earnings. It is argued in the study that a positive relationship btw. cash flows and dividend changes should exist due to liquidity and accruals management considerations. The empirical evidence of the study supports that the dividend changes-cash flow relationship is significantly positive (a) when operating cash flows are low compared to earnings, and (b) when firm growth is moderate. |
SCIMA