CINXE.COM

<!DOCTYPE html> <html lang="en" xmlns:fb="http://www.facebook.com/2008/fbml" class="wf-loading"> <head prefix="og: https://ogp.me/ns# fb: https://ogp.me/ns/fb# academia: https://ogp.me/ns/fb/academia#"> <meta charset="utf-8"> <meta name=viewport content="width=device-width, initial-scale=1"> <meta rel="search" type="application/opensearchdescription+xml" href="/open_search.xml" title="Academia.edu"> <title>DIVIDEND Research Papers - Academia.edu</title>  <link href="//a.academia-assets.com/images/favicons/favicon-production.ico" rel="shortcut icon" type="image/vnd.microsoft.icon"> <link rel="apple-touch-icon" sizes="57x57" href="//a.academia-assets.com/images/favicons/apple-touch-icon-57x57.png"> <link rel="apple-touch-icon" sizes="60x60" href="//a.academia-assets.com/images/favicons/apple-touch-icon-60x60.png"> <link rel="apple-touch-icon" sizes="72x72" href="//a.academia-assets.com/images/favicons/apple-touch-icon-72x72.png"> <link rel="apple-touch-icon" sizes="76x76" href="//a.academia-assets.com/images/favicons/apple-touch-icon-76x76.png"> <link rel="apple-touch-icon" sizes="114x114" href="//a.academia-assets.com/images/favicons/apple-touch-icon-114x114.png"> <link rel="apple-touch-icon" sizes="120x120" href="//a.academia-assets.com/images/favicons/apple-touch-icon-120x120.png"> <link rel="apple-touch-icon" sizes="144x144" href="//a.academia-assets.com/images/favicons/apple-touch-icon-144x144.png"> <link rel="apple-touch-icon" sizes="152x152" href="//a.academia-assets.com/images/favicons/apple-touch-icon-152x152.png"> <link rel="apple-touch-icon" sizes="180x180" href="//a.academia-assets.com/images/favicons/apple-touch-icon-180x180.png"> <link rel="icon" type="image/png" href="//a.academia-assets.com/images/favicons/favicon-32x32.png" sizes="32x32"> <link rel="icon" type="image/png" href="//a.academia-assets.com/images/favicons/favicon-194x194.png" sizes="194x194"> <link rel="icon" type="image/png" href="//a.academia-assets.com/images/favicons/favicon-96x96.png" sizes="96x96"> <link rel="icon" type="image/png" href="//a.academia-assets.com/images/favicons/android-chrome-192x192.png" sizes="192x192"> <link rel="icon" type="image/png" href="//a.academia-assets.com/images/favicons/favicon-16x16.png" sizes="16x16"> <link rel="manifest" href="//a.academia-assets.com/images/favicons/manifest.json"> <meta name="msapplication-TileColor" content="#2b5797"> <meta name="msapplication-TileImage" content="//a.academia-assets.com/images/favicons/mstile-144x144.png"> <meta name="theme-color" content="#ffffff"> <script> window.performance && window.performance.measure && window.performance.measure("Time To First Byte", "requestStart", "responseStart"); </script> <script> (function() { if (!window.URLSearchParams || !window.history || !window.history.replaceState) { return; } var searchParams = new URLSearchParams(window.location.search); var paramsToDelete = [ 'fs', 'sm', 'swp', 'iid', 'nbs', 'rcc', // related content category 'rcpos', // related content carousel position 'rcpg', // related carousel page 'rchid', // related content hit id 'f_ri', // research interest id, for SEO tracking 'f_fri', // featured research interest, for SEO tracking (param key without value) 'f_rid', // from research interest directory for SEO tracking 'f_loswp', // from research interest pills on LOSWP sidebar for SEO tracking 'rhid', // referrring hit id ]; if (paramsToDelete.every((key) => searchParams.get(key) === null)) { return; } paramsToDelete.forEach((key) => { searchParams.delete(key); }); var cleanUrl = new URL(window.location.href); cleanUrl.search = searchParams.toString(); history.replaceState({}, document.title, cleanUrl); })(); </script> <script async src="https://www.googletagmanager.com/gtag/js?id=G-5VKX33P2DS"></script> <script> window.dataLayer = window.dataLayer || []; function gtag(){dataLayer.push(arguments);} gtag('js', new Date()); gtag('config', 'G-5VKX33P2DS', { cookie_domain: 'academia.edu', send_page_view: false, }); gtag('event', 'page_view', { 'controller': "by_tag", 'action': "show_one", 'controller_action': 'by_tag#show_one', 'logged_in': 'false', 'edge': 'unknown', // Send nil if there is no A/B test bucket, in case some records get logged // with missing data - that way we can distinguish between the two cases. // ab_test_bucket should be of the form <ab_test_name>:<bucket> 'ab_test_bucket': null, }) </script> <script type="text/javascript"> window.sendUserTiming = function(timingName) { if (!(window.performance && window.performance.measure)) return; var entries = window.performance.getEntriesByName(timingName, "measure"); if (entries.length !== 1) return; var timingValue = Math.round(entries[0].duration); gtag('event', 'timing_complete', { name: timingName, value: timingValue, event_category: 'User-centric', }); }; window.sendUserTiming("Time To First Byte"); </script> <meta name="csrf-param" content="authenticity_token" /> <meta name="csrf-token" content="XAQoW0dByRc9Qxi7J6aNao8GnosHFLYu4L0zoWaqLC3NnakwgbpEVchRnwVw5Fzy4SuRLNTirCaTfJbchwLMBw" /> <link href="/Documents/in/DIVIDEND?after=50%2C80129263" rel="next" /><link crossorigin="" href="https://fonts.gstatic.com/" rel="preconnect" /><link href="https://fonts.googleapis.com/css2?family=DM+Sans:ital,opsz,wght@0,9..40,100..1000;1,9..40,100..1000&family=Gupter:wght@400;500;700&family=IBM+Plex+Mono:wght@300;400&family=Material+Symbols+Outlined:opsz,wght,FILL,GRAD@20,400,0,0&display=swap" rel="stylesheet" /><link rel="stylesheet" media="all" href="//a.academia-assets.com/assets/design_system/common-2b6f90dbd75f5941bc38f4ad716615f3ac449e7398313bb3bc225fba451cd9fa.css" /> <meta name="description" content="View DIVIDEND Research Papers on Academia.edu for free." /> <meta name="google-site-verification" content="bKJMBZA7E43xhDOopFZkssMMkBRjvYERV-NaN4R6mrs" /> <script> var $controller_name = 'by_tag'; var $action_name = "show_one"; var $rails_env = 'production'; var $app_rev = '1352d64050cb971dfa7bcbca0b1672a33ec3c1f5'; var $domain = 'academia.edu'; var $app_host = "academia.edu"; var $asset_host = "academia-assets.com"; var $start_time = new Date().getTime(); var $recaptcha_key = "6LdxlRMTAAAAADnu_zyLhLg0YF9uACwz78shpjJB"; var $recaptcha_invisible_key = "6Lf3KHUUAAAAACggoMpmGJdQDtiyrjVlvGJ6BbAj"; var $disableClientRecordHit = false; </script> <script> window.Aedu = { hit_data: null }; window.Aedu.SiteStats = {"premium_universities_count":14007,"monthly_visitors":"108 million","monthly_visitor_count":108476212,"monthly_visitor_count_in_millions":108,"user_count":283821743,"paper_count":55203019,"paper_count_in_millions":55,"page_count":432000000,"page_count_in_millions":432,"pdf_count":16500000,"pdf_count_in_millions":16}; window.Aedu.serverRenderTime = new Date(1740623962000); window.Aedu.timeDifference = new Date().getTime() - 1740623962000; window.Aedu.isUsingCssV1 = false; window.Aedu.enableLocalization = true; window.Aedu.activateFullstory = false; window.Aedu.serviceAvailability = { status: {"attention_db":"on","bibliography_db":"on","contacts_db":"on","email_db":"on","indexability_db":"on","mentions_db":"on","news_db":"on","notifications_db":"on","offsite_mentions_db":"on","redshift":"on","redshift_exports_db":"on","related_works_db":"on","ring_db":"on","user_tests_db":"on"}, serviceEnabled: function(service) { return this.status[service] === "on"; }, readEnabled: function(service) { return this.serviceEnabled(service) || this.status[service] === "read_only"; }, }; window.Aedu.viewApmTrace = function() { // Check if x-apm-trace-id meta tag is set, and open the trace in APM // in a new window if it is. var apmTraceId = document.head.querySelector('meta[name="x-apm-trace-id"]'); if (apmTraceId) { var traceId = apmTraceId.content; // Use trace ID to construct URL, an example URL looks like: // https://app.datadoghq.com/apm/traces?query=trace_id%31298410148923562634 var apmUrl = 'https://app.datadoghq.com/apm/traces?query=trace_id%3A' + traceId; window.open(apmUrl, '_blank'); } }; </script>  <link href="https://fonts.googleapis.com/css?family=Roboto:100,100i,300,300i,400,400i,500,500i,700,700i,900,900i" rel="stylesheet"> <link rel="preload" href="//maxcdn.bootstrapcdn.com/font-awesome/4.3.0/css/font-awesome.min.css" as="style" onload="this.rel='stylesheet'"> <link rel="stylesheet" media="all" href="//a.academia-assets.com/assets/libraries-a9675dcb01ec4ef6aa807ba772c7a5a00c1820d3ff661c1038a20f80d06bb4e4.css" /> <link rel="stylesheet" media="all" href="//a.academia-assets.com/assets/academia-1eb081e01ca8bc0c1b1d866df79d9eb4dd2c484e4beecf76e79a7806c72fee08.css" /> <link rel="stylesheet" media="all" href="//a.academia-assets.com/assets/design_system_legacy-056a9113b9a0f5343d013b29ee1929d5a18be35fdcdceb616600b4db8bd20054.css" /> <script src="//a.academia-assets.com/assets/webpack_bundles/runtime-bundle-005434038af4252ca37c527588411a3d6a0eabb5f727fac83f8bbe7fd88d93bb.js"></script> <script src="//a.academia-assets.com/assets/webpack_bundles/webpack_libraries_and_infrequently_changed.wjs-bundle-a7f06b7b91deb14294c0fd04acc3d1303a356edfef84048171548420b79efa13.js"></script> <script src="//a.academia-assets.com/assets/webpack_bundles/core_webpack.wjs-bundle-1dfe626295c3c5db04ad4c4dd3b0a5cbc2d056d15acdf734b7dc0c7157042921.js"></script> <script src="//a.academia-assets.com/assets/webpack_bundles/sentry.wjs-bundle-5fe03fddca915c8ba0f7edbe64c194308e8ce5abaed7bffe1255ff37549c4808.js"></script> <script> jade = window.jade || {}; jade.helpers = window.$h; jade._ = window._; </script>  <script id="tag-manager-head-root">(function(w,d,s,l,i){w[l]=w[l]||[];w[l].push({'gtm.start': new Date().getTime(),event:'gtm.js'});var f=d.getElementsByTagName(s)[0], j=d.createElement(s),dl=l!='dataLayer'?'&l='+l:'';j.async=true;j.src= 'https://www.googletagmanager.com/gtm.js?id='+i+dl;f.parentNode.insertBefore(j,f); })(window,document,'script','dataLayer_old','GTM-5G9JF7Z');</script>  <script> window.gptadslots = []; window.googletag = window.googletag || {}; window.googletag.cmd = window.googletag.cmd || []; </script> <script type="text/javascript"> // TODO(jacob): This should be defined, may be rare load order problem. // Checking if null is just a quick fix, will default to en if unset. // Better fix is to run this immedietely after I18n is set. if (window.I18n != null) { I18n.defaultLocale = "en"; I18n.locale = "en"; I18n.fallbacks = true; } </script> <link rel="canonical" href="https://www.academia.edu/Documents/in/DIVIDEND" /> </head>   <body class='c-by_tag a-show_one logged_out u-bgColorWhite'>  <div id="fb-root"></div><script>window.fbAsyncInit = function() { FB.init({ appId: "2369844204", version: "v8.0", status: true, cookie: true, xfbml: true }); // Additional initialization code. if (window.InitFacebook) { // facebook.ts already loaded, set it up. window.InitFacebook(); } else { // Set a flag for facebook.ts to find when it loads. window.academiaAuthReadyFacebook = true; } };</script><script>window.fbAsyncLoad = function() { // Protection against double calling of this function if (window.FB) { return; } (function(d, s, id){ var js, fjs = d.getElementsByTagName(s)[0]; if (d.getElementById(id)) {return;} js = d.createElement(s); js.id = id; js.src = "//connect.facebook.net/en_US/sdk.js"; fjs.parentNode.insertBefore(js, fjs); }(document, 'script', 'facebook-jssdk')); } if (!window.defer_facebook) { // Autoload if not deferred window.fbAsyncLoad(); } else { // Defer loading by 5 seconds setTimeout(function() { window.fbAsyncLoad(); }, 5000); }</script> <div id="google-root"></div><script>window.loadGoogle = function() { if (window.InitGoogle) { // google.ts already loaded, set it up. window.InitGoogle("331998490334-rsn3chp12mbkiqhl6e7lu2q0mlbu0f1b"); } else { // Set a flag for google.ts to use when it loads. window.GoogleClientID = "331998490334-rsn3chp12mbkiqhl6e7lu2q0mlbu0f1b"; } };</script><script>window.googleAsyncLoad = function() { // Protection against double calling of this function (function(d) { var js; var id = 'google-jssdk'; var ref = d.getElementsByTagName('script')[0]; if (d.getElementById(id)) { return; } js = d.createElement('script'); js.id = id; js.async = true; js.onload = loadGoogle; js.src = "https://accounts.google.com/gsi/client" ref.parentNode.insertBefore(js, ref); }(document)); } if (!window.defer_google) { // Autoload if not deferred window.googleAsyncLoad(); } else { // Defer loading by 5 seconds setTimeout(function() { window.googleAsyncLoad(); }, 5000); }</script> <div id="tag-manager-body-root">  <noscript><iframe src="https://www.googletagmanager.com/ns.html?id=GTM-5G9JF7Z" height="0" width="0" style="display:none;visibility:hidden"></iframe></noscript>   <script> window.addEventListener('load', function() { if (document.querySelector('input[name="commit"]')) { document.querySelector('input[name="commit"]').addEventListener('click', function() { gtag('event', 'click', { event_category: 'button', event_label: 'Log In' }) }) } }); </script> </div> <script>var _comscore = _comscore || []; _comscore.push({ c1: "2", c2: "26766707" }); (function() { var s = document.createElement("script"), el = document.getElementsByTagName("script")[0]; s.async = true; s.src = (document.location.protocol == "https:" ? "https://sb" : "http://b") + ".scorecardresearch.com/beacon.js"; el.parentNode.insertBefore(s, el); })();</script><img src="https://sb.scorecardresearch.com/p?c1=2&c2=26766707&cv=2.0&cj=1" style="position: absolute; visibility: hidden" /> <div id='react-modal'></div> <div class='DesignSystem'> <a class='u-showOnFocus' href='#site'> Skip to main content </a> </div> <div id="upgrade_ie_banner" style="display: none;"><p>Academia.edu no longer supports Internet Explorer.</p><p>To browse Academia.edu and the wider internet faster and more securely, please take a few seconds to <a href="https://www.academia.edu/upgrade-browser">upgrade your browser</a>.</p></div><script>// Show this banner for all versions of IE if (!!window.MSInputMethodContext || /(MSIE)/.test(navigator.userAgent)) { document.getElementById('upgrade_ie_banner').style.display = 'block'; }</script> <div class="DesignSystem bootstrap ShrinkableNav no-sm no-md"><div class="navbar navbar-default main-header"><div class="container-wrapper" id="main-header-container"><div class="container"><div class="navbar-header"><div class="nav-left-wrapper u-mt0x"><div class="nav-logo"><a data-main-header-link-target="logo_home" href="https://www.academia.edu/"><img class="visible-xs-inline-block" style="height: 24px;" alt="Academia.edu" src="//a.academia-assets.com/images/academia-logo-redesign-2015-A.svg" width="24" height="24" /><img width="145.2" height="18" class="hidden-xs" style="height: 24px;" alt="Academia.edu" src="//a.academia-assets.com/images/academia-logo-redesign-2015.svg" /></a></div><div class="nav-search"><div class="SiteSearch-wrapper select2-no-default-pills"><form class="js-SiteSearch-form DesignSystem" action="https://www.academia.edu/search" accept-charset="UTF-8" method="get"><i class="SiteSearch-icon fa fa-search u-fw700 u-positionAbsolute u-tcGrayDark"></i><input class="js-SiteSearch-form-input SiteSearch-form-input form-control" data-main-header-click-target="search_input" name="q" placeholder="Search" type="text" value="" /></form></div></div></div><div class="nav-right-wrapper pull-right"><ul class="NavLinks js-main-nav list-unstyled"><li class="NavLinks-link"><a class="js-header-login-url Button Button--inverseGray Button--sm u-mb4x" id="nav_log_in" rel="nofollow" href="https://www.academia.edu/login">Log In</a></li><li class="NavLinks-link u-p0x"><a class="Button Button--inverseGray Button--sm u-mb4x" rel="nofollow" href="https://www.academia.edu/signup">Sign Up</a></li></ul><button class="hidden-lg hidden-md hidden-sm u-ml4x navbar-toggle collapsed" data-target=".js-mobile-header-links" data-toggle="collapse" type="button"><span class="icon-bar"></span><span class="icon-bar"></span><span class="icon-bar"></span></button></div></div><div class="collapse navbar-collapse js-mobile-header-links"><ul class="nav navbar-nav"><li class="u-borderColorGrayLight u-borderBottom1"><a rel="nofollow" href="https://www.academia.edu/login">Log In</a></li><li class="u-borderColorGrayLight u-borderBottom1"><a rel="nofollow" href="https://www.academia.edu/signup">Sign Up</a></li><li class="u-borderColorGrayLight u-borderBottom1 js-mobile-nav-expand-trigger"><a href="#">more&nbsp<span class="caret"></span></a></li><li><ul class="js-mobile-nav-expand-section nav navbar-nav u-m0x collapse"><li class="u-borderColorGrayLight u-borderBottom1"><a rel="false" href="https://www.academia.edu/about">About</a></li><li class="u-borderColorGrayLight u-borderBottom1"><a rel="nofollow" href="https://www.academia.edu/press">Press</a></li><li class="u-borderColorGrayLight u-borderBottom1"><a rel="false" href="https://www.academia.edu/documents">Papers</a></li><li class="u-borderColorGrayLight u-borderBottom1"><a rel="nofollow" href="https://www.academia.edu/terms">Terms</a></li><li class="u-borderColorGrayLight u-borderBottom1"><a rel="nofollow" href="https://www.academia.edu/privacy">Privacy</a></li><li class="u-borderColorGrayLight u-borderBottom1"><a rel="nofollow" href="https://www.academia.edu/copyright">Copyright</a></li><li class="u-borderColorGrayLight u-borderBottom1"><a rel="nofollow" href="https://www.academia.edu/hiring"><i class="fa fa-briefcase"></i> We're Hiring!</a></li><li class="u-borderColorGrayLight u-borderBottom1"><a rel="nofollow" href="https://support.academia.edu/hc/en-us"><i class="fa fa-question-circle"></i> Help Center</a></li><li class="js-mobile-nav-collapse-trigger u-borderColorGrayLight u-borderBottom1 dropup" style="display:none"><a href="#">less&nbsp<span class="caret"></span></a></li></ul></li></ul></div></div></div><script>(function(){ var $moreLink = $(".js-mobile-nav-expand-trigger"); var $lessLink = $(".js-mobile-nav-collapse-trigger"); var $section = $('.js-mobile-nav-expand-section'); $moreLink.click(function(ev){ ev.preventDefault(); $moreLink.hide(); $lessLink.show(); $section.collapse('show'); }); $lessLink.click(function(ev){ ev.preventDefault(); $moreLink.show(); $lessLink.hide(); $section.collapse('hide'); }); })() if ($a.is_logged_in() || false) { new Aedu.NavigationController({ el: '.js-main-nav', showHighlightedNotification: false }); } else { $(".js-header-login-url").attr("href", $a.loginUrlWithRedirect()); } Aedu.autocompleteSearch = new AutocompleteSearch({el: '.js-SiteSearch-form'});</script></div></div> <div id='site' class='fixed'> <div id="content" class="clearfix"> <script>document.addEventListener('DOMContentLoaded', function(){ var $dismissible = $(".dismissible_banner"); $dismissible.click(function(ev) { $dismissible.hide(); }); });</script> <div class="DesignSystem" style="margin-top:-40px"><div class="PageHeader"><div class="container"><div class="row"><style type="text/css">.sor-abstract { display: -webkit-box; overflow: hidden; text-overflow: ellipsis; -webkit-line-clamp: 3; -webkit-box-orient: vertical; }</style><div class="col-xs-12 clearfix"><div class="u-floatLeft"><h1 class="PageHeader-title u-m0x u-fs30">DIVIDEND</h1><div class="u-tcGrayDark">662 Followers</div><div class="u-tcGrayDark u-mt2x">Recent papers in <b>DIVIDEND</b></div></div></div></div></div></div><div class="TabbedNavigation"><div class="container"><div class="row"><div class="col-xs-12 clearfix"><ul class="nav u-m0x u-p0x list-inline u-displayFlex"><li class="active"><a href="https://www.academia.edu/Documents/in/DIVIDEND">Top Papers</a></li><li><a href="https://www.academia.edu/Documents/in/DIVIDEND/MostCited">Most Cited Papers</a></li><li><a href="https://www.academia.edu/Documents/in/DIVIDEND/MostDownloaded">Most Downloaded Papers</a></li><li><a href="https://www.academia.edu/Documents/in/DIVIDEND/MostRecent">Newest Papers</a></li><li><a class="" href="https://www.academia.edu/People/DIVIDEND">People</a></li></ul></div><style type="text/css">ul.nav{flex-direction:row}@media(max-width: 567px){ul.nav{flex-direction:column}.TabbedNavigation li{max-width:100%}.TabbedNavigation li.active{background-color:var(--background-grey, #dddde2)}.TabbedNavigation li.active:before,.TabbedNavigation li.active:after{display:none}}</style></div></div></div><div class="container"><div class="row"><div class="col-xs-12"><div class="u-displayFlex"><div class="u-flexGrow1"><div class="works"><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_72815082" data-work_id="72815082" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/72815082/Complexity_of_information_and_trading_behavior_The_case_of_dividend_increase_announcements">Complexity of information and trading behavior: The case of dividend increase announcements</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">We examine the intraday trading response of participants in the common stock market and in the preferred stock market to announcements of dividend increases on common stock. We find that participants in the preferred stock market respond... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_72815082" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">We examine the intraday trading response of participants in the common stock market and in the preferred stock market to announcements of dividend increases on common stock. We find that participants in the preferred stock market respond more slowly to the ...</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/72815082" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="14890f0cf91402552050cf6f0f0df2a8" rel="nofollow" data-download="{"attachment_id":81591646,"asset_id":72815082,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/81591646/download_file?st=MTc0MDYyMzk2MSw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="42727831" href="https://independent.academia.edu/IrajFooladi">Iraj Fooladi</a><script data-card-contents-for-user="42727831" type="text/json">{"id":42727831,"first_name":"Iraj","last_name":"Fooladi","domain_name":"independent","page_name":"IrajFooladi","display_name":"Iraj Fooladi","profile_url":"https://independent.academia.edu/IrajFooladi?f_ri=817504","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_72815082 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="72815082"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 72815082, container: ".js-paper-rank-work_72815082", }); });</script></li><li class="js-percentile-work_72815082 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 72815082; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_72815082"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_72815082 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="72815082"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 72815082; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=72815082]").text(description); $(".js-view-count-work_72815082").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_72815082").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="72815082"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">8</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="4307" rel="nofollow" href="https://www.academia.edu/Documents/in/Behavior">Behavior</a>, <script data-card-contents-for-ri="4307" type="text/json">{"id":4307,"name":"Behavior","url":"https://www.academia.edu/Documents/in/Behavior?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="9078" rel="nofollow" href="https://www.academia.edu/Documents/in/Economic_Psychology">Economic Psychology</a>, <script data-card-contents-for-ri="9078" type="text/json">{"id":9078,"name":"Economic Psychology","url":"https://www.academia.edu/Documents/in/Economic_Psychology?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="28235" rel="nofollow" href="https://www.academia.edu/Documents/in/Multidisciplinary">Multidisciplinary</a>, <script data-card-contents-for-ri="28235" type="text/json">{"id":28235,"name":"Multidisciplinary","url":"https://www.academia.edu/Documents/in/Multidisciplinary?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="29156" rel="nofollow" href="https://www.academia.edu/Documents/in/Stock_Market">Stock Market</a><script data-card-contents-for-ri="29156" type="text/json">{"id":29156,"name":"Stock Market","url":"https://www.academia.edu/Documents/in/Stock_Market?f_ri=817504","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=72815082]'), work: {"id":72815082,"title":"Complexity of information and trading behavior: The case of dividend increase announcements","created_at":"2022-03-02T09:51:59.113-08:00","url":"https://www.academia.edu/72815082/Complexity_of_information_and_trading_behavior_The_case_of_dividend_increase_announcements?f_ri=817504","dom_id":"work_72815082","summary":"We examine the intraday trading response of participants in the common stock market and in the preferred stock market to announcements of dividend increases on common stock. We find that participants in the preferred stock market respond more slowly to the ...","downloadable_attachments":[{"id":81591646,"asset_id":72815082,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":42727831,"first_name":"Iraj","last_name":"Fooladi","domain_name":"independent","page_name":"IrajFooladi","display_name":"Iraj Fooladi","profile_url":"https://independent.academia.edu/IrajFooladi?f_ri=817504","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":4307,"name":"Behavior","url":"https://www.academia.edu/Documents/in/Behavior?f_ri=817504","nofollow":true},{"id":9078,"name":"Economic Psychology","url":"https://www.academia.edu/Documents/in/Economic_Psychology?f_ri=817504","nofollow":true},{"id":28235,"name":"Multidisciplinary","url":"https://www.academia.edu/Documents/in/Multidisciplinary?f_ri=817504","nofollow":true},{"id":29156,"name":"Stock Market","url":"https://www.academia.edu/Documents/in/Stock_Market?f_ri=817504","nofollow":true},{"id":52982,"name":"Commerce","url":"https://www.academia.edu/Documents/in/Commerce?f_ri=817504"},{"id":78434,"name":"Investment","url":"https://www.academia.edu/Documents/in/Investment?f_ri=817504"},{"id":292710,"name":"Inversion","url":"https://www.academia.edu/Documents/in/Inversion?f_ri=817504"},{"id":817504,"name":"DIVIDEND","url":"https://www.academia.edu/Documents/in/DIVIDEND?f_ri=817504"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_11010769" data-work_id="11010769" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/11010769/JURNAL_BISMA_Vol3_No2">JURNAL BISMA Vol3 No2</a></div></div><div class="u-pb4x u-mt3x"></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/11010769" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="2a18489deac8cd3b756dee4ec778dfec" rel="nofollow" data-download="{"attachment_id":36737978,"asset_id":11010769,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/36737978/download_file?st=MTc0MDYyMzk2MSw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="26655649" href="https://independent.academia.edu/ihsanabu1">ihsan abu</a><script data-card-contents-for-user="26655649" type="text/json">{"id":26655649,"first_name":"ihsan","last_name":"abu","domain_name":"independent","page_name":"ihsanabu1","display_name":"ihsan abu","profile_url":"https://independent.academia.edu/ihsanabu1?f_ri=817504","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_11010769 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="11010769"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 11010769, container: ".js-paper-rank-work_11010769", }); });</script></li><li class="js-percentile-work_11010769 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 11010769; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_11010769"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_11010769 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="11010769"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 11010769; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=11010769]").text(description); $(".js-view-count-work_11010769").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_11010769").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="11010769"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">3</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="104808" rel="nofollow" href="https://www.academia.edu/Documents/in/Roi">Roi</a>, <script data-card-contents-for-ri="104808" type="text/json">{"id":104808,"name":"Roi","url":"https://www.academia.edu/Documents/in/Roi?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="660420" rel="nofollow" href="https://www.academia.edu/Documents/in/Der">Der</a>, <script data-card-contents-for-ri="660420" type="text/json">{"id":660420,"name":"Der","url":"https://www.academia.edu/Documents/in/Der?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="817504" rel="nofollow" href="https://www.academia.edu/Documents/in/DIVIDEND">DIVIDEND</a><script data-card-contents-for-ri="817504" type="text/json">{"id":817504,"name":"DIVIDEND","url":"https://www.academia.edu/Documents/in/DIVIDEND?f_ri=817504","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=11010769]'), work: {"id":11010769,"title":"JURNAL BISMA Vol3 No2","created_at":"2015-02-23T04:52:47.799-08:00","url":"https://www.academia.edu/11010769/JURNAL_BISMA_Vol3_No2?f_ri=817504","dom_id":"work_11010769","summary":null,"downloadable_attachments":[{"id":36737978,"asset_id":11010769,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":26655649,"first_name":"ihsan","last_name":"abu","domain_name":"independent","page_name":"ihsanabu1","display_name":"ihsan abu","profile_url":"https://independent.academia.edu/ihsanabu1?f_ri=817504","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":104808,"name":"Roi","url":"https://www.academia.edu/Documents/in/Roi?f_ri=817504","nofollow":true},{"id":660420,"name":"Der","url":"https://www.academia.edu/Documents/in/Der?f_ri=817504","nofollow":true},{"id":817504,"name":"DIVIDEND","url":"https://www.academia.edu/Documents/in/DIVIDEND?f_ri=817504","nofollow":true}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_6809518" data-work_id="6809518" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/6809518/Determinants_of_Stock_Prices_Empirical_Evidence_from_NSE_100_Companies">Determinants of Stock Prices: Empirical Evidence from NSE 100 Companies</a></div></div><div class="u-pb4x u-mt3x"></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/6809518" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="ec2d966e06069ee8b3cdca8cc16089ba" rel="nofollow" data-download="{"attachment_id":33509528,"asset_id":6809518,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/33509528/download_file?st=MTc0MDYyMzk2MSw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="11286474" href="https://independent.academia.edu/SShashu">Shashank Shashu</a><script data-card-contents-for-user="11286474" type="text/json">{"id":11286474,"first_name":"Shashank","last_name":"Shashu","domain_name":"independent","page_name":"SShashu","display_name":"Shashank Shashu","profile_url":"https://independent.academia.edu/SShashu?f_ri=817504","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_6809518 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="6809518"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 6809518, container: ".js-paper-rank-work_6809518", }); });</script></li><li class="js-percentile-work_6809518 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 6809518; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_6809518"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_6809518 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="6809518"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 6809518; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=6809518]").text(description); $(".js-view-count-work_6809518").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_6809518").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="6809518"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">6</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="47" rel="nofollow" href="https://www.academia.edu/Documents/in/Finance">Finance</a>, <script data-card-contents-for-ri="47" type="text/json">{"id":47,"name":"Finance","url":"https://www.academia.edu/Documents/in/Finance?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="3490" rel="nofollow" href="https://www.academia.edu/Documents/in/Accounting">Accounting</a>, <script data-card-contents-for-ri="3490" type="text/json">{"id":3490,"name":"Accounting","url":"https://www.academia.edu/Documents/in/Accounting?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="265570" rel="nofollow" href="https://www.academia.edu/Documents/in/Stocks">Stocks</a>, <script data-card-contents-for-ri="265570" type="text/json">{"id":265570,"name":"Stocks","url":"https://www.academia.edu/Documents/in/Stocks?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="804855" rel="nofollow" href="https://www.academia.edu/Documents/in/Price-earnings_Ratio">Price-earnings Ratio</a><script data-card-contents-for-ri="804855" type="text/json">{"id":804855,"name":"Price-earnings Ratio","url":"https://www.academia.edu/Documents/in/Price-earnings_Ratio?f_ri=817504","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=6809518]'), work: {"id":6809518,"title":"Determinants of Stock Prices: Empirical Evidence from NSE 100 Companies","created_at":"2014-04-19T23:29:57.042-07:00","url":"https://www.academia.edu/6809518/Determinants_of_Stock_Prices_Empirical_Evidence_from_NSE_100_Companies?f_ri=817504","dom_id":"work_6809518","summary":null,"downloadable_attachments":[{"id":33509528,"asset_id":6809518,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":11286474,"first_name":"Shashank","last_name":"Shashu","domain_name":"independent","page_name":"SShashu","display_name":"Shashank Shashu","profile_url":"https://independent.academia.edu/SShashu?f_ri=817504","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":47,"name":"Finance","url":"https://www.academia.edu/Documents/in/Finance?f_ri=817504","nofollow":true},{"id":3490,"name":"Accounting","url":"https://www.academia.edu/Documents/in/Accounting?f_ri=817504","nofollow":true},{"id":265570,"name":"Stocks","url":"https://www.academia.edu/Documents/in/Stocks?f_ri=817504","nofollow":true},{"id":804855,"name":"Price-earnings Ratio","url":"https://www.academia.edu/Documents/in/Price-earnings_Ratio?f_ri=817504","nofollow":true},{"id":817504,"name":"DIVIDEND","url":"https://www.academia.edu/Documents/in/DIVIDEND?f_ri=817504"},{"id":1180544,"name":"Earning Per Share","url":"https://www.academia.edu/Documents/in/Earning_Per_Share?f_ri=817504"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_12258294" data-work_id="12258294" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/12258294/Dividend_Policy_Irrelevance_and_Relevance">Dividend Policy: Irrelevance and Relevance</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">Dividend policy is a vital part of a corporate’s financing decision. This dividend-payout policy will determine the amount of earnings that can be retained in the firm as a source of financing (Horne & Wachowicz, 2008). Over the past 40... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_12258294" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">Dividend policy is a vital part of a corporate’s financing decision.  This dividend-payout policy will determine the amount of earnings that can be retained in the firm as a source of financing (Horne & Wachowicz, 2008).  Over the past 40 years, financial theorists have debated the extent to which dividend policy should and does matter to a firm’s market value and thus its shareholders.  One group of theorists believe that dividend policy is irrelevant to shareholders, through the company’s market value...</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/12258294" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="e3dc986b06e24a52e2b5e8aead795813" rel="nofollow" data-download="{"attachment_id":37555291,"asset_id":12258294,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/37555291/download_file?st=MTc0MDYyMzk2MSw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="17620926" href="https://uom.academia.edu/ShekynSaurty">Shekyn Saurty</a><script data-card-contents-for-user="17620926" type="text/json">{"id":17620926,"first_name":"Shekyn","last_name":"Saurty","domain_name":"uom","page_name":"ShekynSaurty","display_name":"Shekyn Saurty","profile_url":"https://uom.academia.edu/ShekynSaurty?f_ri=817504","photo":"https://0.academia-photos.com/17620926/4908525/12407470/s65_shekyn.saurty.jpg"}</script></span></span></li><li class="js-paper-rank-work_12258294 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="12258294"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 12258294, container: ".js-paper-rank-work_12258294", }); });</script></li><li class="js-percentile-work_12258294 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 12258294; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_12258294"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_12258294 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="12258294"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 12258294; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=12258294]").text(description); $(".js-view-count-work_12258294").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_12258294").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="12258294"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">11</a>  </div><span class="InlineList-item-text u-textTruncate u-pl10x"><a class="InlineList-item-text" data-has-card-for-ri="47" rel="nofollow" href="https://www.academia.edu/Documents/in/Finance">Finance</a>, <script data-card-contents-for-ri="47" type="text/json">{"id":47,"name":"Finance","url":"https://www.academia.edu/Documents/in/Finance?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="4770" rel="nofollow" href="https://www.academia.edu/Documents/in/Taxation">Taxation</a>, <script data-card-contents-for-ri="4770" type="text/json">{"id":4770,"name":"Taxation","url":"https://www.academia.edu/Documents/in/Taxation?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="7292" rel="nofollow" href="https://www.academia.edu/Documents/in/Corporate_Finance">Corporate Finance</a>, <script data-card-contents-for-ri="7292" type="text/json">{"id":7292,"name":"Corporate Finance","url":"https://www.academia.edu/Documents/in/Corporate_Finance?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="8646" rel="nofollow" href="https://www.academia.edu/Documents/in/Agency_Theory">Agency Theory</a><script data-card-contents-for-ri="8646" type="text/json">{"id":8646,"name":"Agency Theory","url":"https://www.academia.edu/Documents/in/Agency_Theory?f_ri=817504","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=12258294]'), work: {"id":12258294,"title":"Dividend Policy: Irrelevance and Relevance","created_at":"2015-05-06T03:00:55.978-07:00","url":"https://www.academia.edu/12258294/Dividend_Policy_Irrelevance_and_Relevance?f_ri=817504","dom_id":"work_12258294","summary":"Dividend policy is a vital part of a corporate’s financing decision. This dividend-payout policy will determine the amount of earnings that can be retained in the firm as a source of financing (Horne \u0026 Wachowicz, 2008). Over the past 40 years, financial theorists have debated the extent to which dividend policy should and does matter to a firm’s market value and thus its shareholders. One group of theorists believe that dividend policy is irrelevant to shareholders, through the company’s market value...","downloadable_attachments":[{"id":37555291,"asset_id":12258294,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":17620926,"first_name":"Shekyn","last_name":"Saurty","domain_name":"uom","page_name":"ShekynSaurty","display_name":"Shekyn Saurty","profile_url":"https://uom.academia.edu/ShekynSaurty?f_ri=817504","photo":"https://0.academia-photos.com/17620926/4908525/12407470/s65_shekyn.saurty.jpg"}],"research_interests":[{"id":47,"name":"Finance","url":"https://www.academia.edu/Documents/in/Finance?f_ri=817504","nofollow":true},{"id":4770,"name":"Taxation","url":"https://www.academia.edu/Documents/in/Taxation?f_ri=817504","nofollow":true},{"id":7292,"name":"Corporate Finance","url":"https://www.academia.edu/Documents/in/Corporate_Finance?f_ri=817504","nofollow":true},{"id":8646,"name":"Agency Theory","url":"https://www.academia.edu/Documents/in/Agency_Theory?f_ri=817504","nofollow":true},{"id":124271,"name":"DETERMINANTS OF DIVIDEND POLICY IN PUBLIC QUOTED COMPANIES","url":"https://www.academia.edu/Documents/in/DETERMINANTS_OF_DIVIDEND_POLICY_IN_PUBLIC_QUOTED_COMPANIES?f_ri=817504"},{"id":160116,"name":"Cost of Capital","url":"https://www.academia.edu/Documents/in/Cost_of_Capital?f_ri=817504"},{"id":160749,"name":"Dividend Policies","url":"https://www.academia.edu/Documents/in/Dividend_Policies?f_ri=817504"},{"id":401388,"name":"Dividends","url":"https://www.academia.edu/Documents/in/Dividends?f_ri=817504"},{"id":701330,"name":"Dividend policy","url":"https://www.academia.edu/Documents/in/Dividend_policy?f_ri=817504"},{"id":817504,"name":"DIVIDEND","url":"https://www.academia.edu/Documents/in/DIVIDEND?f_ri=817504"},{"id":955872,"name":"Ford Motor Company","url":"https://www.academia.edu/Documents/in/Ford_Motor_Company?f_ri=817504"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_18227680" data-work_id="18227680" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/18227680/PERBANDINGAN_TINGKAT_KEUNTUNGAN_HARIAN_TINGKAT_KEUNTUNGAN_YANG_DIHARAPKAN_VARIABILITAS_TINGKAT_KEUNTUNGAN_DAN_AKTIVITAS_VOLUME_PERDAGANGAN_SAHAM_YANG_TERDAFTAR_DI_INDEKS_LQ45_ANTARA_SEBELUM_DENGAN_SESUDAH_CUM_DIVIDEND_DATE">PERBANDINGAN TINGKAT KEUNTUNGAN HARIAN, TINGKAT KEUNTUNGAN YANG DIHARAPKAN, VARIABILITAS TINGKAT KEUNTUNGAN, DAN AKTIVITAS VOLUME PERDAGANGAN SAHAM YANG TERDAFTAR DI INDEKS LQ45 ANTARA SEBELUM DENGAN SESUDAH CUM DIVIDEND DATE</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">Pembayaran dividen dilihat dari kacamata perusahaan tergolong sebagai tindakan atau aksi korporasi yang paling ditunggu-tunggu oleh investor. Terutama pada saham-saham yang tergabung dalam indeks LQ45. Pembagian dividen ini dapat mengubah... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_18227680" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">Pembayaran dividen dilihat dari kacamata perusahaan tergolong sebagai tindakan atau aksi korporasi yang paling ditunggu-tunggu oleh investor. Terutama pada saham-saham yang tergabung dalam indeks LQ45. Pembagian dividen ini dapat mengubah persepsi investor terhadap harga saham di bursa. Pengujian kandungan informasi dalam penelitian ini dimaksudkan untuk mengetahui reaksi pasar terhadap cum date dividen. Reaksi pasar ditunjukkan dengan adanya perubahan tingkat keuntungan dan volume perdagangan saham. Tujuan penelitian ini adalah untuk mengetahui ada tidaknya perbedaan tingkat keuntungan dan volume perdagangan saham yang terdaftar di indeks LQ45 sebelum dengan setelah cum date pembagian dividen. Pengujian perbedaan tingkat keuntungan dan volume perdagangan saham dilakukan dengan menggunakan uji t berpasangan. Uji t dilakukan pada 4 variabel, yaitu tingkat keuntungan harian, tingkat keuntungan yang diharapkan, variabilitas tingkat keuntungan, dan aktivitas volume perdagangan saham selama 20 hari sebelum dengan 20 hari setelah cum date dividen. Hasil uji menunjukkan bahwa tingkat keuntungan harian, variabilitas tingkat keuntungan, dan aktivitas volume perdagangan saham mengalami perbedaan signifikan dengan t hitung berturut-turut sebesar 0,034; 0,003; dan 0,034. Ketiga t hitung tersebut lebih rendah daripada tingkat signifikansi yang telah ditentukan sebelumnya, yaitu 0,05. Sedangkan tingkat keuntungan yang diharapkan tidak mengalami perbedaan yang signifikan. Hal ini ditunjukkan dengan t hitung sebesar 0,371; lebih tinggi daripada tingkat signifikansi yang telah ditentukan sebelumnya (0,05) Dengan demikian, dapat disimpulkan peristiwa cum date dividen memiliki kandungan informasi yang dapat mempengaruhi keputusan investor dalam berinvestasi.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/18227680" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="9fdcf31232c194bbfb653ebb4d598660" rel="nofollow" data-download="{"attachment_id":39944387,"asset_id":18227680,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/39944387/download_file?st=MTc0MDYyMzk2MSw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="23949771" href="https://independent.academia.edu/SagungSakti">Sagung Sakti</a><script data-card-contents-for-user="23949771" type="text/json">{"id":23949771,"first_name":"Sagung","last_name":"Sakti","domain_name":"independent","page_name":"SagungSakti","display_name":"Sagung Sakti","profile_url":"https://independent.academia.edu/SagungSakti?f_ri=817504","photo":"https://0.academia-photos.com/23949771/6463305/7310028/s65_sagung.sakti.jpg_oh_930400ca5ff2f0becb9967723c9cf8dc_oe_55031ff1___gda___1425902989_5c041d66a8b14ddb49e27c3ffc2c88d4"}</script></span></span></li><li class="js-paper-rank-work_18227680 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="18227680"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 18227680, container: ".js-paper-rank-work_18227680", }); });</script></li><li class="js-percentile-work_18227680 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 18227680; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_18227680"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_18227680 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="18227680"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 18227680; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=18227680]").text(description); $(".js-view-count-work_18227680").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_18227680").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="18227680"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">3</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="6910" rel="nofollow" href="https://www.academia.edu/Documents/in/Capital_Markets">Capital Markets</a>, <script data-card-contents-for-ri="6910" type="text/json">{"id":6910,"name":"Capital Markets","url":"https://www.academia.edu/Documents/in/Capital_Markets?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="29156" rel="nofollow" href="https://www.academia.edu/Documents/in/Stock_Market">Stock Market</a>, <script data-card-contents-for-ri="29156" type="text/json">{"id":29156,"name":"Stock Market","url":"https://www.academia.edu/Documents/in/Stock_Market?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="817504" rel="nofollow" href="https://www.academia.edu/Documents/in/DIVIDEND">DIVIDEND</a><script data-card-contents-for-ri="817504" type="text/json">{"id":817504,"name":"DIVIDEND","url":"https://www.academia.edu/Documents/in/DIVIDEND?f_ri=817504","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=18227680]'), work: {"id":18227680,"title":"PERBANDINGAN TINGKAT KEUNTUNGAN HARIAN, TINGKAT KEUNTUNGAN YANG DIHARAPKAN, VARIABILITAS TINGKAT KEUNTUNGAN, DAN AKTIVITAS VOLUME PERDAGANGAN SAHAM YANG TERDAFTAR DI INDEKS LQ45 ANTARA SEBELUM DENGAN SESUDAH CUM DIVIDEND DATE","created_at":"2015-11-12T13:24:37.059-08:00","url":"https://www.academia.edu/18227680/PERBANDINGAN_TINGKAT_KEUNTUNGAN_HARIAN_TINGKAT_KEUNTUNGAN_YANG_DIHARAPKAN_VARIABILITAS_TINGKAT_KEUNTUNGAN_DAN_AKTIVITAS_VOLUME_PERDAGANGAN_SAHAM_YANG_TERDAFTAR_DI_INDEKS_LQ45_ANTARA_SEBELUM_DENGAN_SESUDAH_CUM_DIVIDEND_DATE?f_ri=817504","dom_id":"work_18227680","summary":"Pembayaran dividen dilihat dari kacamata perusahaan tergolong sebagai tindakan atau aksi korporasi yang paling ditunggu-tunggu oleh investor. Terutama pada saham-saham yang tergabung dalam indeks LQ45. Pembagian dividen ini dapat mengubah persepsi investor terhadap harga saham di bursa. Pengujian kandungan informasi dalam penelitian ini dimaksudkan untuk mengetahui reaksi pasar terhadap cum date dividen. Reaksi pasar ditunjukkan dengan adanya perubahan tingkat keuntungan dan volume perdagangan saham. Tujuan penelitian ini adalah untuk mengetahui ada tidaknya perbedaan tingkat keuntungan dan volume perdagangan saham yang terdaftar di indeks LQ45 sebelum dengan setelah cum date pembagian dividen. Pengujian perbedaan tingkat keuntungan dan volume perdagangan saham dilakukan dengan menggunakan uji t berpasangan. Uji t dilakukan pada 4 variabel, yaitu tingkat keuntungan harian, tingkat keuntungan yang diharapkan, variabilitas tingkat keuntungan, dan aktivitas volume perdagangan saham selama 20 hari sebelum dengan 20 hari setelah cum date dividen. Hasil uji menunjukkan bahwa tingkat keuntungan harian, variabilitas tingkat keuntungan, dan aktivitas volume perdagangan saham mengalami perbedaan signifikan dengan t hitung berturut-turut sebesar 0,034; 0,003; dan 0,034. Ketiga t hitung tersebut lebih rendah daripada tingkat signifikansi yang telah ditentukan sebelumnya, yaitu 0,05. Sedangkan tingkat keuntungan yang diharapkan tidak mengalami perbedaan yang signifikan. Hal ini ditunjukkan dengan t hitung sebesar 0,371; lebih tinggi daripada tingkat signifikansi yang telah ditentukan sebelumnya (0,05) Dengan demikian, dapat disimpulkan peristiwa cum date dividen memiliki kandungan informasi yang dapat mempengaruhi keputusan investor dalam berinvestasi. ","downloadable_attachments":[{"id":39944387,"asset_id":18227680,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":23949771,"first_name":"Sagung","last_name":"Sakti","domain_name":"independent","page_name":"SagungSakti","display_name":"Sagung Sakti","profile_url":"https://independent.academia.edu/SagungSakti?f_ri=817504","photo":"https://0.academia-photos.com/23949771/6463305/7310028/s65_sagung.sakti.jpg_oh_930400ca5ff2f0becb9967723c9cf8dc_oe_55031ff1___gda___1425902989_5c041d66a8b14ddb49e27c3ffc2c88d4"}],"research_interests":[{"id":6910,"name":"Capital Markets","url":"https://www.academia.edu/Documents/in/Capital_Markets?f_ri=817504","nofollow":true},{"id":29156,"name":"Stock Market","url":"https://www.academia.edu/Documents/in/Stock_Market?f_ri=817504","nofollow":true},{"id":817504,"name":"DIVIDEND","url":"https://www.academia.edu/Documents/in/DIVIDEND?f_ri=817504","nofollow":true}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_1534505" data-work_id="1534505" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/1534505/Making_Money_Together_Ojijo_s_Investment_Clubs_Manual">Making Money Together: Ojijo’s Investment Clubs Manual</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">This is an essential reference for all investment clubs - both new and established - to ensure that they are run correctly and efficiently. A successful investment club needs to run smoothly with a great amount of reliability and... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_1534505" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">This is an essential reference for all investment clubs - both new and established - to ensure that they are run correctly and efficiently. A successful investment club needs to run smoothly with a great amount of reliability and confidence among its members. When all members of the club expect and meet the same requirements, everyone works together in a way that induces success and profitability. Ojijo’s Investment Clubs Manual is the investment clubs’ bible and tells me everything I need to know about joining, starting or running a successful investments club. The vast majority of investments clubs in Africa and beyond swear by this guide.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/1534505" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="7854c6e720d0fd4d353581e5ef58adeb" rel="nofollow" data-download="{"attachment_id":37615722,"asset_id":1534505,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/37615722/download_file?st=MTc0MDYyMzk2MSw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="1645445" href="https://independent.academia.edu/OjijoPascal">Ogilo O.</a><script data-card-contents-for-user="1645445" type="text/json">{"id":1645445,"first_name":"Ogilo","last_name":"O.","domain_name":"independent","page_name":"OjijoPascal","display_name":"Ogilo O.","profile_url":"https://independent.academia.edu/OjijoPascal?f_ri=817504","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_1534505 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="1534505"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 1534505, container: ".js-paper-rank-work_1534505", }); });</script></li><li class="js-percentile-work_1534505 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 1534505; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_1534505"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_1534505 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="1534505"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 1534505; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=1534505]").text(description); $(".js-view-count-work_1534505").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_1534505").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="1534505"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">10</a>  </div><span class="InlineList-item-text u-textTruncate u-pl10x"><a class="InlineList-item-text" data-has-card-for-ri="26" rel="nofollow" href="https://www.academia.edu/Documents/in/Business">Business</a>, <script data-card-contents-for-ri="26" type="text/json">{"id":26,"name":"Business","url":"https://www.academia.edu/Documents/in/Business?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="28583" rel="nofollow" href="https://www.academia.edu/Documents/in/Money">Money</a>, <script data-card-contents-for-ri="28583" type="text/json">{"id":28583,"name":"Money","url":"https://www.academia.edu/Documents/in/Money?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="78434" rel="nofollow" href="https://www.academia.edu/Documents/in/Investment">Investment</a>, <script data-card-contents-for-ri="78434" type="text/json">{"id":78434,"name":"Investment","url":"https://www.academia.edu/Documents/in/Investment?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="145134" rel="nofollow" href="https://www.academia.edu/Documents/in/Principles">Principles</a><script data-card-contents-for-ri="145134" type="text/json">{"id":145134,"name":"Principles","url":"https://www.academia.edu/Documents/in/Principles?f_ri=817504","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=1534505]'), work: {"id":1534505,"title":"Making Money Together: Ojijo’s Investment Clubs Manual","created_at":"2012-05-03T18:16:51.337-07:00","url":"https://www.academia.edu/1534505/Making_Money_Together_Ojijo_s_Investment_Clubs_Manual?f_ri=817504","dom_id":"work_1534505","summary":"This is an essential reference for all investment clubs - both new and established - to ensure that they are run correctly and efficiently. A successful investment club needs to run smoothly with a great amount of reliability and confidence among its members. When all members of the club expect and meet the same requirements, everyone works together in a way that induces success and profitability. Ojijo’s Investment Clubs Manual is the investment clubs’ bible and tells me everything I need to know about joining, starting or running a successful investments club. The vast majority of investments clubs in Africa and beyond swear by this guide. ","downloadable_attachments":[{"id":37615722,"asset_id":1534505,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":1645445,"first_name":"Ogilo","last_name":"O.","domain_name":"independent","page_name":"OjijoPascal","display_name":"Ogilo O.","profile_url":"https://independent.academia.edu/OjijoPascal?f_ri=817504","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":26,"name":"Business","url":"https://www.academia.edu/Documents/in/Business?f_ri=817504","nofollow":true},{"id":28583,"name":"Money","url":"https://www.academia.edu/Documents/in/Money?f_ri=817504","nofollow":true},{"id":78434,"name":"Investment","url":"https://www.academia.edu/Documents/in/Investment?f_ri=817504","nofollow":true},{"id":145134,"name":"Principles","url":"https://www.academia.edu/Documents/in/Principles?f_ri=817504","nofollow":true},{"id":165689,"name":"Profit","url":"https://www.academia.edu/Documents/in/Profit?f_ri=817504"},{"id":172986,"name":"Cooperative","url":"https://www.academia.edu/Documents/in/Cooperative?f_ri=817504"},{"id":217753,"name":"Club","url":"https://www.academia.edu/Documents/in/Club?f_ri=817504"},{"id":376394,"name":"Liability","url":"https://www.academia.edu/Documents/in/Liability?f_ri=817504"},{"id":487159,"name":"Group","url":"https://www.academia.edu/Documents/in/Group?f_ri=817504"},{"id":817504,"name":"DIVIDEND","url":"https://www.academia.edu/Documents/in/DIVIDEND?f_ri=817504"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_42636556" data-work_id="42636556" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/42636556/A_Critical_Review_of_Dividend_Theories">A Critical Review of Dividend Theories</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">Modiglian and Millers" thinking on dividend policy revolutionizes the evolutionary dividend puzzle and builds upon what scholars inaugurated about six centuries ago when first joint-stock companies' dividend earnings history was all about... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_42636556" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">Modiglian and Millers" thinking on dividend policy revolutionizes the evolutionary dividend puzzle and builds upon what scholars inaugurated about six centuries ago when first joint-stock companies' dividend earnings history was all about sharing proceeds from voyages where parts were bought or sold by Captains in the open market. Later in the 16 th-century, shares were invented and traded in denominations by various captains. Many scholars have since packaged the dividend argument into various theories of dividend. However, indecisiveness is witnessed on whether to eat the "seed" or secure dividends from retained earnings and the impact this has on the value of the firm. The puzzle continues to be a conundrum to many researchers of modern times. This paper tries to underscore dividend theories analytically and zeroes in elaborately on Modigliani-Miller and Lintners" bird at hand theories from which all other theories of dividend draw.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/42636556" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="f336bc1cdeb3882989a9444c92e5ff9c" rel="nofollow" data-download="{"attachment_id":62842344,"asset_id":42636556,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/62842344/download_file?st=MTc0MDYyMzk2MSw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="55791278" href="https://independent.academia.edu/AmericanJournal">American Journal</a><script data-card-contents-for-user="55791278" type="text/json">{"id":55791278,"first_name":"American","last_name":"Journal","domain_name":"independent","page_name":"AmericanJournal","display_name":"American Journal","profile_url":"https://independent.academia.edu/AmericanJournal?f_ri=817504","photo":"https://0.academia-photos.com/55791278/14697473/15524881/s65_american.journal.jpg"}</script></span></span></li><li class="js-paper-rank-work_42636556 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="42636556"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 42636556, container: ".js-paper-rank-work_42636556", }); });</script></li><li class="js-percentile-work_42636556 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 42636556; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_42636556"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_42636556 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="42636556"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 42636556; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=42636556]").text(description); $(".js-view-count-work_42636556").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_42636556").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="42636556"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">4</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="260845" rel="nofollow" href="https://www.academia.edu/Documents/in/Shares">Shares</a>, <script data-card-contents-for-ri="260845" type="text/json">{"id":260845,"name":"Shares","url":"https://www.academia.edu/Documents/in/Shares?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="304918" rel="nofollow" href="https://www.academia.edu/Documents/in/Earnings">Earnings</a>, <script data-card-contents-for-ri="304918" type="text/json">{"id":304918,"name":"Earnings","url":"https://www.academia.edu/Documents/in/Earnings?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="817504" rel="nofollow" href="https://www.academia.edu/Documents/in/DIVIDEND">DIVIDEND</a>, <script data-card-contents-for-ri="817504" type="text/json">{"id":817504,"name":"DIVIDEND","url":"https://www.academia.edu/Documents/in/DIVIDEND?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="3611944" rel="nofollow" href="https://www.academia.edu/Documents/in/value_of_the_firm">value of the firm</a><script data-card-contents-for-ri="3611944" type="text/json">{"id":3611944,"name":"value of the firm","url":"https://www.academia.edu/Documents/in/value_of_the_firm?f_ri=817504","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=42636556]'), work: {"id":42636556,"title":"A Critical Review of Dividend Theories","created_at":"2020-04-06T00:28:08.850-07:00","url":"https://www.academia.edu/42636556/A_Critical_Review_of_Dividend_Theories?f_ri=817504","dom_id":"work_42636556","summary":"Modiglian and Millers\" thinking on dividend policy revolutionizes the evolutionary dividend puzzle and builds upon what scholars inaugurated about six centuries ago when first joint-stock companies' dividend earnings history was all about sharing proceeds from voyages where parts were bought or sold by Captains in the open market. Later in the 16 th-century, shares were invented and traded in denominations by various captains. Many scholars have since packaged the dividend argument into various theories of dividend. However, indecisiveness is witnessed on whether to eat the \"seed\" or secure dividends from retained earnings and the impact this has on the value of the firm. The puzzle continues to be a conundrum to many researchers of modern times. This paper tries to underscore dividend theories analytically and zeroes in elaborately on Modigliani-Miller and Lintners\" bird at hand theories from which all other theories of dividend draw.","downloadable_attachments":[{"id":62842344,"asset_id":42636556,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":55791278,"first_name":"American","last_name":"Journal","domain_name":"independent","page_name":"AmericanJournal","display_name":"American Journal","profile_url":"https://independent.academia.edu/AmericanJournal?f_ri=817504","photo":"https://0.academia-photos.com/55791278/14697473/15524881/s65_american.journal.jpg"}],"research_interests":[{"id":260845,"name":"Shares","url":"https://www.academia.edu/Documents/in/Shares?f_ri=817504","nofollow":true},{"id":304918,"name":"Earnings","url":"https://www.academia.edu/Documents/in/Earnings?f_ri=817504","nofollow":true},{"id":817504,"name":"DIVIDEND","url":"https://www.academia.edu/Documents/in/DIVIDEND?f_ri=817504","nofollow":true},{"id":3611944,"name":"value of the firm","url":"https://www.academia.edu/Documents/in/value_of_the_firm?f_ri=817504","nofollow":true}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_27480644" data-work_id="27480644" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/27480644/Malaysia_economic_monitor_boosting_trade_competitiveness">Malaysia economic monitor : boosting trade competitiveness</a></div></div><div class="u-pb4x u-mt3x"></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/27480644" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="2cfd00be025e10de57e13d4439595b2f" rel="nofollow" data-download="{"attachment_id":47737084,"asset_id":27480644,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/47737084/download_file?st=MTc0MDYyMzk2MSw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="51625997" href="https://independent.academia.edu/CHollweg">Claire Hollweg</a><script data-card-contents-for-user="51625997" type="text/json">{"id":51625997,"first_name":"Claire","last_name":"Hollweg","domain_name":"independent","page_name":"CHollweg","display_name":"Claire Hollweg","profile_url":"https://independent.academia.edu/CHollweg?f_ri=817504","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_27480644 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="27480644"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 27480644, container: ".js-paper-rank-work_27480644", }); });</script></li><li class="js-percentile-work_27480644 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 27480644; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_27480644"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_27480644 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="27480644"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 27480644; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=27480644]").text(description); $(".js-view-count-work_27480644").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_27480644").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="27480644"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">54</a>  </div><span class="InlineList-item-text u-textTruncate u-pl10x"><a class="InlineList-item-text" data-has-card-for-ri="41" rel="nofollow" href="https://www.academia.edu/Documents/in/Real_Estate">Real Estate</a>, <script data-card-contents-for-ri="41" type="text/json">{"id":41,"name":"Real Estate","url":"https://www.academia.edu/Documents/in/Real_Estate?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="491" rel="nofollow" href="https://www.academia.edu/Documents/in/Information_Technology">Information Technology</a>, <script data-card-contents-for-ri="491" type="text/json">{"id":491,"name":"Information Technology","url":"https://www.academia.edu/Documents/in/Information_Technology?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="727" rel="nofollow" href="https://www.academia.edu/Documents/in/Development_Economics">Development Economics</a>, <script data-card-contents-for-ri="727" type="text/json">{"id":727,"name":"Development Economics","url":"https://www.academia.edu/Documents/in/Development_Economics?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="967" rel="nofollow" href="https://www.academia.edu/Documents/in/Intellectual_Property">Intellectual Property</a><script data-card-contents-for-ri="967" type="text/json">{"id":967,"name":"Intellectual Property","url":"https://www.academia.edu/Documents/in/Intellectual_Property?f_ri=817504","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=27480644]'), work: {"id":27480644,"title":"Malaysia economic monitor : boosting trade competitiveness","created_at":"2016-08-02T14:19:06.448-07:00","url":"https://www.academia.edu/27480644/Malaysia_economic_monitor_boosting_trade_competitiveness?f_ri=817504","dom_id":"work_27480644","summary":null,"downloadable_attachments":[{"id":47737084,"asset_id":27480644,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":51625997,"first_name":"Claire","last_name":"Hollweg","domain_name":"independent","page_name":"CHollweg","display_name":"Claire Hollweg","profile_url":"https://independent.academia.edu/CHollweg?f_ri=817504","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":41,"name":"Real Estate","url":"https://www.academia.edu/Documents/in/Real_Estate?f_ri=817504","nofollow":true},{"id":491,"name":"Information Technology","url":"https://www.academia.edu/Documents/in/Information_Technology?f_ri=817504","nofollow":true},{"id":727,"name":"Development Economics","url":"https://www.academia.edu/Documents/in/Development_Economics?f_ri=817504","nofollow":true},{"id":967,"name":"Intellectual Property","url":"https://www.academia.edu/Documents/in/Intellectual_Property?f_ri=817504","nofollow":true},{"id":2961,"name":"Property Rights","url":"https://www.academia.edu/Documents/in/Property_Rights?f_ri=817504"},{"id":3180,"name":"International Trade","url":"https://www.academia.edu/Documents/in/International_Trade?f_ri=817504"},{"id":5405,"name":"Emerging Economies","url":"https://www.academia.edu/Documents/in/Emerging_Economies?f_ri=817504"},{"id":6910,"name":"Capital Markets","url":"https://www.academia.edu/Documents/in/Capital_Markets?f_ri=817504"},{"id":8759,"name":"Foreign Direct Investment","url":"https://www.academia.edu/Documents/in/Foreign_Direct_Investment?f_ri=817504"},{"id":9815,"name":"Developing Countries","url":"https://www.academia.edu/Documents/in/Developing_Countries?f_ri=817504"},{"id":12061,"name":"Risk Management","url":"https://www.academia.edu/Documents/in/Risk_Management?f_ri=817504"},{"id":21200,"name":"Current accounts","url":"https://www.academia.edu/Documents/in/Current_accounts?f_ri=817504"},{"id":32213,"name":"Emerging Markets","url":"https://www.academia.edu/Documents/in/Emerging_Markets?f_ri=817504"},{"id":39038,"name":"Free Trade","url":"https://www.academia.edu/Documents/in/Free_Trade?f_ri=817504"},{"id":43739,"name":"Volatility","url":"https://www.academia.edu/Documents/in/Volatility?f_ri=817504"},{"id":48971,"name":"Monetary Policy","url":"https://www.academia.edu/Documents/in/Monetary_Policy?f_ri=817504"},{"id":55190,"name":"Communication Technology","url":"https://www.academia.edu/Documents/in/Communication_Technology?f_ri=817504"},{"id":55695,"name":"Consumer Goods","url":"https://www.academia.edu/Documents/in/Consumer_Goods?f_ri=817504"},{"id":61603,"name":"Uncertainty","url":"https://www.academia.edu/Documents/in/Uncertainty?f_ri=817504"},{"id":62944,"name":"Emerging Market","url":"https://www.academia.edu/Documents/in/Emerging_Market?f_ri=817504"},{"id":63632,"name":"Import","url":"https://www.academia.edu/Documents/in/Import?f_ri=817504"},{"id":70854,"name":"Developing Country","url":"https://www.academia.edu/Documents/in/Developing_Country?f_ri=817504"},{"id":81942,"name":"Settlement","url":"https://www.academia.edu/Documents/in/Settlement?f_ri=817504"},{"id":94661,"name":"Financial Services","url":"https://www.academia.edu/Documents/in/Financial_Services?f_ri=817504"},{"id":111757,"name":"Futures","url":"https://www.academia.edu/Documents/in/Futures?f_ri=817504"},{"id":113317,"name":"Inflation","url":"https://www.academia.edu/Documents/in/Inflation?f_ri=817504"},{"id":159450,"name":"Comparative Advantage","url":"https://www.academia.edu/Documents/in/Comparative_Advantage?f_ri=817504"},{"id":167116,"name":"Leverage","url":"https://www.academia.edu/Documents/in/Leverage?f_ri=817504"},{"id":186306,"name":"Interest Rates","url":"https://www.academia.edu/Documents/in/Interest_Rates?f_ri=817504"},{"id":222437,"name":"Exposure","url":"https://www.academia.edu/Documents/in/Exposure?f_ri=817504"},{"id":235753,"name":"Debt","url":"https://www.academia.edu/Documents/in/Debt?f_ri=817504"},{"id":243464,"name":"Developing Economies","url":"https://www.academia.edu/Documents/in/Developing_Economies?f_ri=817504"},{"id":270673,"name":"Financial Market","url":"https://www.academia.edu/Documents/in/Financial_Market?f_ri=817504"},{"id":294066,"name":"GDP","url":"https://www.academia.edu/Documents/in/GDP?f_ri=817504"},{"id":321994,"name":"Benchmark","url":"https://www.academia.edu/Documents/in/Benchmark?f_ri=817504"},{"id":345869,"name":"real GDP","url":"https://www.academia.edu/Documents/in/real_GDP?f_ri=817504"},{"id":361468,"name":"Capital Adequacy Ratio","url":"https://www.academia.edu/Documents/in/Capital_Adequacy_Ratio?f_ri=817504"},{"id":368126,"name":"Income Tax","url":"https://www.academia.edu/Documents/in/Income_Tax?f_ri=817504"},{"id":398270,"name":"Current Account Deficit","url":"https://www.academia.edu/Documents/in/Current_Account_Deficit?f_ri=817504"},{"id":427024,"name":"Global trade","url":"https://www.academia.edu/Documents/in/Global_trade?f_ri=817504"},{"id":466041,"name":"Market Share","url":"https://www.academia.edu/Documents/in/Market_Share?f_ri=817504"},{"id":578704,"name":"Liberalization","url":"https://www.academia.edu/Documents/in/Liberalization?f_ri=817504"},{"id":594515,"name":"Value added","url":"https://www.academia.edu/Documents/in/Value_added?f_ri=817504"},{"id":630742,"name":"Working Capital","url":"https://www.academia.edu/Documents/in/Working_Capital?f_ri=817504"},{"id":718212,"name":"Capital Goods","url":"https://www.academia.edu/Documents/in/Capital_Goods?f_ri=817504"},{"id":806294,"name":"Economic Developments","url":"https://www.academia.edu/Documents/in/Economic_Developments?f_ri=817504"},{"id":817504,"name":"DIVIDEND","url":"https://www.academia.edu/Documents/in/DIVIDEND?f_ri=817504"},{"id":840673,"name":"Productivity Growth","url":"https://www.academia.edu/Documents/in/Productivity_Growth?f_ri=817504"},{"id":843705,"name":"Gross Domestic Product (GDP)","url":"https://www.academia.edu/Documents/in/Gross_Domestic_Product_GDP_?f_ri=817504"},{"id":864845,"name":"MULTINATIONAL CORPORATION","url":"https://www.academia.edu/Documents/in/MULTINATIONAL_CORPORATION?f_ri=817504"},{"id":896356,"name":"Commodity","url":"https://www.academia.edu/Documents/in/Commodity?f_ri=817504"},{"id":1009016,"name":"Current Account Balance","url":"https://www.academia.edu/Documents/in/Current_Account_Balance?f_ri=817504"},{"id":1028340,"name":"Incomes","url":"https://www.academia.edu/Documents/in/Incomes?f_ri=817504"},{"id":1722795,"name":"Portfolio Investment","url":"https://www.academia.edu/Documents/in/Portfolio_Investment?f_ri=817504"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_56440676" data-work_id="56440676" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/56440676/Vietnam_Report_on_the_Observance_of_Standards_and_Codes_ROSC_corporate_governance_country_assessment">Vietnam - Report on the Observance of Standards and Codes (ROSC) : corporate governance country assessment</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest">Findings of this ROSC are based on the Detailed Country Assessment (DCA), which is presented as a separate annex. By the end of June 2013, 81 reports have been completed in 59 countries.</div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/56440676" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="9289a1627f54a7f9a5284349247aa8ec" rel="nofollow" data-download="{"attachment_id":71826519,"asset_id":56440676,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/71826519/download_file?st=MTc0MDYyMzk2MSw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="180694002" href="https://independent.academia.edu/RobinettDavid">David Robinett</a><script data-card-contents-for-user="180694002" type="text/json">{"id":180694002,"first_name":"David","last_name":"Robinett","domain_name":"independent","page_name":"RobinettDavid","display_name":"David Robinett","profile_url":"https://independent.academia.edu/RobinettDavid?f_ri=817504","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_56440676 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="56440676"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 56440676, container: ".js-paper-rank-work_56440676", }); });</script></li><li class="js-percentile-work_56440676 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 56440676; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_56440676"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_56440676 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="56440676"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 56440676; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=56440676]").text(description); $(".js-view-count-work_56440676").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_56440676").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="56440676"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">20</a>  </div><span class="InlineList-item-text u-textTruncate u-pl10x"><a class="InlineList-item-text" data-has-card-for-ri="2556" rel="nofollow" href="https://www.academia.edu/Documents/in/Dispute_Resolution">Dispute Resolution</a>, <script data-card-contents-for-ri="2556" type="text/json">{"id":2556,"name":"Dispute Resolution","url":"https://www.academia.edu/Documents/in/Dispute_Resolution?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="4167" rel="nofollow" href="https://www.academia.edu/Documents/in/Corporate_Governance">Corporate Governance</a>, <script data-card-contents-for-ri="4167" type="text/json">{"id":4167,"name":"Corporate Governance","url":"https://www.academia.edu/Documents/in/Corporate_Governance?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="5405" rel="nofollow" href="https://www.academia.edu/Documents/in/Emerging_Economies">Emerging Economies</a>, <script data-card-contents-for-ri="5405" type="text/json">{"id":5405,"name":"Emerging Economies","url":"https://www.academia.edu/Documents/in/Emerging_Economies?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="11395" rel="nofollow" href="https://www.academia.edu/Documents/in/Economic_Development">Economic Development</a><script data-card-contents-for-ri="11395" type="text/json">{"id":11395,"name":"Economic Development","url":"https://www.academia.edu/Documents/in/Economic_Development?f_ri=817504","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=56440676]'), work: {"id":56440676,"title":"Vietnam - Report on the Observance of Standards and Codes (ROSC) : corporate governance country assessment","created_at":"2021-10-07T21:50:11.153-07:00","url":"https://www.academia.edu/56440676/Vietnam_Report_on_the_Observance_of_Standards_and_Codes_ROSC_corporate_governance_country_assessment?f_ri=817504","dom_id":"work_56440676","summary":"Findings of this ROSC are based on the Detailed Country Assessment (DCA), which is presented as a separate annex. By the end of June 2013, 81 reports have been completed in 59 countries.","downloadable_attachments":[{"id":71826519,"asset_id":56440676,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":180694002,"first_name":"David","last_name":"Robinett","domain_name":"independent","page_name":"RobinettDavid","display_name":"David Robinett","profile_url":"https://independent.academia.edu/RobinettDavid?f_ri=817504","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":2556,"name":"Dispute Resolution","url":"https://www.academia.edu/Documents/in/Dispute_Resolution?f_ri=817504","nofollow":true},{"id":4167,"name":"Corporate Governance","url":"https://www.academia.edu/Documents/in/Corporate_Governance?f_ri=817504","nofollow":true},{"id":5405,"name":"Emerging Economies","url":"https://www.academia.edu/Documents/in/Emerging_Economies?f_ri=817504","nofollow":true},{"id":11395,"name":"Economic Development","url":"https://www.academia.edu/Documents/in/Economic_Development?f_ri=817504","nofollow":true},{"id":16938,"name":"Audit Committees","url":"https://www.academia.edu/Documents/in/Audit_Committees?f_ri=817504"},{"id":36010,"name":"Auditor independence","url":"https://www.academia.edu/Documents/in/Auditor_independence?f_ri=817504"},{"id":62944,"name":"Emerging Market","url":"https://www.academia.edu/Documents/in/Emerging_Market?f_ri=817504"},{"id":107490,"name":"Common Law","url":"https://www.academia.edu/Documents/in/Common_Law?f_ri=817504"},{"id":160116,"name":"Cost of Capital","url":"https://www.academia.edu/Documents/in/Cost_of_Capital?f_ri=817504"},{"id":235753,"name":"Debt","url":"https://www.academia.edu/Documents/in/Debt?f_ri=817504"},{"id":289816,"name":"Civil liability","url":"https://www.academia.edu/Documents/in/Civil_liability?f_ri=817504"},{"id":401388,"name":"Dividends","url":"https://www.academia.edu/Documents/in/Dividends?f_ri=817504"},{"id":480926,"name":"Capital Expenditures","url":"https://www.academia.edu/Documents/in/Capital_Expenditures?f_ri=817504"},{"id":800968,"name":"Audit committee","url":"https://www.academia.edu/Documents/in/Audit_committee?f_ri=817504"},{"id":817504,"name":"DIVIDEND","url":"https://www.academia.edu/Documents/in/DIVIDEND?f_ri=817504"},{"id":921017,"name":"Corporation","url":"https://www.academia.edu/Documents/in/Corporation?f_ri=817504"},{"id":1240789,"name":"Capital Market","url":"https://www.academia.edu/Documents/in/Capital_Market?f_ri=817504"},{"id":1903131,"name":"Capital Requirements","url":"https://www.academia.edu/Documents/in/Capital_Requirements?f_ri=817504"},{"id":2673479,"name":"Advanced economies","url":"https://www.academia.edu/Documents/in/Advanced_economies?f_ri=817504"},{"id":3120308,"name":"Dissemination of Information","url":"https://www.academia.edu/Documents/in/Dissemination_of_Information?f_ri=817504"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_30125403" data-work_id="30125403" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/30125403/Tax_reforms_in_the_light_of_EU_accession_the_case_of_Poland">Tax reforms in the light of EU accession : the case of Poland</a></div></div><div class="u-pb4x u-mt3x"></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/30125403" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="45b3acd50144a50ba90c0a1b09165f1a" rel="nofollow" data-download="{"attachment_id":50585682,"asset_id":30125403,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/50585682/download_file?st=MTc0MDYyMzk2MSw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="57202453" href="https://independent.academia.edu/SijbrenCnossen">Sijbren Cnossen</a><script data-card-contents-for-user="57202453" type="text/json">{"id":57202453,"first_name":"Sijbren","last_name":"Cnossen","domain_name":"independent","page_name":"SijbrenCnossen","display_name":"Sijbren Cnossen","profile_url":"https://independent.academia.edu/SijbrenCnossen?f_ri=817504","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_30125403 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="30125403"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 30125403, container: ".js-paper-rank-work_30125403", }); });</script></li><li class="js-percentile-work_30125403 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 30125403; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_30125403"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_30125403 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="30125403"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 30125403; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=30125403]").text(description); $(".js-view-count-work_30125403").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_30125403").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="30125403"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">40</a>  </div><span class="InlineList-item-text u-textTruncate u-pl10x"><a class="InlineList-item-text" data-has-card-for-ri="41" rel="nofollow" href="https://www.academia.edu/Documents/in/Real_Estate">Real Estate</a>, <script data-card-contents-for-ri="41" type="text/json">{"id":41,"name":"Real Estate","url":"https://www.academia.edu/Documents/in/Real_Estate?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="491" rel="nofollow" href="https://www.academia.edu/Documents/in/Information_Technology">Information Technology</a>, <script data-card-contents-for-ri="491" type="text/json">{"id":491,"name":"Information Technology","url":"https://www.academia.edu/Documents/in/Information_Technology?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="3180" rel="nofollow" href="https://www.academia.edu/Documents/in/International_Trade">International Trade</a>, <script data-card-contents-for-ri="3180" type="text/json">{"id":3180,"name":"International Trade","url":"https://www.academia.edu/Documents/in/International_Trade?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="3490" rel="nofollow" href="https://www.academia.edu/Documents/in/Accounting">Accounting</a><script data-card-contents-for-ri="3490" type="text/json">{"id":3490,"name":"Accounting","url":"https://www.academia.edu/Documents/in/Accounting?f_ri=817504","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=30125403]'), work: {"id":30125403,"title":"Tax reforms in the light of EU accession : the case of Poland","created_at":"2016-11-27T23:32:09.198-08:00","url":"https://www.academia.edu/30125403/Tax_reforms_in_the_light_of_EU_accession_the_case_of_Poland?f_ri=817504","dom_id":"work_30125403","summary":null,"downloadable_attachments":[{"id":50585682,"asset_id":30125403,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":57202453,"first_name":"Sijbren","last_name":"Cnossen","domain_name":"independent","page_name":"SijbrenCnossen","display_name":"Sijbren Cnossen","profile_url":"https://independent.academia.edu/SijbrenCnossen?f_ri=817504","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":41,"name":"Real Estate","url":"https://www.academia.edu/Documents/in/Real_Estate?f_ri=817504","nofollow":true},{"id":491,"name":"Information Technology","url":"https://www.academia.edu/Documents/in/Information_Technology?f_ri=817504","nofollow":true},{"id":3180,"name":"International Trade","url":"https://www.academia.edu/Documents/in/International_Trade?f_ri=817504","nofollow":true},{"id":3490,"name":"Accounting","url":"https://www.academia.edu/Documents/in/Accounting?f_ri=817504","nofollow":true},{"id":3745,"name":"Arbitration","url":"https://www.academia.edu/Documents/in/Arbitration?f_ri=817504"},{"id":3974,"name":"Telecommunications","url":"https://www.academia.edu/Documents/in/Telecommunications?f_ri=817504"},{"id":10225,"name":"Agriculture","url":"https://www.academia.edu/Documents/in/Agriculture?f_ri=817504"},{"id":48129,"name":"Price Elasticity","url":"https://www.academia.edu/Documents/in/Price_Elasticity?f_ri=817504"},{"id":59537,"name":"Transparency","url":"https://www.academia.edu/Documents/in/Transparency?f_ri=817504"},{"id":59704,"name":"Institutional Investors","url":"https://www.academia.edu/Documents/in/Institutional_Investors?f_ri=817504"},{"id":98682,"name":"Economic Statistics","url":"https://www.academia.edu/Documents/in/Economic_Statistics?f_ri=817504"},{"id":109951,"name":"Turnover","url":"https://www.academia.edu/Documents/in/Turnover?f_ri=817504"},{"id":113317,"name":"Inflation","url":"https://www.academia.edu/Documents/in/Inflation?f_ri=817504"},{"id":222739,"name":"Consumers","url":"https://www.academia.edu/Documents/in/Consumers?f_ri=817504"},{"id":235753,"name":"Debt","url":"https://www.academia.edu/Documents/in/Debt?f_ri=817504"},{"id":271588,"name":"Indirect Taxation","url":"https://www.academia.edu/Documents/in/Indirect_Taxation?f_ri=817504"},{"id":294066,"name":"GDP","url":"https://www.academia.edu/Documents/in/GDP?f_ri=817504"},{"id":307337,"name":"Transaction","url":"https://www.academia.edu/Documents/in/Transaction?f_ri=817504"},{"id":331157,"name":"Taxis","url":"https://www.academia.edu/Documents/in/Taxis?f_ri=817504"},{"id":377240,"name":"Direct Taxation","url":"https://www.academia.edu/Documents/in/Direct_Taxation?f_ri=817504"},{"id":401388,"name":"Dividends","url":"https://www.academia.edu/Documents/in/Dividends?f_ri=817504"},{"id":444088,"name":"Government Revenue","url":"https://www.academia.edu/Documents/in/Government_Revenue?f_ri=817504"},{"id":510427,"name":"Tax Credits","url":"https://www.academia.edu/Documents/in/Tax_Credits?f_ri=817504"},{"id":594515,"name":"Value added","url":"https://www.academia.edu/Documents/in/Value_added?f_ri=817504"},{"id":599884,"name":"Shareholders","url":"https://www.academia.edu/Documents/in/Shareholders?f_ri=817504"},{"id":606222,"name":"Shareholder","url":"https://www.academia.edu/Documents/in/Shareholder?f_ri=817504"},{"id":617240,"name":"Return","url":"https://www.academia.edu/Documents/in/Return?f_ri=817504"},{"id":817504,"name":"DIVIDEND","url":"https://www.academia.edu/Documents/in/DIVIDEND?f_ri=817504"},{"id":832688,"name":"Price elasticity of demand for goods","url":"https://www.academia.edu/Documents/in/Price_elasticity_of_demand_for_goods?f_ri=817504"},{"id":843705,"name":"Gross Domestic Product (GDP)","url":"https://www.academia.edu/Documents/in/Gross_Domestic_Product_GDP_?f_ri=817504"},{"id":976325,"name":"Rents","url":"https://www.academia.edu/Documents/in/Rents?f_ri=817504"},{"id":1012495,"name":"Output","url":"https://www.academia.edu/Documents/in/Output?f_ri=817504"},{"id":1028340,"name":"Incomes","url":"https://www.academia.edu/Documents/in/Incomes?f_ri=817504"},{"id":1293908,"name":"Double Taxation","url":"https://www.academia.edu/Documents/in/Double_Taxation?f_ri=817504"},{"id":1420587,"name":"Double Tax","url":"https://www.academia.edu/Documents/in/Double_Tax?f_ri=817504"},{"id":1706471,"name":"Negative Externalities","url":"https://www.academia.edu/Documents/in/Negative_Externalities?f_ri=817504"},{"id":1936142,"name":"Warehouses","url":"https://www.academia.edu/Documents/in/Warehouses?f_ri=817504"},{"id":2472313,"name":"Tax Revenue","url":"https://www.academia.edu/Documents/in/Tax_Revenue?f_ri=817504"},{"id":2480660,"name":"government finance","url":"https://www.academia.edu/Documents/in/government_finance?f_ri=817504"},{"id":2572193,"name":"Interest Income","url":"https://www.academia.edu/Documents/in/Interest_Income?f_ri=817504"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_44960986 coauthored" data-work_id="44960986" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/44960986/Impact_of_Dividend_Policy_on_Firm_Value_with_Special_Reference_to_Financial_Crisis">Impact of Dividend Policy on Firm Value with Special Reference to Financial Crisis</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">The present study explores the relationship between dividend policy and firm value with respect to financial crisis. The investigation is based on data of 500 companies listed on the BSE for the period 2001 to 2017. The dynamic panel... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_44960986" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">The present study explores the relationship between dividend policy and firm value with respect to financial crisis. The investigation is based on data of 500 companies listed on the BSE for the period 2001 to 2017. The dynamic panel regression with two-step system Generalised Method of Moments (GMM) is applied. The findings show that dividend policy does not affect firm value definitely. However, the study observes that financial crisis impacted the relationship between dividend behaviour and firm value. Furthermore, the higher dividend yield in post crisis period may indicate evidences of signalling hypothesis.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/44960986" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="4ddc3d555478e5921d4c4bf631f488ee" rel="nofollow" data-download="{"attachment_id":65493745,"asset_id":44960986,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/65493745/download_file?st=MTc0MDYyMzk2MSw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="3764233" href="https://vidyasagar.academia.edu/KalpataruBandopadhyay">Kalpataru Bandopadhyay</a><script data-card-contents-for-user="3764233" type="text/json">{"id":3764233,"first_name":"Kalpataru","last_name":"Bandopadhyay","domain_name":"vidyasagar","page_name":"KalpataruBandopadhyay","display_name":"Kalpataru Bandopadhyay","profile_url":"https://vidyasagar.academia.edu/KalpataruBandopadhyay?f_ri=817504","photo":"https://0.academia-photos.com/3764233/1359957/38966121/s65_kalpataru.bandopadhyay.jpg"}</script></span></span><span class="u-displayInlineBlock InlineList-item-text"> and <span class="u-textDecorationUnderline u-clickable InlineList-item-text js-work-more-authors-44960986">+1</span><div class="hidden js-additional-users-44960986"><div><span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a href="https://independent.academia.edu/souravhansda">sourav hansda</a></span></div></div></span><script>(function(){ var popoverSettings = { el: $('.js-work-more-authors-44960986'), placement: 'bottom', hide_delay: 200, html: true, content: function(){ return $('.js-additional-users-44960986').html(); } } new HoverPopover(popoverSettings); })();</script></li><li class="js-paper-rank-work_44960986 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="44960986"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 44960986, container: ".js-paper-rank-work_44960986", }); });</script></li><li class="js-percentile-work_44960986 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 44960986; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_44960986"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_44960986 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="44960986"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 44960986; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=44960986]").text(description); $(".js-view-count-work_44960986").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_44960986").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="44960986"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">10</a>  </div><span class="InlineList-item-text u-textTruncate u-pl10x"><a class="InlineList-item-text" data-has-card-for-ri="7292" rel="nofollow" href="https://www.academia.edu/Documents/in/Corporate_Finance">Corporate Finance</a>, <script data-card-contents-for-ri="7292" type="text/json">{"id":7292,"name":"Corporate Finance","url":"https://www.academia.edu/Documents/in/Corporate_Finance?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="160749" rel="nofollow" href="https://www.academia.edu/Documents/in/Dividend_Policies">Dividend Policies</a>, <script data-card-contents-for-ri="160749" type="text/json">{"id":160749,"name":"Dividend Policies","url":"https://www.academia.edu/Documents/in/Dividend_Policies?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="401388" rel="nofollow" href="https://www.academia.edu/Documents/in/Dividends">Dividends</a>, <script data-card-contents-for-ri="401388" type="text/json">{"id":401388,"name":"Dividends","url":"https://www.academia.edu/Documents/in/Dividends?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="483012" rel="nofollow" href="https://www.academia.edu/Documents/in/Dividend_Payments">Dividend Payments</a><script data-card-contents-for-ri="483012" type="text/json">{"id":483012,"name":"Dividend Payments","url":"https://www.academia.edu/Documents/in/Dividend_Payments?f_ri=817504","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=44960986]'), work: {"id":44960986,"title":"Impact of Dividend Policy on Firm Value with Special Reference to Financial Crisis","created_at":"2021-01-23T07:04:18.140-08:00","url":"https://www.academia.edu/44960986/Impact_of_Dividend_Policy_on_Firm_Value_with_Special_Reference_to_Financial_Crisis?f_ri=817504","dom_id":"work_44960986","summary":"The present study explores the relationship between dividend policy and firm value with respect to financial crisis. The investigation is based on data of 500 companies listed on the BSE for the period 2001 to 2017. The dynamic panel regression with two-step system Generalised Method of Moments (GMM) is applied. The findings show that dividend policy does not affect firm value definitely. However, the study observes that financial crisis impacted the relationship between dividend behaviour and firm value. Furthermore, the higher dividend yield in post crisis period may indicate evidences of signalling hypothesis.","downloadable_attachments":[{"id":65493745,"asset_id":44960986,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":3764233,"first_name":"Kalpataru","last_name":"Bandopadhyay","domain_name":"vidyasagar","page_name":"KalpataruBandopadhyay","display_name":"Kalpataru Bandopadhyay","profile_url":"https://vidyasagar.academia.edu/KalpataruBandopadhyay?f_ri=817504","photo":"https://0.academia-photos.com/3764233/1359957/38966121/s65_kalpataru.bandopadhyay.jpg"},{"id":38591754,"first_name":"sourav","last_name":"hansda","domain_name":"independent","page_name":"souravhansda","display_name":"sourav hansda","profile_url":"https://independent.academia.edu/souravhansda?f_ri=817504","photo":"https://0.academia-photos.com/38591754/102826051/91996017/s65_sourav.hansda.jpeg"}],"research_interests":[{"id":7292,"name":"Corporate Finance","url":"https://www.academia.edu/Documents/in/Corporate_Finance?f_ri=817504","nofollow":true},{"id":160749,"name":"Dividend Policies","url":"https://www.academia.edu/Documents/in/Dividend_Policies?f_ri=817504","nofollow":true},{"id":401388,"name":"Dividends","url":"https://www.academia.edu/Documents/in/Dividends?f_ri=817504","nofollow":true},{"id":483012,"name":"Dividend Payments","url":"https://www.academia.edu/Documents/in/Dividend_Payments?f_ri=817504","nofollow":true},{"id":516856,"name":"Dynamic Panel Data Analysis (GMM estimation)","url":"https://www.academia.edu/Documents/in/Dynamic_Panel_Data_Analysis_GMM_estimation_?f_ri=817504"},{"id":701330,"name":"Dividend policy","url":"https://www.academia.edu/Documents/in/Dividend_policy?f_ri=817504"},{"id":770446,"name":"Determine Dividend Payout Ratio","url":"https://www.academia.edu/Documents/in/Determine_Dividend_Payout_Ratio?f_ri=817504"},{"id":817504,"name":"DIVIDEND","url":"https://www.academia.edu/Documents/in/DIVIDEND?f_ri=817504"},{"id":861956,"name":"The effect of dividend policy valuation of shares Price","url":"https://www.academia.edu/Documents/in/The_effect_of_dividend_policy_valuation_of_shares_Price?f_ri=817504"},{"id":1001004,"name":"Tobin's Q","url":"https://www.academia.edu/Documents/in/Tobins_Q?f_ri=817504"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_23729471" data-work_id="23729471" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/23729471/ANALISIS_FAKTOR_FAKTOR_YANG_MEMPENGARUHI_CASH_DIVIDEND_PADA_PERUSAHAAN_MANUFAKTUR_YANG_TERDAFTAR_DI_BURSA_EFEK_INDONESIA_PERIODE_2011_2014">ANALISIS FAKTOR – FAKTOR YANG MEMPENGARUHI CASH DIVIDEND PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2011-2014</a></div></div><div class="u-pb4x u-mt3x"></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/23729471" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="5973dc6942ff9bc6307a0e6590a1fdd3" rel="nofollow" data-download="{"attachment_id":44162724,"asset_id":23729471,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/44162724/download_file?st=MTc0MDYyMzk2MSw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="38995907" href="https://sikadu.academia.edu/WijiantiSP">Wijianti SP</a><script data-card-contents-for-user="38995907" type="text/json">{"id":38995907,"first_name":"Wijianti","last_name":"SP","domain_name":"sikadu","page_name":"WijiantiSP","display_name":"Wijianti SP","profile_url":"https://sikadu.academia.edu/WijiantiSP?f_ri=817504","photo":"https://gravatar.com/avatar/d41855c27f4d3167176b3164243a5880?s=65"}</script></span></span></li><li class="js-paper-rank-work_23729471 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="23729471"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 23729471, container: ".js-paper-rank-work_23729471", }); });</script></li><li class="js-percentile-work_23729471 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 23729471; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_23729471"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_23729471 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="23729471"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 23729471; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=23729471]").text(description); $(".js-view-count-work_23729471").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_23729471").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="23729471"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i></div><span class="InlineList-item-text u-textTruncate u-pl6x"><a class="InlineList-item-text" data-has-card-for-ri="817504" rel="nofollow" href="https://www.academia.edu/Documents/in/DIVIDEND">DIVIDEND</a><script data-card-contents-for-ri="817504" type="text/json">{"id":817504,"name":"DIVIDEND","url":"https://www.academia.edu/Documents/in/DIVIDEND?f_ri=817504","nofollow":true}</script></span></li><script>(function(){ if (false) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=23729471]'), work: {"id":23729471,"title":"ANALISIS FAKTOR – FAKTOR YANG MEMPENGARUHI CASH DIVIDEND PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2011-2014","created_at":"2016-03-28T03:07:08.412-07:00","url":"https://www.academia.edu/23729471/ANALISIS_FAKTOR_FAKTOR_YANG_MEMPENGARUHI_CASH_DIVIDEND_PADA_PERUSAHAAN_MANUFAKTUR_YANG_TERDAFTAR_DI_BURSA_EFEK_INDONESIA_PERIODE_2011_2014?f_ri=817504","dom_id":"work_23729471","summary":null,"downloadable_attachments":[{"id":44162724,"asset_id":23729471,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":38995907,"first_name":"Wijianti","last_name":"SP","domain_name":"sikadu","page_name":"WijiantiSP","display_name":"Wijianti SP","profile_url":"https://sikadu.academia.edu/WijiantiSP?f_ri=817504","photo":"https://gravatar.com/avatar/d41855c27f4d3167176b3164243a5880?s=65"}],"research_interests":[{"id":817504,"name":"DIVIDEND","url":"https://www.academia.edu/Documents/in/DIVIDEND?f_ri=817504","nofollow":true}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_55081890" data-work_id="55081890" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/55081890/The_role_of_the_actuary_in_insurance">The role of the actuary in insurance</a></div></div><div class="u-pb4x u-mt3x"></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/55081890" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="df504d6a6171282f54891ad5bb946764" rel="nofollow" data-download="{"attachment_id":71126751,"asset_id":55081890,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/71126751/download_file?st=MTc0MDYyMzk2MSw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="36929182" href="https://independent.academia.edu/MichaelHafeman">Michael Hafeman</a><script data-card-contents-for-user="36929182" type="text/json">{"id":36929182,"first_name":"Michael","last_name":"Hafeman","domain_name":"independent","page_name":"MichaelHafeman","display_name":"Michael Hafeman","profile_url":"https://independent.academia.edu/MichaelHafeman?f_ri=817504","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_55081890 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="55081890"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 55081890, container: ".js-paper-rank-work_55081890", }); });</script></li><li class="js-percentile-work_55081890 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 55081890; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_55081890"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_55081890 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="55081890"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 55081890; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=55081890]").text(description); $(".js-view-count-work_55081890").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_55081890").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="55081890"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">19</a>  </div><span class="InlineList-item-text u-textTruncate u-pl10x"><a class="InlineList-item-text" data-has-card-for-ri="309" rel="nofollow" href="https://www.academia.edu/Documents/in/Actuarial_Science">Actuarial Science</a>, <script data-card-contents-for-ri="309" type="text/json">{"id":309,"name":"Actuarial Science","url":"https://www.academia.edu/Documents/in/Actuarial_Science?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="724" rel="nofollow" href="https://www.academia.edu/Documents/in/Economics">Economics</a>, <script data-card-contents-for-ri="724" type="text/json">{"id":724,"name":"Economics","url":"https://www.academia.edu/Documents/in/Economics?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="3490" rel="nofollow" href="https://www.academia.edu/Documents/in/Accounting">Accounting</a>, <script data-card-contents-for-ri="3490" type="text/json">{"id":3490,"name":"Accounting","url":"https://www.academia.edu/Documents/in/Accounting?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="69817" rel="nofollow" href="https://www.academia.edu/Documents/in/Investing">Investing</a><script data-card-contents-for-ri="69817" type="text/json">{"id":69817,"name":"Investing","url":"https://www.academia.edu/Documents/in/Investing?f_ri=817504","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=55081890]'), work: {"id":55081890,"title":"The role of the actuary in insurance","created_at":"2021-10-03T04:54:54.226-07:00","url":"https://www.academia.edu/55081890/The_role_of_the_actuary_in_insurance?f_ri=817504","dom_id":"work_55081890","summary":null,"downloadable_attachments":[{"id":71126751,"asset_id":55081890,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":36929182,"first_name":"Michael","last_name":"Hafeman","domain_name":"independent","page_name":"MichaelHafeman","display_name":"Michael Hafeman","profile_url":"https://independent.academia.edu/MichaelHafeman?f_ri=817504","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":309,"name":"Actuarial Science","url":"https://www.academia.edu/Documents/in/Actuarial_Science?f_ri=817504","nofollow":true},{"id":724,"name":"Economics","url":"https://www.academia.edu/Documents/in/Economics?f_ri=817504","nofollow":true},{"id":3490,"name":"Accounting","url":"https://www.academia.edu/Documents/in/Accounting?f_ri=817504","nofollow":true},{"id":69817,"name":"Investing","url":"https://www.academia.edu/Documents/in/Investing?f_ri=817504","nofollow":true},{"id":92537,"name":"Actuarial mathematics","url":"https://www.academia.edu/Documents/in/Actuarial_mathematics?f_ri=817504"},{"id":113317,"name":"Inflation","url":"https://www.academia.edu/Documents/in/Inflation?f_ri=817504"},{"id":167483,"name":"Income","url":"https://www.academia.edu/Documents/in/Income?f_ri=817504"},{"id":222739,"name":"Consumers","url":"https://www.academia.edu/Documents/in/Consumers?f_ri=817504"},{"id":271702,"name":"Demographic","url":"https://www.academia.edu/Documents/in/Demographic?f_ri=817504"},{"id":284014,"name":"Laws","url":"https://www.academia.edu/Documents/in/Laws?f_ri=817504"},{"id":401388,"name":"Dividends","url":"https://www.academia.edu/Documents/in/Dividends?f_ri=817504"},{"id":439685,"name":"Insurance Industry","url":"https://www.academia.edu/Documents/in/Insurance_Industry?f_ri=817504"},{"id":633816,"name":"Insurance Policy","url":"https://www.academia.edu/Documents/in/Insurance_Policy?f_ri=817504"},{"id":817504,"name":"DIVIDEND","url":"https://www.academia.edu/Documents/in/DIVIDEND?f_ri=817504"},{"id":966655,"name":"Capital Adequacy","url":"https://www.academia.edu/Documents/in/Capital_Adequacy?f_ri=817504"},{"id":1114453,"name":"Annuities","url":"https://www.academia.edu/Documents/in/Annuities?f_ri=817504"},{"id":1861921,"name":"Cash Flows","url":"https://www.academia.edu/Documents/in/Cash_Flows?f_ri=817504"},{"id":1895901,"name":"Balance Sheet","url":"https://www.academia.edu/Documents/in/Balance_Sheet?f_ri=817504"},{"id":3564826,"name":"Insurance Policies","url":"https://www.academia.edu/Documents/in/Insurance_Policies?f_ri=817504"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_70960386" data-work_id="70960386" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/70960386/The_role_of_the_actuary_in_insurance">The role of the actuary in insurance</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">Actuaries are professionals who apply mathematics to financial problems. They evaluate the financial implications of contingent events, in other words, events that are not certain to occur. They are often involved in managing the risks... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_70960386" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">Actuaries are professionals who apply mathematics to financial problems. They evaluate the financial implications of contingent events, in other words, events that are not certain to occur. They are often involved in managing the risks that can arise from undesirable contingent events. Actuaries evaluate the likelihood of future events. They also design ways to reduce the financial impact of undesirable events that do occur. To do their work, actuaries must have a high level of technical knowledge. For example, they need to understand the nature of insurance, the risks inherent in different types of assets, the ways in which statistical models can be used, and the legal and regulatory constraints that apply to the business. They must also have good business sense, problem solving skills, and the ability to communicate effectively with others. Their work often affects many stakeholders, so they must be able to balance different interests and observe high ethical standards in doing so...</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/70960386" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="1a4aa7b9cb617c5212cbec4d9c995570" rel="nofollow" data-download="{"attachment_id":80496351,"asset_id":70960386,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/80496351/download_file?st=MTc0MDYyMzk2MSw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="36929182" href="https://independent.academia.edu/MichaelHafeman">Michael Hafeman</a><script data-card-contents-for-user="36929182" type="text/json">{"id":36929182,"first_name":"Michael","last_name":"Hafeman","domain_name":"independent","page_name":"MichaelHafeman","display_name":"Michael Hafeman","profile_url":"https://independent.academia.edu/MichaelHafeman?f_ri=817504","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_70960386 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="70960386"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 70960386, container: ".js-paper-rank-work_70960386", }); });</script></li><li class="js-percentile-work_70960386 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 70960386; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_70960386"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_70960386 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="70960386"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 70960386; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=70960386]").text(description); $(".js-view-count-work_70960386").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_70960386").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="70960386"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">19</a>  </div><span class="InlineList-item-text u-textTruncate u-pl10x"><a class="InlineList-item-text" data-has-card-for-ri="26" rel="nofollow" href="https://www.academia.edu/Documents/in/Business">Business</a>, <script data-card-contents-for-ri="26" type="text/json">{"id":26,"name":"Business","url":"https://www.academia.edu/Documents/in/Business?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="309" rel="nofollow" href="https://www.academia.edu/Documents/in/Actuarial_Science">Actuarial Science</a>, <script data-card-contents-for-ri="309" type="text/json">{"id":309,"name":"Actuarial Science","url":"https://www.academia.edu/Documents/in/Actuarial_Science?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="724" rel="nofollow" href="https://www.academia.edu/Documents/in/Economics">Economics</a>, <script data-card-contents-for-ri="724" type="text/json">{"id":724,"name":"Economics","url":"https://www.academia.edu/Documents/in/Economics?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="3490" rel="nofollow" href="https://www.academia.edu/Documents/in/Accounting">Accounting</a><script data-card-contents-for-ri="3490" type="text/json">{"id":3490,"name":"Accounting","url":"https://www.academia.edu/Documents/in/Accounting?f_ri=817504","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=70960386]'), work: {"id":70960386,"title":"The role of the actuary in insurance","created_at":"2022-02-08T14:06:42.357-08:00","url":"https://www.academia.edu/70960386/The_role_of_the_actuary_in_insurance?f_ri=817504","dom_id":"work_70960386","summary":"Actuaries are professionals who apply mathematics to financial problems. They evaluate the financial implications of contingent events, in other words, events that are not certain to occur. They are often involved in managing the risks that can arise from undesirable contingent events. Actuaries evaluate the likelihood of future events. They also design ways to reduce the financial impact of undesirable events that do occur. To do their work, actuaries must have a high level of technical knowledge. For example, they need to understand the nature of insurance, the risks inherent in different types of assets, the ways in which statistical models can be used, and the legal and regulatory constraints that apply to the business. They must also have good business sense, problem solving skills, and the ability to communicate effectively with others. Their work often affects many stakeholders, so they must be able to balance different interests and observe high ethical standards in doing so...","downloadable_attachments":[{"id":80496351,"asset_id":70960386,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":36929182,"first_name":"Michael","last_name":"Hafeman","domain_name":"independent","page_name":"MichaelHafeman","display_name":"Michael Hafeman","profile_url":"https://independent.academia.edu/MichaelHafeman?f_ri=817504","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":26,"name":"Business","url":"https://www.academia.edu/Documents/in/Business?f_ri=817504","nofollow":true},{"id":309,"name":"Actuarial Science","url":"https://www.academia.edu/Documents/in/Actuarial_Science?f_ri=817504","nofollow":true},{"id":724,"name":"Economics","url":"https://www.academia.edu/Documents/in/Economics?f_ri=817504","nofollow":true},{"id":3490,"name":"Accounting","url":"https://www.academia.edu/Documents/in/Accounting?f_ri=817504","nofollow":true},{"id":69817,"name":"Investing","url":"https://www.academia.edu/Documents/in/Investing?f_ri=817504"},{"id":92537,"name":"Actuarial mathematics","url":"https://www.academia.edu/Documents/in/Actuarial_mathematics?f_ri=817504"},{"id":113317,"name":"Inflation","url":"https://www.academia.edu/Documents/in/Inflation?f_ri=817504"},{"id":167483,"name":"Income","url":"https://www.academia.edu/Documents/in/Income?f_ri=817504"},{"id":222739,"name":"Consumers","url":"https://www.academia.edu/Documents/in/Consumers?f_ri=817504"},{"id":271702,"name":"Demographic","url":"https://www.academia.edu/Documents/in/Demographic?f_ri=817504"},{"id":401388,"name":"Dividends","url":"https://www.academia.edu/Documents/in/Dividends?f_ri=817504"},{"id":439685,"name":"Insurance Industry","url":"https://www.academia.edu/Documents/in/Insurance_Industry?f_ri=817504"},{"id":633816,"name":"Insurance Policy","url":"https://www.academia.edu/Documents/in/Insurance_Policy?f_ri=817504"},{"id":817504,"name":"DIVIDEND","url":"https://www.academia.edu/Documents/in/DIVIDEND?f_ri=817504"},{"id":966655,"name":"Capital Adequacy","url":"https://www.academia.edu/Documents/in/Capital_Adequacy?f_ri=817504"},{"id":1114453,"name":"Annuities","url":"https://www.academia.edu/Documents/in/Annuities?f_ri=817504"},{"id":1861921,"name":"Cash Flows","url":"https://www.academia.edu/Documents/in/Cash_Flows?f_ri=817504"},{"id":1895901,"name":"Balance Sheet","url":"https://www.academia.edu/Documents/in/Balance_Sheet?f_ri=817504"},{"id":3564826,"name":"Insurance Policies","url":"https://www.academia.edu/Documents/in/Insurance_Policies?f_ri=817504"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_32131749" data-work_id="32131749" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/32131749/World_Bank_South_Asia_economic_update_2010_moving_up_looking_east">World Bank South Asia economic update 2010 : moving up, looking east</a></div></div><div class="u-pb4x u-mt3x"></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/32131749" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="c558f5be963ff9583556c80c09c4be6c" rel="nofollow" data-download="{"attachment_id":52374982,"asset_id":32131749,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/52374982/download_file?st=MTc0MDYyMzk2MSw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="15377349" href="https://independent.academia.edu/NPitigala">Nihal Pitigala</a><script data-card-contents-for-user="15377349" type="text/json">{"id":15377349,"first_name":"Nihal","last_name":"Pitigala","domain_name":"independent","page_name":"NPitigala","display_name":"Nihal Pitigala","profile_url":"https://independent.academia.edu/NPitigala?f_ri=817504","photo":"https://0.academia-photos.com/15377349/4149148/19072431/s65_nihal.pitigala.png"}</script></span></span></li><li class="js-paper-rank-work_32131749 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="32131749"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 32131749, container: ".js-paper-rank-work_32131749", }); });</script></li><li class="js-percentile-work_32131749 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 32131749; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_32131749"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_32131749 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="32131749"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 32131749; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=32131749]").text(description); $(".js-view-count-work_32131749").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_32131749").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="32131749"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">58</a>  </div><span class="InlineList-item-text u-textTruncate u-pl10x"><a class="InlineList-item-text" data-has-card-for-ri="491" rel="nofollow" href="https://www.academia.edu/Documents/in/Information_Technology">Information Technology</a>, <script data-card-contents-for-ri="491" type="text/json">{"id":491,"name":"Information Technology","url":"https://www.academia.edu/Documents/in/Information_Technology?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="802" rel="nofollow" href="https://www.academia.edu/Documents/in/Political_Economy">Political Economy</a>, <script data-card-contents-for-ri="802" type="text/json">{"id":802,"name":"Political Economy","url":"https://www.academia.edu/Documents/in/Political_Economy?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="3490" rel="nofollow" href="https://www.academia.edu/Documents/in/Accounting">Accounting</a>, <script data-card-contents-for-ri="3490" type="text/json">{"id":3490,"name":"Accounting","url":"https://www.academia.edu/Documents/in/Accounting?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="3974" rel="nofollow" href="https://www.academia.edu/Documents/in/Telecommunications">Telecommunications</a><script data-card-contents-for-ri="3974" type="text/json">{"id":3974,"name":"Telecommunications","url":"https://www.academia.edu/Documents/in/Telecommunications?f_ri=817504","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=32131749]'), work: {"id":32131749,"title":"World Bank South Asia economic update 2010 : moving up, looking east","created_at":"2017-03-29T17:21:26.873-07:00","url":"https://www.academia.edu/32131749/World_Bank_South_Asia_economic_update_2010_moving_up_looking_east?f_ri=817504","dom_id":"work_32131749","summary":null,"downloadable_attachments":[{"id":52374982,"asset_id":32131749,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":15377349,"first_name":"Nihal","last_name":"Pitigala","domain_name":"independent","page_name":"NPitigala","display_name":"Nihal Pitigala","profile_url":"https://independent.academia.edu/NPitigala?f_ri=817504","photo":"https://0.academia-photos.com/15377349/4149148/19072431/s65_nihal.pitigala.png"}],"research_interests":[{"id":491,"name":"Information Technology","url":"https://www.academia.edu/Documents/in/Information_Technology?f_ri=817504","nofollow":true},{"id":802,"name":"Political Economy","url":"https://www.academia.edu/Documents/in/Political_Economy?f_ri=817504","nofollow":true},{"id":3490,"name":"Accounting","url":"https://www.academia.edu/Documents/in/Accounting?f_ri=817504","nofollow":true},{"id":3974,"name":"Telecommunications","url":"https://www.academia.edu/Documents/in/Telecommunications?f_ri=817504","nofollow":true},{"id":5320,"name":"Financial Systems","url":"https://www.academia.edu/Documents/in/Financial_Systems?f_ri=817504"},{"id":8759,"name":"Foreign Direct Investment","url":"https://www.academia.edu/Documents/in/Foreign_Direct_Investment?f_ri=817504"},{"id":9815,"name":"Developing Countries","url":"https://www.academia.edu/Documents/in/Developing_Countries?f_ri=817504"},{"id":10225,"name":"Agriculture","url":"https://www.academia.edu/Documents/in/Agriculture?f_ri=817504"},{"id":21895,"name":"Outsourcing","url":"https://www.academia.edu/Documents/in/Outsourcing?f_ri=817504"},{"id":27487,"name":"Initial public offering","url":"https://www.academia.edu/Documents/in/Initial_public_offering?f_ri=817504"},{"id":32213,"name":"Emerging Markets","url":"https://www.academia.edu/Documents/in/Emerging_Markets?f_ri=817504"},{"id":39038,"name":"Free Trade","url":"https://www.academia.edu/Documents/in/Free_Trade?f_ri=817504"},{"id":42234,"name":"Natural Disasters","url":"https://www.academia.edu/Documents/in/Natural_Disasters?f_ri=817504"},{"id":43739,"name":"Volatility","url":"https://www.academia.edu/Documents/in/Volatility?f_ri=817504"},{"id":48971,"name":"Monetary Policy","url":"https://www.academia.edu/Documents/in/Monetary_Policy?f_ri=817504"},{"id":62944,"name":"Emerging Market","url":"https://www.academia.edu/Documents/in/Emerging_Market?f_ri=817504"},{"id":63444,"name":"Financial System","url":"https://www.academia.edu/Documents/in/Financial_System?f_ri=817504"},{"id":70854,"name":"Developing Country","url":"https://www.academia.edu/Documents/in/Developing_Country?f_ri=817504"},{"id":94661,"name":"Financial Services","url":"https://www.academia.edu/Documents/in/Financial_Services?f_ri=817504"},{"id":113317,"name":"Inflation","url":"https://www.academia.edu/Documents/in/Inflation?f_ri=817504"},{"id":155992,"name":"Economic Policies","url":"https://www.academia.edu/Documents/in/Economic_Policies?f_ri=817504"},{"id":159450,"name":"Comparative Advantage","url":"https://www.academia.edu/Documents/in/Comparative_Advantage?f_ri=817504"},{"id":167483,"name":"Income","url":"https://www.academia.edu/Documents/in/Income?f_ri=817504"},{"id":186306,"name":"Interest Rates","url":"https://www.academia.edu/Documents/in/Interest_Rates?f_ri=817504"},{"id":215358,"name":"Public finances","url":"https://www.academia.edu/Documents/in/Public_finances?f_ri=817504"},{"id":222437,"name":"Exposure","url":"https://www.academia.edu/Documents/in/Exposure?f_ri=817504"},{"id":235753,"name":"Debt","url":"https://www.academia.edu/Documents/in/Debt?f_ri=817504"},{"id":239277,"name":"Government Policy","url":"https://www.academia.edu/Documents/in/Government_Policy?f_ri=817504"},{"id":265570,"name":"Stocks","url":"https://www.academia.edu/Documents/in/Stocks?f_ri=817504"},{"id":270673,"name":"Financial Market","url":"https://www.academia.edu/Documents/in/Financial_Market?f_ri=817504"},{"id":271702,"name":"Demographic","url":"https://www.academia.edu/Documents/in/Demographic?f_ri=817504"},{"id":294066,"name":"GDP","url":"https://www.academia.edu/Documents/in/GDP?f_ri=817504"},{"id":309524,"name":"Deregulation","url":"https://www.academia.edu/Documents/in/Deregulation?f_ri=817504"},{"id":321994,"name":"Benchmark","url":"https://www.academia.edu/Documents/in/Benchmark?f_ri=817504"},{"id":345869,"name":"real GDP","url":"https://www.academia.edu/Documents/in/real_GDP?f_ri=817504"},{"id":368126,"name":"Income Tax","url":"https://www.academia.edu/Documents/in/Income_Tax?f_ri=817504"},{"id":401388,"name":"Dividends","url":"https://www.academia.edu/Documents/in/Dividends?f_ri=817504"},{"id":410377,"name":"Foreign Trade","url":"https://www.academia.edu/Documents/in/Foreign_Trade?f_ri=817504"},{"id":422735,"name":"Technical Barriers to Trade","url":"https://www.academia.edu/Documents/in/Technical_Barriers_to_Trade?f_ri=817504"},{"id":427024,"name":"Global trade","url":"https://www.academia.edu/Documents/in/Global_trade?f_ri=817504"},{"id":458912,"name":"Total factor productivity","url":"https://www.academia.edu/Documents/in/Total_factor_productivity?f_ri=817504"},{"id":533943,"name":"Repo","url":"https://www.academia.edu/Documents/in/Repo?f_ri=817504"},{"id":556673,"name":"Capital Accumulation","url":"https://www.academia.edu/Documents/in/Capital_Accumulation?f_ri=817504"},{"id":594515,"name":"Value added","url":"https://www.academia.edu/Documents/in/Value_added?f_ri=817504"},{"id":617240,"name":"Return","url":"https://www.academia.edu/Documents/in/Return?f_ri=817504"},{"id":663534,"name":"Interest Rate","url":"https://www.academia.edu/Documents/in/Interest_Rate?f_ri=817504"},{"id":672298,"name":"Secondary Mortgage Market","url":"https://www.academia.edu/Documents/in/Secondary_Mortgage_Market?f_ri=817504"},{"id":817504,"name":"DIVIDEND","url":"https://www.academia.edu/Documents/in/DIVIDEND?f_ri=817504"},{"id":840673,"name":"Productivity Growth","url":"https://www.academia.edu/Documents/in/Productivity_Growth?f_ri=817504"},{"id":843705,"name":"Gross Domestic Product (GDP)","url":"https://www.academia.edu/Documents/in/Gross_Domestic_Product_GDP_?f_ri=817504"},{"id":896140,"name":"Consumer spending","url":"https://www.academia.edu/Documents/in/Consumer_spending?f_ri=817504"},{"id":896356,"name":"Commodity","url":"https://www.academia.edu/Documents/in/Commodity?f_ri=817504"},{"id":911508,"name":"Balance of Payments","url":"https://www.academia.edu/Documents/in/Balance_of_Payments?f_ri=817504"},{"id":953681,"name":"Credit Market","url":"https://www.academia.edu/Documents/in/Credit_Market?f_ri=817504"},{"id":980870,"name":"Debts","url":"https://www.academia.edu/Documents/in/Debts?f_ri=817504"},{"id":1285686,"name":"Balance Sheets","url":"https://www.academia.edu/Documents/in/Balance_Sheets?f_ri=817504"},{"id":1756030,"name":"Newly Industrialized Countries","url":"https://www.academia.edu/Documents/in/Newly_Industrialized_Countries?f_ri=817504"},{"id":2591773,"name":"Tax Revenues","url":"https://www.academia.edu/Documents/in/Tax_Revenues?f_ri=817504"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_30379779" data-work_id="30379779" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/30379779/Impact_of_Dividend_Policy_on_Shareholders_Wealth_A_Study_of_Selected_Manufacturing_Industries_of_Pakistan">Impact of Dividend Policy on Shareholders' Wealth: A Study of Selected Manufacturing Industries of Pakistan</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">This study examines the impact of dividend policy on shareholders' wealth in context of Pakistan. Thirty five companies randomly from three sectors; Textile, Sugar and Chemical are observed in the study. The annual data for these... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_30379779" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">This study examines the impact of dividend policy on shareholders' wealth in context of Pakistan. Thirty five companies randomly from three sectors; Textile, Sugar and Chemical are observed in the study. The annual data for these companies from 2006 to 2011 is used in the study. Simple OLS technique for analysis is used to derive the results of the study. The findings showed that dividend policy of the firm has significant positive impact on shareholders wealth. Similarly firm growth rate also has significant positive impact on shareholders' wealth. Firm size has significant positive impact on shareholders wealth; indicating that large domain of operations of a business make it more capable to exploit maximum opportunities and in position to earn greater amount of return due to greater growth prospects so it ultimately place greater value to shares of large size companies. The results of study help the corporate management to better decide the level of dividend to be distributed so that shareholders wealth could be maximized.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/30379779" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="5e7221aac162ce2389af81ea950d7f19" rel="nofollow" data-download="{"attachment_id":50829704,"asset_id":30379779,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/50829704/download_file?st=MTc0MDYyMzk2MSw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="1188988" href="https://independent.academia.edu/iqbalz">zafar iqbal</a><script data-card-contents-for-user="1188988" type="text/json">{"id":1188988,"first_name":"zafar","last_name":"iqbal","domain_name":"independent","page_name":"iqbalz","display_name":"zafar iqbal","profile_url":"https://independent.academia.edu/iqbalz?f_ri=817504","photo":"https://0.academia-photos.com/1188988/18255458/18229328/s65_zafar.iqbal.jpg"}</script></span></span></li><li class="js-paper-rank-work_30379779 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="30379779"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 30379779, container: ".js-paper-rank-work_30379779", }); });</script></li><li class="js-percentile-work_30379779 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 30379779; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_30379779"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_30379779 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="30379779"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 30379779; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=30379779]").text(description); $(".js-view-count-work_30379779").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_30379779").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="30379779"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i></div><span class="InlineList-item-text u-textTruncate u-pl6x"><a class="InlineList-item-text" data-has-card-for-ri="817504" rel="nofollow" href="https://www.academia.edu/Documents/in/DIVIDEND">DIVIDEND</a><script data-card-contents-for-ri="817504" type="text/json">{"id":817504,"name":"DIVIDEND","url":"https://www.academia.edu/Documents/in/DIVIDEND?f_ri=817504","nofollow":true}</script></span></li><script>(function(){ if (false) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=30379779]'), work: {"id":30379779,"title":"Impact of Dividend Policy on Shareholders' Wealth: A Study of Selected Manufacturing Industries of Pakistan","created_at":"2016-12-11T05:00:09.903-08:00","url":"https://www.academia.edu/30379779/Impact_of_Dividend_Policy_on_Shareholders_Wealth_A_Study_of_Selected_Manufacturing_Industries_of_Pakistan?f_ri=817504","dom_id":"work_30379779","summary":"This study examines the impact of dividend policy on shareholders' wealth in context of Pakistan. Thirty five companies randomly from three sectors; Textile, Sugar and Chemical are observed in the study. The annual data for these companies from 2006 to 2011 is used in the study. Simple OLS technique for analysis is used to derive the results of the study. The findings showed that dividend policy of the firm has significant positive impact on shareholders wealth. Similarly firm growth rate also has significant positive impact on shareholders' wealth. Firm size has significant positive impact on shareholders wealth; indicating that large domain of operations of a business make it more capable to exploit maximum opportunities and in position to earn greater amount of return due to greater growth prospects so it ultimately place greater value to shares of large size companies. The results of study help the corporate management to better decide the level of dividend to be distributed so that shareholders wealth could be maximized.","downloadable_attachments":[{"id":50829704,"asset_id":30379779,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":1188988,"first_name":"zafar","last_name":"iqbal","domain_name":"independent","page_name":"iqbalz","display_name":"zafar iqbal","profile_url":"https://independent.academia.edu/iqbalz?f_ri=817504","photo":"https://0.academia-photos.com/1188988/18255458/18229328/s65_zafar.iqbal.jpg"}],"research_interests":[{"id":817504,"name":"DIVIDEND","url":"https://www.academia.edu/Documents/in/DIVIDEND?f_ri=817504","nofollow":true}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_26502730" data-work_id="26502730" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/26502730/Mutual_fund_performance_an_analysis_of_mutual_funds_return_compare_to_the_market_return_DSEX_">Mutual fund performance: an analysis of mutual funds’ return compare to the market return (DSEX)</a></div></div><div class="u-pb4x u-mt3x"></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/26502730" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="8553d1101c071aef4aae4da8d5c33113" rel="nofollow" data-download="{"attachment_id":46799279,"asset_id":26502730,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/46799279/download_file?st=MTc0MDYyMzk2MSw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="48579489" href="https://independent.academia.edu/RakibulIslam96">Rakibul Islam</a><script data-card-contents-for-user="48579489" type="text/json">{"id":48579489,"first_name":"Rakibul","last_name":"Islam","domain_name":"independent","page_name":"RakibulIslam96","display_name":"Rakibul Islam","profile_url":"https://independent.academia.edu/RakibulIslam96?f_ri=817504","photo":"https://0.academia-photos.com/48579489/12783565/14207434/s65_rakibul.islam.jpg"}</script></span></span></li><li class="js-paper-rank-work_26502730 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="26502730"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 26502730, container: ".js-paper-rank-work_26502730", }); });</script></li><li class="js-percentile-work_26502730 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 26502730; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_26502730"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_26502730 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="26502730"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 26502730; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=26502730]").text(description); $(".js-view-count-work_26502730").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_26502730").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="26502730"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">3</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="45" rel="nofollow" href="https://www.academia.edu/Documents/in/Business_Administration">Business Administration</a>, <script data-card-contents-for-ri="45" type="text/json">{"id":45,"name":"Business Administration","url":"https://www.academia.edu/Documents/in/Business_Administration?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="69841" rel="nofollow" href="https://www.academia.edu/Documents/in/Standard_Deviation">Standard Deviation</a>, <script data-card-contents-for-ri="69841" type="text/json">{"id":69841,"name":"Standard Deviation","url":"https://www.academia.edu/Documents/in/Standard_Deviation?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="817504" rel="nofollow" href="https://www.academia.edu/Documents/in/DIVIDEND">DIVIDEND</a><script data-card-contents-for-ri="817504" type="text/json">{"id":817504,"name":"DIVIDEND","url":"https://www.academia.edu/Documents/in/DIVIDEND?f_ri=817504","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=26502730]'), work: {"id":26502730,"title":"Mutual fund performance: an analysis of mutual funds’ return compare to the market return (DSEX)","created_at":"2016-06-26T02:13:31.047-07:00","url":"https://www.academia.edu/26502730/Mutual_fund_performance_an_analysis_of_mutual_funds_return_compare_to_the_market_return_DSEX_?f_ri=817504","dom_id":"work_26502730","summary":null,"downloadable_attachments":[{"id":46799279,"asset_id":26502730,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":48579489,"first_name":"Rakibul","last_name":"Islam","domain_name":"independent","page_name":"RakibulIslam96","display_name":"Rakibul Islam","profile_url":"https://independent.academia.edu/RakibulIslam96?f_ri=817504","photo":"https://0.academia-photos.com/48579489/12783565/14207434/s65_rakibul.islam.jpg"}],"research_interests":[{"id":45,"name":"Business Administration","url":"https://www.academia.edu/Documents/in/Business_Administration?f_ri=817504","nofollow":true},{"id":69841,"name":"Standard Deviation","url":"https://www.academia.edu/Documents/in/Standard_Deviation?f_ri=817504","nofollow":true},{"id":817504,"name":"DIVIDEND","url":"https://www.academia.edu/Documents/in/DIVIDEND?f_ri=817504","nofollow":true}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_13268730 coauthored" data-work_id="13268730" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/13268730/Teorije_tipovi_i_definisanje_dividendne_politike_u_funkciji_rasta_cijena_akcija">Teorije, tipovi i definisanje dividendne politike u funkciji rasta cijena akcija</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">Politika isplaćivanja dividendi kod akcionarskih društava u BiH nije prisutna u većoj mjeri. Jedno od prvih privrednih društava koje je usvojilo dividendnu politiku kao zvaničan dokument je „Banja Vrućica" a.d. Teslić. Jasno koncipiranje... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_13268730" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">Politika isplaćivanja dividendi kod akcionarskih društava u BiH nije prisutna u većoj mjeri. Jedno od prvih privrednih društava koje je usvojilo dividendnu politiku kao zvaničan dokument je „Banja Vrućica" a.d. Teslić. Jasno koncipiranje isplaćivanja budućih dividendi pred-stavlja signal sadašnjim i budućim akcionarima na osnovu kojih mogu formtrati očekivanja svog budućeg novčanog toka. U zavisnosti od politike isplaćivanja i stope rasta Isplata budućih dividendi moguće je odrediti očekivanu vrtjednost akcija. lako postoje razlike između očekivanja individualnih i institucionalnih investitora u pogledu dividendi i očekivanih kapitalnih dobitaka, jasnim stavom menadžmenta prema raspodijeli sadašnjih i budućih dobiti daje se nova podloga za odlučivanje i alokaciju kapitala koji je u posjedu individualnih i institucionalnih investitora.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/13268730" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="0d8684f65b0c53bcc3e9326010895c1d" rel="nofollow" data-download="{"attachment_id":54036672,"asset_id":13268730,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/54036672/download_file?st=MTc0MDYyMzk2MSw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="21941541" href="https://nubl.academia.edu/Milo%C5%A1Gruji%C4%87">Miloš Grujić</a><script data-card-contents-for-user="21941541" type="text/json">{"id":21941541,"first_name":"Miloš","last_name":"Grujić","domain_name":"nubl","page_name":"MilošGrujić","display_name":"Miloš Grujić","profile_url":"https://nubl.academia.edu/Milo%C5%A1Gruji%C4%87?f_ri=817504","photo":"https://0.academia-photos.com/21941541/7505281/8430572/s65_milo_.gruji_.jpg"}</script></span></span><span class="u-displayInlineBlock InlineList-item-text"> and <span class="u-textDecorationUnderline u-clickable InlineList-item-text js-work-more-authors-13268730">+1</span><div class="hidden js-additional-users-13268730"><div><span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a href="https://independent.academia.edu/SasaStevanovic2">Sasa Stevanovic</a></span></div></div></span><script>(function(){ var popoverSettings = { el: $('.js-work-more-authors-13268730'), placement: 'bottom', hide_delay: 200, html: true, content: function(){ return $('.js-additional-users-13268730').html(); } } new HoverPopover(popoverSettings); })();</script></li><li class="js-paper-rank-work_13268730 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="13268730"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 13268730, container: ".js-paper-rank-work_13268730", }); });</script></li><li class="js-percentile-work_13268730 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 13268730; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_13268730"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_13268730 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="13268730"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 13268730; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=13268730]").text(description); $(".js-view-count-work_13268730").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_13268730").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="13268730"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">4</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="160749" rel="nofollow" href="https://www.academia.edu/Documents/in/Dividend_Policies">Dividend Policies</a>, <script data-card-contents-for-ri="160749" type="text/json">{"id":160749,"name":"Dividend Policies","url":"https://www.academia.edu/Documents/in/Dividend_Policies?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="401388" rel="nofollow" href="https://www.academia.edu/Documents/in/Dividends">Dividends</a>, <script data-card-contents-for-ri="401388" type="text/json">{"id":401388,"name":"Dividends","url":"https://www.academia.edu/Documents/in/Dividends?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="701330" rel="nofollow" href="https://www.academia.edu/Documents/in/Dividend_policy">Dividend policy</a>, <script data-card-contents-for-ri="701330" type="text/json">{"id":701330,"name":"Dividend policy","url":"https://www.academia.edu/Documents/in/Dividend_policy?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="817504" rel="nofollow" href="https://www.academia.edu/Documents/in/DIVIDEND">DIVIDEND</a><script data-card-contents-for-ri="817504" type="text/json">{"id":817504,"name":"DIVIDEND","url":"https://www.academia.edu/Documents/in/DIVIDEND?f_ri=817504","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=13268730]'), work: {"id":13268730,"title":"Teorije, tipovi i definisanje dividendne politike u funkciji rasta cijena akcija","created_at":"2015-06-25T02:13:47.971-07:00","url":"https://www.academia.edu/13268730/Teorije_tipovi_i_definisanje_dividendne_politike_u_funkciji_rasta_cijena_akcija?f_ri=817504","dom_id":"work_13268730","summary":"Politika isplaćivanja dividendi kod akcionarskih društava u BiH nije prisutna u većoj mjeri. Jedno od prvih privrednih društava koje je usvojilo dividendnu politiku kao zvaničan dokument je „Banja Vrućica\" a.d. Teslić. Jasno koncipiranje isplaćivanja budućih dividendi pred-stavlja signal sadašnjim i budućim akcionarima na osnovu kojih mogu formtrati očekivanja svog budućeg novčanog toka. U zavisnosti od politike isplaćivanja i stope rasta Isplata budućih dividendi moguće je odrediti očekivanu vrtjednost akcija. lako postoje razlike između očekivanja individualnih i institucionalnih investitora u pogledu dividendi i očekivanih kapitalnih dobitaka, jasnim stavom menadžmenta prema raspodijeli sadašnjih i budućih dobiti daje se nova podloga za odlučivanje i alokaciju kapitala koji je u posjedu individualnih i institucionalnih investitora. \r\n","downloadable_attachments":[{"id":54036672,"asset_id":13268730,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":21941541,"first_name":"Miloš","last_name":"Grujić","domain_name":"nubl","page_name":"MilošGrujić","display_name":"Miloš Grujić","profile_url":"https://nubl.academia.edu/Milo%C5%A1Gruji%C4%87?f_ri=817504","photo":"https://0.academia-photos.com/21941541/7505281/8430572/s65_milo_.gruji_.jpg"},{"id":41264049,"first_name":"Sasa","last_name":"Stevanovic","domain_name":"independent","page_name":"SasaStevanovic2","display_name":"Sasa Stevanovic","profile_url":"https://independent.academia.edu/SasaStevanovic2?f_ri=817504","photo":"https://0.academia-photos.com/41264049/11198577/12495852/s65_sasa.stevanovic.jpg"}],"research_interests":[{"id":160749,"name":"Dividend Policies","url":"https://www.academia.edu/Documents/in/Dividend_Policies?f_ri=817504","nofollow":true},{"id":401388,"name":"Dividends","url":"https://www.academia.edu/Documents/in/Dividends?f_ri=817504","nofollow":true},{"id":701330,"name":"Dividend policy","url":"https://www.academia.edu/Documents/in/Dividend_policy?f_ri=817504","nofollow":true},{"id":817504,"name":"DIVIDEND","url":"https://www.academia.edu/Documents/in/DIVIDEND?f_ri=817504","nofollow":true}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_30607560" data-work_id="30607560" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/30607560/Sri_Lanka_from_peace_dividend_to_sustained_growth_acceleration">Sri Lanka : from peace dividend to sustained growth acceleration</a></div></div><div class="u-pb4x u-mt3x"></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/30607560" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="4689b09d5b7ef9913e1db9649d52d7cd" rel="nofollow" data-download="{"attachment_id":51053671,"asset_id":30607560,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/51053671/download_file?st=MTc0MDYyMzk2MSw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="58320473" href="https://mu.academia.edu/BrianPinto">Brian Pinto</a><script data-card-contents-for-user="58320473" type="text/json">{"id":58320473,"first_name":"Brian","last_name":"Pinto","domain_name":"mu","page_name":"BrianPinto","display_name":"Brian Pinto","profile_url":"https://mu.academia.edu/BrianPinto?f_ri=817504","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_30607560 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="30607560"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 30607560, container: ".js-paper-rank-work_30607560", }); });</script></li><li class="js-percentile-work_30607560 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 30607560; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_30607560"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_30607560 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="30607560"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 30607560; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=30607560]").text(description); $(".js-view-count-work_30607560").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_30607560").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="30607560"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">59</a>  </div><span class="InlineList-item-text u-textTruncate u-pl10x"><a class="InlineList-item-text" data-has-card-for-ri="735" rel="nofollow" href="https://www.academia.edu/Documents/in/International_Economics">International Economics</a>, <script data-card-contents-for-ri="735" type="text/json">{"id":735,"name":"International Economics","url":"https://www.academia.edu/Documents/in/International_Economics?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="764" rel="nofollow" href="https://www.academia.edu/Documents/in/Macroeconomics">Macroeconomics</a>, <script data-card-contents-for-ri="764" type="text/json">{"id":764,"name":"Macroeconomics","url":"https://www.academia.edu/Documents/in/Macroeconomics?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="2961" rel="nofollow" href="https://www.academia.edu/Documents/in/Property_Rights">Property Rights</a>, <script data-card-contents-for-ri="2961" type="text/json">{"id":2961,"name":"Property Rights","url":"https://www.academia.edu/Documents/in/Property_Rights?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="3490" rel="nofollow" href="https://www.academia.edu/Documents/in/Accounting">Accounting</a><script data-card-contents-for-ri="3490" type="text/json">{"id":3490,"name":"Accounting","url":"https://www.academia.edu/Documents/in/Accounting?f_ri=817504","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=30607560]'), work: {"id":30607560,"title":"Sri Lanka : from peace dividend to sustained growth acceleration","created_at":"2016-12-25T12:41:42.190-08:00","url":"https://www.academia.edu/30607560/Sri_Lanka_from_peace_dividend_to_sustained_growth_acceleration?f_ri=817504","dom_id":"work_30607560","summary":null,"downloadable_attachments":[{"id":51053671,"asset_id":30607560,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":58320473,"first_name":"Brian","last_name":"Pinto","domain_name":"mu","page_name":"BrianPinto","display_name":"Brian Pinto","profile_url":"https://mu.academia.edu/BrianPinto?f_ri=817504","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":735,"name":"International Economics","url":"https://www.academia.edu/Documents/in/International_Economics?f_ri=817504","nofollow":true},{"id":764,"name":"Macroeconomics","url":"https://www.academia.edu/Documents/in/Macroeconomics?f_ri=817504","nofollow":true},{"id":2961,"name":"Property Rights","url":"https://www.academia.edu/Documents/in/Property_Rights?f_ri=817504","nofollow":true},{"id":3490,"name":"Accounting","url":"https://www.academia.edu/Documents/in/Accounting?f_ri=817504","nofollow":true},{"id":4484,"name":"Economic Growth","url":"https://www.academia.edu/Documents/in/Economic_Growth?f_ri=817504"},{"id":5405,"name":"Emerging Economies","url":"https://www.academia.edu/Documents/in/Emerging_Economies?f_ri=817504"},{"id":9815,"name":"Developing Countries","url":"https://www.academia.edu/Documents/in/Developing_Countries?f_ri=817504"},{"id":10225,"name":"Agriculture","url":"https://www.academia.edu/Documents/in/Agriculture?f_ri=817504"},{"id":11395,"name":"Economic Development","url":"https://www.academia.edu/Documents/in/Economic_Development?f_ri=817504"},{"id":11746,"name":"Alternative Investments","url":"https://www.academia.edu/Documents/in/Alternative_Investments?f_ri=817504"},{"id":12061,"name":"Risk Management","url":"https://www.academia.edu/Documents/in/Risk_Management?f_ri=817504"},{"id":32213,"name":"Emerging Markets","url":"https://www.academia.edu/Documents/in/Emerging_Markets?f_ri=817504"},{"id":48904,"name":"Elasticity","url":"https://www.academia.edu/Documents/in/Elasticity?f_ri=817504"},{"id":52281,"name":"Public Good","url":"https://www.academia.edu/Documents/in/Public_Good?f_ri=817504"},{"id":62944,"name":"Emerging Market","url":"https://www.academia.edu/Documents/in/Emerging_Market?f_ri=817504"},{"id":63444,"name":"Financial System","url":"https://www.academia.edu/Documents/in/Financial_System?f_ri=817504"},{"id":64987,"name":"Social Development","url":"https://www.academia.edu/Documents/in/Social_Development?f_ri=817504"},{"id":70649,"name":"External Debt","url":"https://www.academia.edu/Documents/in/External_Debt?f_ri=817504"},{"id":80209,"name":"Credit Rating","url":"https://www.academia.edu/Documents/in/Credit_Rating?f_ri=817504"},{"id":97227,"name":"Rate of return","url":"https://www.academia.edu/Documents/in/Rate_of_return?f_ri=817504"},{"id":109951,"name":"Turnover","url":"https://www.academia.edu/Documents/in/Turnover?f_ri=817504"},{"id":113317,"name":"Inflation","url":"https://www.academia.edu/Documents/in/Inflation?f_ri=817504"},{"id":123129,"name":"Externalities","url":"https://www.academia.edu/Documents/in/Externalities?f_ri=817504"},{"id":159450,"name":"Comparative Advantage","url":"https://www.academia.edu/Documents/in/Comparative_Advantage?f_ri=817504"},{"id":160116,"name":"Cost of Capital","url":"https://www.academia.edu/Documents/in/Cost_of_Capital?f_ri=817504"},{"id":160123,"name":"Bond Spread","url":"https://www.academia.edu/Documents/in/Bond_Spread?f_ri=817504"},{"id":182800,"name":"Real Interest Rates","url":"https://www.academia.edu/Documents/in/Real_Interest_Rates?f_ri=817504"},{"id":215358,"name":"Public finances","url":"https://www.academia.edu/Documents/in/Public_finances?f_ri=817504"},{"id":222739,"name":"Consumers","url":"https://www.academia.edu/Documents/in/Consumers?f_ri=817504"},{"id":226324,"name":"Liquidity","url":"https://www.academia.edu/Documents/in/Liquidity?f_ri=817504"},{"id":226331,"name":"Market efficiency","url":"https://www.academia.edu/Documents/in/Market_efficiency?f_ri=817504"},{"id":233704,"name":"Sovereign Default Risk","url":"https://www.academia.edu/Documents/in/Sovereign_Default_Risk?f_ri=817504"},{"id":239277,"name":"Government Policy","url":"https://www.academia.edu/Documents/in/Government_Policy?f_ri=817504"},{"id":271890,"name":"Currency","url":"https://www.academia.edu/Documents/in/Currency?f_ri=817504"},{"id":293511,"name":"Land Ownership","url":"https://www.academia.edu/Documents/in/Land_Ownership?f_ri=817504"},{"id":294066,"name":"GDP","url":"https://www.academia.edu/Documents/in/GDP?f_ri=817504"},{"id":330963,"name":"Divestment","url":"https://www.academia.edu/Documents/in/Divestment?f_ri=817504"},{"id":340031,"name":"Foreign Investment","url":"https://www.academia.edu/Documents/in/Foreign_Investment?f_ri=817504"},{"id":345869,"name":"real GDP","url":"https://www.academia.edu/Documents/in/real_GDP?f_ri=817504"},{"id":368126,"name":"Income Tax","url":"https://www.academia.edu/Documents/in/Income_Tax?f_ri=817504"},{"id":398270,"name":"Current Account Deficit","url":"https://www.academia.edu/Documents/in/Current_Account_Deficit?f_ri=817504"},{"id":458912,"name":"Total factor productivity","url":"https://www.academia.edu/Documents/in/Total_factor_productivity?f_ri=817504"},{"id":576165,"name":"Production Function","url":"https://www.academia.edu/Documents/in/Production_Function?f_ri=817504"},{"id":594515,"name":"Value added","url":"https://www.academia.edu/Documents/in/Value_added?f_ri=817504"},{"id":617240,"name":"Return","url":"https://www.academia.edu/Documents/in/Return?f_ri=817504"},{"id":722995,"name":"Debt Ratio","url":"https://www.academia.edu/Documents/in/Debt_Ratio?f_ri=817504"},{"id":817504,"name":"DIVIDEND","url":"https://www.academia.edu/Documents/in/DIVIDEND?f_ri=817504"},{"id":911508,"name":"Balance of Payments","url":"https://www.academia.edu/Documents/in/Balance_of_Payments?f_ri=817504"},{"id":980870,"name":"Debts","url":"https://www.academia.edu/Documents/in/Debts?f_ri=817504"},{"id":1115462,"name":"Fixed Assets","url":"https://www.academia.edu/Documents/in/Fixed_Assets?f_ri=817504"},{"id":1551025,"name":"Domestic market","url":"https://www.academia.edu/Documents/in/Domestic_market?f_ri=817504"},{"id":1733266,"name":"Per Capita Income","url":"https://www.academia.edu/Documents/in/Per_Capita_Income?f_ri=817504"},{"id":1895901,"name":"Balance Sheet","url":"https://www.academia.edu/Documents/in/Balance_Sheet?f_ri=817504"},{"id":1938454,"name":"Adverse effects","url":"https://www.academia.edu/Documents/in/Adverse_effects?f_ri=817504"},{"id":2042164,"name":"Budget Constraints","url":"https://www.academia.edu/Documents/in/Budget_Constraints?f_ri=817504"},{"id":2102564,"name":"Foreign Exchange Reserves","url":"https://www.academia.edu/Documents/in/Foreign_Exchange_Reserves?f_ri=817504"},{"id":2130407,"name":"Capital Stock","url":"https://www.academia.edu/Documents/in/Capital_Stock?f_ri=817504"},{"id":2585418,"name":"Credit History","url":"https://www.academia.edu/Documents/in/Credit_History?f_ri=817504"},{"id":2591773,"name":"Tax Revenues","url":"https://www.academia.edu/Documents/in/Tax_Revenues?f_ri=817504"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_31394992" data-work_id="31394992" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/31394992/Corporate_Governance_and_Development">Corporate Governance and Development</a></div></div><div class="u-pb4x u-mt3x"></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/31394992" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="492f4197bd72fc1db575f13df22434f8" rel="nofollow" data-download="{"attachment_id":51766862,"asset_id":31394992,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/51766862/download_file?st=MTc0MDYyMzk2MSw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="59961251" href="https://independent.academia.edu/ClaessensStijn">Stijn Claessens</a><script data-card-contents-for-user="59961251" type="text/json">{"id":59961251,"first_name":"Stijn","last_name":"Claessens","domain_name":"independent","page_name":"ClaessensStijn","display_name":"Stijn Claessens","profile_url":"https://independent.academia.edu/ClaessensStijn?f_ri=817504","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_31394992 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="31394992"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 31394992, container: ".js-paper-rank-work_31394992", }); });</script></li><li class="js-percentile-work_31394992 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 31394992; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_31394992"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_31394992 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="31394992"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 31394992; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=31394992]").text(description); $(".js-view-count-work_31394992").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_31394992").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="31394992"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">54</a>  </div><span class="InlineList-item-text u-textTruncate u-pl10x"><a class="InlineList-item-text" data-has-card-for-ri="184" rel="nofollow" href="https://www.academia.edu/Documents/in/Sociology">Sociology</a>, <script data-card-contents-for-ri="184" type="text/json">{"id":184,"name":"Sociology","url":"https://www.academia.edu/Documents/in/Sociology?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="802" rel="nofollow" href="https://www.academia.edu/Documents/in/Political_Economy">Political Economy</a>, <script data-card-contents-for-ri="802" type="text/json">{"id":802,"name":"Political Economy","url":"https://www.academia.edu/Documents/in/Political_Economy?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="1452" rel="nofollow" href="https://www.academia.edu/Documents/in/Corporate_Social_Responsibility">Corporate Social Responsibility</a>, <script data-card-contents-for-ri="1452" type="text/json">{"id":1452,"name":"Corporate Social Responsibility","url":"https://www.academia.edu/Documents/in/Corporate_Social_Responsibility?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="2961" rel="nofollow" href="https://www.academia.edu/Documents/in/Property_Rights">Property Rights</a><script data-card-contents-for-ri="2961" type="text/json">{"id":2961,"name":"Property Rights","url":"https://www.academia.edu/Documents/in/Property_Rights?f_ri=817504","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=31394992]'), work: {"id":31394992,"title":"Corporate Governance and Development","created_at":"2017-02-12T17:20:55.147-08:00","url":"https://www.academia.edu/31394992/Corporate_Governance_and_Development?f_ri=817504","dom_id":"work_31394992","summary":null,"downloadable_attachments":[{"id":51766862,"asset_id":31394992,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":59961251,"first_name":"Stijn","last_name":"Claessens","domain_name":"independent","page_name":"ClaessensStijn","display_name":"Stijn Claessens","profile_url":"https://independent.academia.edu/ClaessensStijn?f_ri=817504","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":184,"name":"Sociology","url":"https://www.academia.edu/Documents/in/Sociology?f_ri=817504","nofollow":true},{"id":802,"name":"Political Economy","url":"https://www.academia.edu/Documents/in/Political_Economy?f_ri=817504","nofollow":true},{"id":1452,"name":"Corporate Social Responsibility","url":"https://www.academia.edu/Documents/in/Corporate_Social_Responsibility?f_ri=817504","nofollow":true},{"id":2961,"name":"Property Rights","url":"https://www.academia.edu/Documents/in/Property_Rights?f_ri=817504","nofollow":true},{"id":3490,"name":"Accounting","url":"https://www.academia.edu/Documents/in/Accounting?f_ri=817504"},{"id":4167,"name":"Corporate Governance","url":"https://www.academia.edu/Documents/in/Corporate_Governance?f_ri=817504"},{"id":5320,"name":"Financial Systems","url":"https://www.academia.edu/Documents/in/Financial_Systems?f_ri=817504"},{"id":6910,"name":"Capital Markets","url":"https://www.academia.edu/Documents/in/Capital_Markets?f_ri=817504"},{"id":7292,"name":"Corporate Finance","url":"https://www.academia.edu/Documents/in/Corporate_Finance?f_ri=817504"},{"id":9815,"name":"Developing Countries","url":"https://www.academia.edu/Documents/in/Developing_Countries?f_ri=817504"},{"id":11395,"name":"Economic Development","url":"https://www.academia.edu/Documents/in/Economic_Development?f_ri=817504"},{"id":25112,"name":"Financial Markets","url":"https://www.academia.edu/Documents/in/Financial_Markets?f_ri=817504"},{"id":25116,"name":"International Finance","url":"https://www.academia.edu/Documents/in/International_Finance?f_ri=817504"},{"id":32108,"name":"Creditors' Rights","url":"https://www.academia.edu/Documents/in/Creditors_Rights?f_ri=817504"},{"id":32213,"name":"Emerging Markets","url":"https://www.academia.edu/Documents/in/Emerging_Markets?f_ri=817504"},{"id":48977,"name":"Reputation","url":"https://www.academia.edu/Documents/in/Reputation?f_ri=817504"},{"id":59284,"name":"Price Discovery","url":"https://www.academia.edu/Documents/in/Price_Discovery?f_ri=817504"},{"id":59482,"name":"Corporate Responsibility","url":"https://www.academia.edu/Documents/in/Corporate_Responsibility?f_ri=817504"},{"id":59537,"name":"Transparency","url":"https://www.academia.edu/Documents/in/Transparency?f_ri=817504"},{"id":59704,"name":"Institutional Investors","url":"https://www.academia.edu/Documents/in/Institutional_Investors?f_ri=817504"},{"id":71228,"name":"Trade Liberalization","url":"https://www.academia.edu/Documents/in/Trade_Liberalization?f_ri=817504"},{"id":78073,"name":"Dummy Variables","url":"https://www.academia.edu/Documents/in/Dummy_Variables?f_ri=817504"},{"id":94661,"name":"Financial Services","url":"https://www.academia.edu/Documents/in/Financial_Services?f_ri=817504"},{"id":97227,"name":"Rate of return","url":"https://www.academia.edu/Documents/in/Rate_of_return?f_ri=817504"},{"id":109951,"name":"Turnover","url":"https://www.academia.edu/Documents/in/Turnover?f_ri=817504"},{"id":160116,"name":"Cost of Capital","url":"https://www.academia.edu/Documents/in/Cost_of_Capital?f_ri=817504"},{"id":160749,"name":"Dividend Policies","url":"https://www.academia.edu/Documents/in/Dividend_Policies?f_ri=817504"},{"id":222437,"name":"Exposure","url":"https://www.academia.edu/Documents/in/Exposure?f_ri=817504"},{"id":226324,"name":"Liquidity","url":"https://www.academia.edu/Documents/in/Liquidity?f_ri=817504"},{"id":235753,"name":"Debt","url":"https://www.academia.edu/Documents/in/Debt?f_ri=817504"},{"id":241361,"name":"Social Issues","url":"https://www.academia.edu/Documents/in/Social_Issues?f_ri=817504"},{"id":270673,"name":"Financial Market","url":"https://www.academia.edu/Documents/in/Financial_Market?f_ri=817504"},{"id":271890,"name":"Currency","url":"https://www.academia.edu/Documents/in/Currency?f_ri=817504"},{"id":298391,"name":"Bond","url":"https://www.academia.edu/Documents/in/Bond?f_ri=817504"},{"id":309524,"name":"Deregulation","url":"https://www.academia.edu/Documents/in/Deregulation?f_ri=817504"},{"id":309843,"name":"Legal system","url":"https://www.academia.edu/Documents/in/Legal_system?f_ri=817504"},{"id":311931,"name":"STOCK EXCHANGE","url":"https://www.academia.edu/Documents/in/STOCK_EXCHANGE?f_ri=817504"},{"id":415957,"name":"Agency Costs","url":"https://www.academia.edu/Documents/in/Agency_Costs?f_ri=817504"},{"id":481775,"name":"Capital Allocation","url":"https://www.academia.edu/Documents/in/Capital_Allocation?f_ri=817504"},{"id":530870,"name":"Stock Exchanges","url":"https://www.academia.edu/Documents/in/Stock_Exchanges?f_ri=817504"},{"id":578704,"name":"Liberalization","url":"https://www.academia.edu/Documents/in/Liberalization?f_ri=817504"},{"id":589951,"name":"Institutional and Other Investment","url":"https://www.academia.edu/Documents/in/Institutional_and_Other_Investment?f_ri=817504"},{"id":599884,"name":"Shareholders","url":"https://www.academia.edu/Documents/in/Shareholders?f_ri=817504"},{"id":659771,"name":"Cash Flow","url":"https://www.academia.edu/Documents/in/Cash_Flow?f_ri=817504"},{"id":817504,"name":"DIVIDEND","url":"https://www.academia.edu/Documents/in/DIVIDEND?f_ri=817504"},{"id":981649,"name":"Creditor","url":"https://www.academia.edu/Documents/in/Creditor?f_ri=817504"},{"id":1012495,"name":"Output","url":"https://www.academia.edu/Documents/in/Output?f_ri=817504"},{"id":1131945,"name":"Agency Problem","url":"https://www.academia.edu/Documents/in/Agency_Problem?f_ri=817504"},{"id":1240789,"name":"Capital Market","url":"https://www.academia.edu/Documents/in/Capital_Market?f_ri=817504"},{"id":1363156,"name":"Information Asymmetries","url":"https://www.academia.edu/Documents/in/Information_Asymmetries?f_ri=817504"},{"id":1501300,"name":"Financial Intermediaries","url":"https://www.academia.edu/Documents/in/Financial_Intermediaries?f_ri=817504"},{"id":1646014,"name":"Market Capitalization","url":"https://www.academia.edu/Documents/in/Market_Capitalization?f_ri=817504"},{"id":1723635,"name":"Public Policy","url":"https://www.academia.edu/Documents/in/Public_Policy?f_ri=817504"},{"id":1826430,"name":"Return on Equity","url":"https://www.academia.edu/Documents/in/Return_on_Equity?f_ri=817504"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_57956519" data-work_id="57956519" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/57956519/Ponzis_The_Science_and_Mystique_of_a_Class_of_Financial_Frauds">Ponzis: The Science and Mystique of a Class of Financial Frauds</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">Ponzis are among the most ubiquitous and least understood phenomena of economic life. They acquired a certain salience with the global financial crisis of 2008 and the crash of Bernie Madoff's celebrated Ponzi scheme. This paper explains... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_57956519" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">Ponzis are among the most ubiquitous and least understood phenomena of economic life. They acquired a certain salience with the global financial crisis of 2008 and the crash of Bernie Madoff's celebrated Ponzi scheme. This paper explains the structure of Ponzi schemes and argues that what makes this such a troubling phenomenon is its ability to be camouflaged amid legitimate practices. It is shown, for instance, that the common practice of giving stock options to employees could be a potential Ponzi that allows corporations to flourish for a while by borrowing from its own future. The paper discusses the need for intelligent regulation to incise harmful Ponzis (not all Ponzis are harmful) while taking care not to damage the legitimate activities that surround them.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/57956519" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="7888ca18e383fdebaab92e4d06527ade" rel="nofollow" data-download="{"attachment_id":72602268,"asset_id":57956519,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/72602268/download_file?st=MTc0MDYyMzk2MSw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="32876570" href="https://independent.academia.edu/KaushikBasu3">Kaushik Basu</a><script data-card-contents-for-user="32876570" type="text/json">{"id":32876570,"first_name":"Kaushik","last_name":"Basu","domain_name":"independent","page_name":"KaushikBasu3","display_name":"Kaushik Basu","profile_url":"https://independent.academia.edu/KaushikBasu3?f_ri=817504","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_57956519 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="57956519"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 57956519, container: ".js-paper-rank-work_57956519", }); });</script></li><li class="js-percentile-work_57956519 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 57956519; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_57956519"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_57956519 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="57956519"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 57956519; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=57956519]").text(description); $(".js-view-count-work_57956519").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_57956519").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="57956519"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">20</a>  </div><span class="InlineList-item-text u-textTruncate u-pl10x"><a class="InlineList-item-text" data-has-card-for-ri="39" rel="nofollow" href="https://www.academia.edu/Documents/in/Marketing">Marketing</a>, <script data-card-contents-for-ri="39" type="text/json">{"id":39,"name":"Marketing","url":"https://www.academia.edu/Documents/in/Marketing?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="727" rel="nofollow" href="https://www.academia.edu/Documents/in/Development_Economics">Development Economics</a>, <script data-card-contents-for-ri="727" type="text/json">{"id":727,"name":"Development Economics","url":"https://www.academia.edu/Documents/in/Development_Economics?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="1452" rel="nofollow" href="https://www.academia.edu/Documents/in/Corporate_Social_Responsibility">Corporate Social Responsibility</a>, <script data-card-contents-for-ri="1452" type="text/json">{"id":1452,"name":"Corporate Social Responsibility","url":"https://www.academia.edu/Documents/in/Corporate_Social_Responsibility?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="25112" rel="nofollow" href="https://www.academia.edu/Documents/in/Financial_Markets">Financial Markets</a><script data-card-contents-for-ri="25112" type="text/json">{"id":25112,"name":"Financial Markets","url":"https://www.academia.edu/Documents/in/Financial_Markets?f_ri=817504","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=57956519]'), work: {"id":57956519,"title":"Ponzis: The Science and Mystique of a Class of Financial Frauds","created_at":"2021-10-14T19:38:57.588-07:00","url":"https://www.academia.edu/57956519/Ponzis_The_Science_and_Mystique_of_a_Class_of_Financial_Frauds?f_ri=817504","dom_id":"work_57956519","summary":"Ponzis are among the most ubiquitous and least understood phenomena of economic life. They acquired a certain salience with the global financial crisis of 2008 and the crash of Bernie Madoff's celebrated Ponzi scheme. This paper explains the structure of Ponzi schemes and argues that what makes this such a troubling phenomenon is its ability to be camouflaged amid legitimate practices. It is shown, for instance, that the common practice of giving stock options to employees could be a potential Ponzi that allows corporations to flourish for a while by borrowing from its own future. The paper discusses the need for intelligent regulation to incise harmful Ponzis (not all Ponzis are harmful) while taking care not to damage the legitimate activities that surround them.","downloadable_attachments":[{"id":72602268,"asset_id":57956519,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":32876570,"first_name":"Kaushik","last_name":"Basu","domain_name":"independent","page_name":"KaushikBasu3","display_name":"Kaushik Basu","profile_url":"https://independent.academia.edu/KaushikBasu3?f_ri=817504","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":39,"name":"Marketing","url":"https://www.academia.edu/Documents/in/Marketing?f_ri=817504","nofollow":true},{"id":727,"name":"Development Economics","url":"https://www.academia.edu/Documents/in/Development_Economics?f_ri=817504","nofollow":true},{"id":1452,"name":"Corporate Social Responsibility","url":"https://www.academia.edu/Documents/in/Corporate_Social_Responsibility?f_ri=817504","nofollow":true},{"id":25112,"name":"Financial Markets","url":"https://www.academia.edu/Documents/in/Financial_Markets?f_ri=817504","nofollow":true},{"id":32213,"name":"Emerging Markets","url":"https://www.academia.edu/Documents/in/Emerging_Markets?f_ri=817504"},{"id":48977,"name":"Reputation","url":"https://www.academia.edu/Documents/in/Reputation?f_ri=817504"},{"id":55505,"name":"Recession","url":"https://www.academia.edu/Documents/in/Recession?f_ri=817504"},{"id":69817,"name":"Investing","url":"https://www.academia.edu/Documents/in/Investing?f_ri=817504"},{"id":145748,"name":"Sales","url":"https://www.academia.edu/Documents/in/Sales?f_ri=817504"},{"id":167483,"name":"Income","url":"https://www.academia.edu/Documents/in/Income?f_ri=817504"},{"id":222739,"name":"Consumers","url":"https://www.academia.edu/Documents/in/Consumers?f_ri=817504"},{"id":226324,"name":"Liquidity","url":"https://www.academia.edu/Documents/in/Liquidity?f_ri=817504"},{"id":235753,"name":"Debt","url":"https://www.academia.edu/Documents/in/Debt?f_ri=817504"},{"id":239277,"name":"Government Policy","url":"https://www.academia.edu/Documents/in/Government_Policy?f_ri=817504"},{"id":271890,"name":"Currency","url":"https://www.academia.edu/Documents/in/Currency?f_ri=817504"},{"id":617240,"name":"Return","url":"https://www.academia.edu/Documents/in/Return?f_ri=817504"},{"id":817504,"name":"DIVIDEND","url":"https://www.academia.edu/Documents/in/DIVIDEND?f_ri=817504"},{"id":1028340,"name":"Incomes","url":"https://www.academia.edu/Documents/in/Incomes?f_ri=817504"},{"id":1347252,"name":"Deflation","url":"https://www.academia.edu/Documents/in/Deflation?f_ri=817504"},{"id":1919075,"name":"Financial Products","url":"https://www.academia.edu/Documents/in/Financial_Products?f_ri=817504"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_31395145" data-work_id="31395145" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/31395145/Corporate_Governance_and_Development">Corporate Governance and Development</a></div></div><div class="u-pb4x u-mt3x"></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/31395145" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="3e5b1f4021ba8f63323d3250fc6bb06e" rel="nofollow" data-download="{"attachment_id":51766941,"asset_id":31395145,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/51766941/download_file?st=MTc0MDYyMzk2MSw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="59961251" href="https://independent.academia.edu/ClaessensStijn">Stijn Claessens</a><script data-card-contents-for-user="59961251" type="text/json">{"id":59961251,"first_name":"Stijn","last_name":"Claessens","domain_name":"independent","page_name":"ClaessensStijn","display_name":"Stijn Claessens","profile_url":"https://independent.academia.edu/ClaessensStijn?f_ri=817504","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_31395145 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="31395145"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 31395145, container: ".js-paper-rank-work_31395145", }); });</script></li><li class="js-percentile-work_31395145 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 31395145; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_31395145"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_31395145 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="31395145"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 31395145; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=31395145]").text(description); $(".js-view-count-work_31395145").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_31395145").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="31395145"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">54</a>  </div><span class="InlineList-item-text u-textTruncate u-pl10x"><a class="InlineList-item-text" data-has-card-for-ri="184" rel="nofollow" href="https://www.academia.edu/Documents/in/Sociology">Sociology</a>, <script data-card-contents-for-ri="184" type="text/json">{"id":184,"name":"Sociology","url":"https://www.academia.edu/Documents/in/Sociology?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="802" rel="nofollow" href="https://www.academia.edu/Documents/in/Political_Economy">Political Economy</a>, <script data-card-contents-for-ri="802" type="text/json">{"id":802,"name":"Political Economy","url":"https://www.academia.edu/Documents/in/Political_Economy?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="1452" rel="nofollow" href="https://www.academia.edu/Documents/in/Corporate_Social_Responsibility">Corporate Social Responsibility</a>, <script data-card-contents-for-ri="1452" type="text/json">{"id":1452,"name":"Corporate Social Responsibility","url":"https://www.academia.edu/Documents/in/Corporate_Social_Responsibility?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="2961" rel="nofollow" href="https://www.academia.edu/Documents/in/Property_Rights">Property Rights</a><script data-card-contents-for-ri="2961" type="text/json">{"id":2961,"name":"Property Rights","url":"https://www.academia.edu/Documents/in/Property_Rights?f_ri=817504","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=31395145]'), work: {"id":31395145,"title":"Corporate Governance and Development","created_at":"2017-02-12T17:21:37.980-08:00","url":"https://www.academia.edu/31395145/Corporate_Governance_and_Development?f_ri=817504","dom_id":"work_31395145","summary":null,"downloadable_attachments":[{"id":51766941,"asset_id":31395145,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":59961251,"first_name":"Stijn","last_name":"Claessens","domain_name":"independent","page_name":"ClaessensStijn","display_name":"Stijn Claessens","profile_url":"https://independent.academia.edu/ClaessensStijn?f_ri=817504","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":184,"name":"Sociology","url":"https://www.academia.edu/Documents/in/Sociology?f_ri=817504","nofollow":true},{"id":802,"name":"Political Economy","url":"https://www.academia.edu/Documents/in/Political_Economy?f_ri=817504","nofollow":true},{"id":1452,"name":"Corporate Social Responsibility","url":"https://www.academia.edu/Documents/in/Corporate_Social_Responsibility?f_ri=817504","nofollow":true},{"id":2961,"name":"Property Rights","url":"https://www.academia.edu/Documents/in/Property_Rights?f_ri=817504","nofollow":true},{"id":3490,"name":"Accounting","url":"https://www.academia.edu/Documents/in/Accounting?f_ri=817504"},{"id":4167,"name":"Corporate Governance","url":"https://www.academia.edu/Documents/in/Corporate_Governance?f_ri=817504"},{"id":5320,"name":"Financial Systems","url":"https://www.academia.edu/Documents/in/Financial_Systems?f_ri=817504"},{"id":6910,"name":"Capital Markets","url":"https://www.academia.edu/Documents/in/Capital_Markets?f_ri=817504"},{"id":7292,"name":"Corporate Finance","url":"https://www.academia.edu/Documents/in/Corporate_Finance?f_ri=817504"},{"id":9815,"name":"Developing Countries","url":"https://www.academia.edu/Documents/in/Developing_Countries?f_ri=817504"},{"id":11395,"name":"Economic Development","url":"https://www.academia.edu/Documents/in/Economic_Development?f_ri=817504"},{"id":25112,"name":"Financial Markets","url":"https://www.academia.edu/Documents/in/Financial_Markets?f_ri=817504"},{"id":25116,"name":"International Finance","url":"https://www.academia.edu/Documents/in/International_Finance?f_ri=817504"},{"id":32108,"name":"Creditors' Rights","url":"https://www.academia.edu/Documents/in/Creditors_Rights?f_ri=817504"},{"id":32213,"name":"Emerging Markets","url":"https://www.academia.edu/Documents/in/Emerging_Markets?f_ri=817504"},{"id":48977,"name":"Reputation","url":"https://www.academia.edu/Documents/in/Reputation?f_ri=817504"},{"id":59284,"name":"Price Discovery","url":"https://www.academia.edu/Documents/in/Price_Discovery?f_ri=817504"},{"id":59482,"name":"Corporate Responsibility","url":"https://www.academia.edu/Documents/in/Corporate_Responsibility?f_ri=817504"},{"id":59537,"name":"Transparency","url":"https://www.academia.edu/Documents/in/Transparency?f_ri=817504"},{"id":59704,"name":"Institutional Investors","url":"https://www.academia.edu/Documents/in/Institutional_Investors?f_ri=817504"},{"id":71228,"name":"Trade Liberalization","url":"https://www.academia.edu/Documents/in/Trade_Liberalization?f_ri=817504"},{"id":78073,"name":"Dummy Variables","url":"https://www.academia.edu/Documents/in/Dummy_Variables?f_ri=817504"},{"id":94661,"name":"Financial Services","url":"https://www.academia.edu/Documents/in/Financial_Services?f_ri=817504"},{"id":97227,"name":"Rate of return","url":"https://www.academia.edu/Documents/in/Rate_of_return?f_ri=817504"},{"id":109951,"name":"Turnover","url":"https://www.academia.edu/Documents/in/Turnover?f_ri=817504"},{"id":160116,"name":"Cost of Capital","url":"https://www.academia.edu/Documents/in/Cost_of_Capital?f_ri=817504"},{"id":160749,"name":"Dividend Policies","url":"https://www.academia.edu/Documents/in/Dividend_Policies?f_ri=817504"},{"id":222437,"name":"Exposure","url":"https://www.academia.edu/Documents/in/Exposure?f_ri=817504"},{"id":226324,"name":"Liquidity","url":"https://www.academia.edu/Documents/in/Liquidity?f_ri=817504"},{"id":235753,"name":"Debt","url":"https://www.academia.edu/Documents/in/Debt?f_ri=817504"},{"id":241361,"name":"Social Issues","url":"https://www.academia.edu/Documents/in/Social_Issues?f_ri=817504"},{"id":270673,"name":"Financial Market","url":"https://www.academia.edu/Documents/in/Financial_Market?f_ri=817504"},{"id":271890,"name":"Currency","url":"https://www.academia.edu/Documents/in/Currency?f_ri=817504"},{"id":298391,"name":"Bond","url":"https://www.academia.edu/Documents/in/Bond?f_ri=817504"},{"id":309524,"name":"Deregulation","url":"https://www.academia.edu/Documents/in/Deregulation?f_ri=817504"},{"id":309843,"name":"Legal system","url":"https://www.academia.edu/Documents/in/Legal_system?f_ri=817504"},{"id":311931,"name":"STOCK EXCHANGE","url":"https://www.academia.edu/Documents/in/STOCK_EXCHANGE?f_ri=817504"},{"id":415957,"name":"Agency Costs","url":"https://www.academia.edu/Documents/in/Agency_Costs?f_ri=817504"},{"id":481775,"name":"Capital Allocation","url":"https://www.academia.edu/Documents/in/Capital_Allocation?f_ri=817504"},{"id":530870,"name":"Stock Exchanges","url":"https://www.academia.edu/Documents/in/Stock_Exchanges?f_ri=817504"},{"id":578704,"name":"Liberalization","url":"https://www.academia.edu/Documents/in/Liberalization?f_ri=817504"},{"id":589951,"name":"Institutional and Other Investment","url":"https://www.academia.edu/Documents/in/Institutional_and_Other_Investment?f_ri=817504"},{"id":599884,"name":"Shareholders","url":"https://www.academia.edu/Documents/in/Shareholders?f_ri=817504"},{"id":659771,"name":"Cash Flow","url":"https://www.academia.edu/Documents/in/Cash_Flow?f_ri=817504"},{"id":817504,"name":"DIVIDEND","url":"https://www.academia.edu/Documents/in/DIVIDEND?f_ri=817504"},{"id":981649,"name":"Creditor","url":"https://www.academia.edu/Documents/in/Creditor?f_ri=817504"},{"id":1012495,"name":"Output","url":"https://www.academia.edu/Documents/in/Output?f_ri=817504"},{"id":1131945,"name":"Agency Problem","url":"https://www.academia.edu/Documents/in/Agency_Problem?f_ri=817504"},{"id":1240789,"name":"Capital Market","url":"https://www.academia.edu/Documents/in/Capital_Market?f_ri=817504"},{"id":1363156,"name":"Information Asymmetries","url":"https://www.academia.edu/Documents/in/Information_Asymmetries?f_ri=817504"},{"id":1501300,"name":"Financial Intermediaries","url":"https://www.academia.edu/Documents/in/Financial_Intermediaries?f_ri=817504"},{"id":1646014,"name":"Market Capitalization","url":"https://www.academia.edu/Documents/in/Market_Capitalization?f_ri=817504"},{"id":1723635,"name":"Public Policy","url":"https://www.academia.edu/Documents/in/Public_Policy?f_ri=817504"},{"id":1826430,"name":"Return on Equity","url":"https://www.academia.edu/Documents/in/Return_on_Equity?f_ri=817504"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_7513352" data-work_id="7513352" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/7513352/DIVIDEND_POLICY_TRADING_CHARACTERISTICS_AND_SHARE_PRICES_EMPIRICAL_EVIDENCE_FROM_EGYPTIAN_FIRMS">DIVIDEND POLICY, TRADING CHARACTERISTICS AND SHARE PRICES: EMPIRICAL EVIDENCE FROM EGYPTIAN FIRMS</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">For a sample of 94 firms, using data up to 1999, we find that retentions are more significant than dividends in determining prices of shares that are actively traded on the Egyptian stock market. However, for non-actively traded shares,... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_7513352" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">For a sample of 94 firms, using data up to 1999, we find that retentions are more significant than dividends in determining prices of shares that are actively traded on the Egyptian stock market. However, for non-actively traded shares, the accounting book value is the most important determinant. Reductions in dividends are associated with a lack of liquidity and profitability. Dividend increases are linked to higher pre-tax operating profit effects, which outweighed post-tax effects. As to aspects that influence dividend payout ratios of actively traded firms, important factors are gearing and the market to book value, the latter a surrogate for investment opportunities. For nonactively traded firms, a more complex pattern emerges.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/7513352" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="1c17797c6834998d925afead80692529" rel="nofollow" data-download="{"attachment_id":48441552,"asset_id":7513352,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/48441552/download_file?st=MTc0MDYyMzk2MSw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="13448007" href="https://independent.academia.edu/MohammedOmran">Mohammed Omran</a><script data-card-contents-for-user="13448007" type="text/json">{"id":13448007,"first_name":"Mohammed","last_name":"Omran","domain_name":"independent","page_name":"MohammedOmran","display_name":"Mohammed Omran","profile_url":"https://independent.academia.edu/MohammedOmran?f_ri=817504","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_7513352 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="7513352"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 7513352, container: ".js-paper-rank-work_7513352", }); });</script></li><li class="js-percentile-work_7513352 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 7513352; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_7513352"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_7513352 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="7513352"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 7513352; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=7513352]").text(description); $(".js-view-count-work_7513352").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_7513352").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="7513352"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">6</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="29156" rel="nofollow" href="https://www.academia.edu/Documents/in/Stock_Market">Stock Market</a>, <script data-card-contents-for-ri="29156" type="text/json">{"id":29156,"name":"Stock Market","url":"https://www.academia.edu/Documents/in/Stock_Market?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="80414" rel="nofollow" href="https://www.academia.edu/Documents/in/Mathematical_Sciences">Mathematical Sciences</a>, <script data-card-contents-for-ri="80414" type="text/json">{"id":80414,"name":"Mathematical Sciences","url":"https://www.academia.edu/Documents/in/Mathematical_Sciences?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="393134" rel="nofollow" href="https://www.academia.edu/Documents/in/Empirical_evidence">Empirical evidence</a>, <script data-card-contents-for-ri="393134" type="text/json">{"id":393134,"name":"Empirical evidence","url":"https://www.academia.edu/Documents/in/Empirical_evidence?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="524631" rel="nofollow" href="https://www.academia.edu/Documents/in/Theoretical_and_applied_linguistics">Theoretical and applied linguistics</a><script data-card-contents-for-ri="524631" type="text/json">{"id":524631,"name":"Theoretical and applied linguistics","url":"https://www.academia.edu/Documents/in/Theoretical_and_applied_linguistics?f_ri=817504","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=7513352]'), work: {"id":7513352,"title":"DIVIDEND POLICY, TRADING CHARACTERISTICS AND SHARE PRICES: EMPIRICAL EVIDENCE FROM EGYPTIAN FIRMS","created_at":"2014-06-30T18:01:13.112-07:00","url":"https://www.academia.edu/7513352/DIVIDEND_POLICY_TRADING_CHARACTERISTICS_AND_SHARE_PRICES_EMPIRICAL_EVIDENCE_FROM_EGYPTIAN_FIRMS?f_ri=817504","dom_id":"work_7513352","summary":"For a sample of 94 firms, using data up to 1999, we find that retentions are more significant than dividends in determining prices of shares that are actively traded on the Egyptian stock market. However, for non-actively traded shares, the accounting book value is the most important determinant. Reductions in dividends are associated with a lack of liquidity and profitability. Dividend increases are linked to higher pre-tax operating profit effects, which outweighed post-tax effects. As to aspects that influence dividend payout ratios of actively traded firms, important factors are gearing and the market to book value, the latter a surrogate for investment opportunities. For nonactively traded firms, a more complex pattern emerges.","downloadable_attachments":[{"id":48441552,"asset_id":7513352,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":13448007,"first_name":"Mohammed","last_name":"Omran","domain_name":"independent","page_name":"MohammedOmran","display_name":"Mohammed Omran","profile_url":"https://independent.academia.edu/MohammedOmran?f_ri=817504","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":29156,"name":"Stock Market","url":"https://www.academia.edu/Documents/in/Stock_Market?f_ri=817504","nofollow":true},{"id":80414,"name":"Mathematical Sciences","url":"https://www.academia.edu/Documents/in/Mathematical_Sciences?f_ri=817504","nofollow":true},{"id":393134,"name":"Empirical evidence","url":"https://www.academia.edu/Documents/in/Empirical_evidence?f_ri=817504","nofollow":true},{"id":524631,"name":"Theoretical and applied linguistics","url":"https://www.academia.edu/Documents/in/Theoretical_and_applied_linguistics?f_ri=817504","nofollow":true},{"id":701330,"name":"Dividend policy","url":"https://www.academia.edu/Documents/in/Dividend_policy?f_ri=817504"},{"id":817504,"name":"DIVIDEND","url":"https://www.academia.edu/Documents/in/DIVIDEND?f_ri=817504"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_9055816" data-work_id="9055816" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/9055816/The_Effects_of_Dividends_on_Stock_Prices_in_Pakistan">The Effects of Dividends on Stock Prices in Pakistan </a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">This paper tests the effect of the change in the dividends on stock price behavior. The sample population for this study comprises of four companies from different industries. These companies are Hub co, Lucky Cement, Honda Atlas and... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_9055816" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">This paper tests the effect of the change in the dividends on stock price behavior. The sample population for this study comprises of four companies from different industries. These companies are Hub co, Lucky Cement, Honda Atlas and Nishat Mills. The research is conducted by gathering five year data (2004 to 2009) of related firms regarding their dividend payments and stock prices. The Time series graph and pivot graphs are plotted on data. The time series graph of stock prices of lucky Cement, Atlas Honda and Nishat Mills show variability of stock prices. Time series graph of dividend per share goes against the stock prices trend. Pivot Chart shows the comparison of stock prices and dividend per share of individual company. The findings indicate that the stock prices of all sample companies change with the change in dividends per share. The correlation results show that there is strong positive or negative relationship has been found between stock prices and dividends per share. It is evident that most of the stock prices have negative correlation with the dividend per share.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/9055816" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="dc981f43239a916c44ee081fa5ec95ca" rel="nofollow" data-download="{"attachment_id":35359254,"asset_id":9055816,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/35359254/download_file?st=MTc0MDYyMzk2MSw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="20477590" href="https://iiu-pk.academia.edu/Muhammadikhlaskhan">Muhammad Ikhlas Khan</a><script data-card-contents-for-user="20477590" type="text/json">{"id":20477590,"first_name":"Muhammad Ikhlas","last_name":"Khan","domain_name":"iiu-pk","page_name":"Muhammadikhlaskhan","display_name":"Muhammad Ikhlas Khan","profile_url":"https://iiu-pk.academia.edu/Muhammadikhlaskhan?f_ri=817504","photo":"https://0.academia-photos.com/20477590/5673690/19577423/s65_muhammad_ikhlas.khan.jpg"}</script></span></span></li><li class="js-paper-rank-work_9055816 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="9055816"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 9055816, container: ".js-paper-rank-work_9055816", }); });</script></li><li class="js-percentile-work_9055816 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 9055816; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_9055816"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_9055816 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="9055816"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 9055816; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=9055816]").text(description); $(".js-view-count-work_9055816").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_9055816").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="9055816"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">4</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="47" rel="nofollow" href="https://www.academia.edu/Documents/in/Finance">Finance</a>, <script data-card-contents-for-ri="47" type="text/json">{"id":47,"name":"Finance","url":"https://www.academia.edu/Documents/in/Finance?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="7361" rel="nofollow" href="https://www.academia.edu/Documents/in/Pakistan">Pakistan</a>, <script data-card-contents-for-ri="7361" type="text/json">{"id":7361,"name":"Pakistan","url":"https://www.academia.edu/Documents/in/Pakistan?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="276985" rel="nofollow" href="https://www.academia.edu/Documents/in/Stock_Prices">Stock Prices</a>, <script data-card-contents-for-ri="276985" type="text/json">{"id":276985,"name":"Stock Prices","url":"https://www.academia.edu/Documents/in/Stock_Prices?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="817504" rel="nofollow" href="https://www.academia.edu/Documents/in/DIVIDEND">DIVIDEND</a><script data-card-contents-for-ri="817504" type="text/json">{"id":817504,"name":"DIVIDEND","url":"https://www.academia.edu/Documents/in/DIVIDEND?f_ri=817504","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=9055816]'), work: {"id":9055816,"title":"The Effects of Dividends on Stock Prices in Pakistan ","created_at":"2014-10-31T18:23:35.795-07:00","url":"https://www.academia.edu/9055816/The_Effects_of_Dividends_on_Stock_Prices_in_Pakistan?f_ri=817504","dom_id":"work_9055816","summary":"This paper tests the effect of the change in the dividends on stock price behavior. The sample population for this study comprises of four companies from different industries. These companies are Hub co, Lucky Cement, Honda Atlas and Nishat Mills. The research is conducted by gathering five year data (2004 to 2009) of related firms regarding their dividend payments and stock prices. The Time series graph and pivot graphs are plotted on data. The time series graph of stock prices of lucky Cement, Atlas Honda and Nishat Mills show variability of stock prices. Time series graph of dividend per share goes against the stock prices trend. Pivot Chart shows the comparison of stock prices and dividend per share of individual company. The findings indicate that the stock prices of all sample companies change with the change in dividends per share. The correlation results show that there is strong positive or negative relationship has been found between stock prices and dividends per share. It is evident that most of the stock prices have negative correlation with the dividend per share.","downloadable_attachments":[{"id":35359254,"asset_id":9055816,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":20477590,"first_name":"Muhammad Ikhlas","last_name":"Khan","domain_name":"iiu-pk","page_name":"Muhammadikhlaskhan","display_name":"Muhammad Ikhlas Khan","profile_url":"https://iiu-pk.academia.edu/Muhammadikhlaskhan?f_ri=817504","photo":"https://0.academia-photos.com/20477590/5673690/19577423/s65_muhammad_ikhlas.khan.jpg"}],"research_interests":[{"id":47,"name":"Finance","url":"https://www.academia.edu/Documents/in/Finance?f_ri=817504","nofollow":true},{"id":7361,"name":"Pakistan","url":"https://www.academia.edu/Documents/in/Pakistan?f_ri=817504","nofollow":true},{"id":276985,"name":"Stock Prices","url":"https://www.academia.edu/Documents/in/Stock_Prices?f_ri=817504","nofollow":true},{"id":817504,"name":"DIVIDEND","url":"https://www.academia.edu/Documents/in/DIVIDEND?f_ri=817504","nofollow":true}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_48273785" data-work_id="48273785" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/48273785/Why_Do_Companies_Pay_Stock_Dividends_The_Case_of_Bonus_Distributions_in_an_Inflationary_Environment">Why Do Companies Pay Stock Dividends? The Case of Bonus Distributions in an Inflationary Environment</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">We assess the market valuation of an unusual form of stock dividends, referred to as bonus distributions, which are carried out by transferring the accumulated equity reserves, mainly the inflation revaluation equity reserves, to paid-in... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_48273785" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">We assess the market valuation of an unusual form of stock dividends, referred to as bonus distributions, which are carried out by transferring the accumulated equity reserves, mainly the inflation revaluation equity reserves, to paid-in capital leaving the total equity unchanged. In the absence of cash substitution and transaction cost effects, we find positive excess returns on the announcement dates, particularly for the financially weak firms, such as the non-cash-dividend-paying firms. We relate our results to the 'paid-in capital hypothesis' under which firms opt for bonus distributions to mitigate the impact of inflation on their eroding paid-in capital, to reduce their leverage defined as debt-to-paid-in-capital ratio, and to increase their credibility and borrowing capacity in a market of limited access to external equity financing. Although our results are also consistent with the retained earnings and signaling hypotheses, we find no support for the attention-getting, and a weak support for the liquidity enhancement hypotheses observed in other markets.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/48273785" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="81969e484cd39a0a3a48a14b66185afc" rel="nofollow" data-download="{"attachment_id":66973071,"asset_id":48273785,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/66973071/download_file?st=MTc0MDYyMzk2MSw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="166955991" href="https://independent.academia.edu/MLasfer">Meziane Lasfer</a><script data-card-contents-for-user="166955991" type="text/json">{"id":166955991,"first_name":"Meziane","last_name":"Lasfer","domain_name":"independent","page_name":"MLasfer","display_name":"Meziane Lasfer","profile_url":"https://independent.academia.edu/MLasfer?f_ri=817504","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_48273785 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="48273785"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 48273785, container: ".js-paper-rank-work_48273785", }); });</script></li><li class="js-percentile-work_48273785 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 48273785; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_48273785"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_48273785 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="48273785"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 48273785; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=48273785]").text(description); $(".js-view-count-work_48273785").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_48273785").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="48273785"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">11</a>  </div><span class="InlineList-item-text u-textTruncate u-pl10x"><a class="InlineList-item-text" data-has-card-for-ri="7292" rel="nofollow" href="https://www.academia.edu/Documents/in/Corporate_Finance">Corporate Finance</a>, <script data-card-contents-for-ri="7292" type="text/json">{"id":7292,"name":"Corporate Finance","url":"https://www.academia.edu/Documents/in/Corporate_Finance?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="160749" rel="nofollow" href="https://www.academia.edu/Documents/in/Dividend_Policies">Dividend Policies</a>, <script data-card-contents-for-ri="160749" type="text/json">{"id":160749,"name":"Dividend Policies","url":"https://www.academia.edu/Documents/in/Dividend_Policies?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="226324" rel="nofollow" href="https://www.academia.edu/Documents/in/Liquidity">Liquidity</a>, <script data-card-contents-for-ri="226324" type="text/json">{"id":226324,"name":"Liquidity","url":"https://www.academia.edu/Documents/in/Liquidity?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="401388" rel="nofollow" href="https://www.academia.edu/Documents/in/Dividends">Dividends</a><script data-card-contents-for-ri="401388" type="text/json">{"id":401388,"name":"Dividends","url":"https://www.academia.edu/Documents/in/Dividends?f_ri=817504","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=48273785]'), work: {"id":48273785,"title":"Why Do Companies Pay Stock Dividends? The Case of Bonus Distributions in an Inflationary Environment","created_at":"2021-05-04T09:24:12.796-07:00","url":"https://www.academia.edu/48273785/Why_Do_Companies_Pay_Stock_Dividends_The_Case_of_Bonus_Distributions_in_an_Inflationary_Environment?f_ri=817504","dom_id":"work_48273785","summary":"We assess the market valuation of an unusual form of stock dividends, referred to as bonus distributions, which are carried out by transferring the accumulated equity reserves, mainly the inflation revaluation equity reserves, to paid-in capital leaving the total equity unchanged. In the absence of cash substitution and transaction cost effects, we find positive excess returns on the announcement dates, particularly for the financially weak firms, such as the non-cash-dividend-paying firms. We relate our results to the 'paid-in capital hypothesis' under which firms opt for bonus distributions to mitigate the impact of inflation on their eroding paid-in capital, to reduce their leverage defined as debt-to-paid-in-capital ratio, and to increase their credibility and borrowing capacity in a market of limited access to external equity financing. Although our results are also consistent with the retained earnings and signaling hypotheses, we find no support for the attention-getting, and a weak support for the liquidity enhancement hypotheses observed in other markets.","downloadable_attachments":[{"id":66973071,"asset_id":48273785,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":166955991,"first_name":"Meziane","last_name":"Lasfer","domain_name":"independent","page_name":"MLasfer","display_name":"Meziane Lasfer","profile_url":"https://independent.academia.edu/MLasfer?f_ri=817504","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":7292,"name":"Corporate Finance","url":"https://www.academia.edu/Documents/in/Corporate_Finance?f_ri=817504","nofollow":true},{"id":160749,"name":"Dividend Policies","url":"https://www.academia.edu/Documents/in/Dividend_Policies?f_ri=817504","nofollow":true},{"id":226324,"name":"Liquidity","url":"https://www.academia.edu/Documents/in/Liquidity?f_ri=817504","nofollow":true},{"id":401388,"name":"Dividends","url":"https://www.academia.edu/Documents/in/Dividends?f_ri=817504","nofollow":true},{"id":495569,"name":"Signaling","url":"https://www.academia.edu/Documents/in/Signaling?f_ri=817504"},{"id":701330,"name":"Dividend policy","url":"https://www.academia.edu/Documents/in/Dividend_policy?f_ri=817504"},{"id":770446,"name":"Determine Dividend Payout Ratio","url":"https://www.academia.edu/Documents/in/Determine_Dividend_Payout_Ratio?f_ri=817504"},{"id":808521,"name":"Dividend Payout Policy","url":"https://www.academia.edu/Documents/in/Dividend_Payout_Policy?f_ri=817504"},{"id":817504,"name":"DIVIDEND","url":"https://www.academia.edu/Documents/in/DIVIDEND?f_ri=817504"},{"id":868794,"name":"Transaction Cost","url":"https://www.academia.edu/Documents/in/Transaction_Cost?f_ri=817504"},{"id":3079415,"name":"Finance and Investment Banking","url":"https://www.academia.edu/Documents/in/Finance_and_Investment_Banking?f_ri=817504"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_79894473" data-work_id="79894473" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/79894473/The_Effect_of_Dividend_Payment_on_Firm_s_Financial_Performance_An_Empirical_Study_of_Vietnam">The Effect of Dividend Payment on Firm’s Financial Performance: An Empirical Study of Vietnam</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">This research aims to investigate the effects of dividend policies on a firms’ financial performance. The paper explores the research gap and then builds a research model using ROA, ROE, and Tobin’s Q as dependent variables, dividend rate... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_79894473" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">This research aims to investigate the effects of dividend policies on a firms’ financial performance. The paper explores the research gap and then builds a research model using ROA, ROE, and Tobin’s Q as dependent variables, dividend rate and decision of dividend payment as independent variables. The paper collected data and financial statements of 450 firms that are listing on the stock market of Vietnam from 2008 to 2019. The analysis results indicate that the decision of dividend payment has negative impact to Vietnamese firms measured by accounting-based performance but this improve market expectation on firms. In addition, the paper finds that Vietnamese firms are offering low dividend rate which has a positive impact on accounting-based performance but a negative effect on market expectation. This paper proposes some instructive recommendations based on the findings, including a more appropriate model of dividend policies, a lower dividend rate, and clear decision of dividend ...</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/79894473" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="29deff84cc0d1d5bc39684b7f2c45412" rel="nofollow" data-download="{"attachment_id":86456255,"asset_id":79894473,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/86456255/download_file?st=MTc0MDYyMzk2MSw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="153513128" href="https://isneu.academia.edu/ngadoan">nga doan</a><script data-card-contents-for-user="153513128" type="text/json">{"id":153513128,"first_name":"nga","last_name":"doan","domain_name":"isneu","page_name":"ngadoan","display_name":"nga doan","profile_url":"https://isneu.academia.edu/ngadoan?f_ri=817504","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_79894473 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="79894473"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 79894473, container: ".js-paper-rank-work_79894473", }); });</script></li><li class="js-percentile-work_79894473 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 79894473; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_79894473"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_79894473 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="79894473"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 79894473; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=79894473]").text(description); $(".js-view-count-work_79894473").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_79894473").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="79894473"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">3</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="26" rel="nofollow" href="https://www.academia.edu/Documents/in/Business">Business</a>, <script data-card-contents-for-ri="26" type="text/json">{"id":26,"name":"Business","url":"https://www.academia.edu/Documents/in/Business?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="8844" rel="nofollow" href="https://www.academia.edu/Documents/in/Financial_Risk_Management">Financial Risk Management</a>, <script data-card-contents-for-ri="8844" type="text/json">{"id":8844,"name":"Financial Risk Management","url":"https://www.academia.edu/Documents/in/Financial_Risk_Management?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="817504" rel="nofollow" href="https://www.academia.edu/Documents/in/DIVIDEND">DIVIDEND</a><script data-card-contents-for-ri="817504" type="text/json">{"id":817504,"name":"DIVIDEND","url":"https://www.academia.edu/Documents/in/DIVIDEND?f_ri=817504","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=79894473]'), work: {"id":79894473,"title":"The Effect of Dividend Payment on Firm’s Financial Performance: An Empirical Study of Vietnam","created_at":"2022-05-25T06:25:31.913-07:00","url":"https://www.academia.edu/79894473/The_Effect_of_Dividend_Payment_on_Firm_s_Financial_Performance_An_Empirical_Study_of_Vietnam?f_ri=817504","dom_id":"work_79894473","summary":"This research aims to investigate the effects of dividend policies on a firms’ financial performance. The paper explores the research gap and then builds a research model using ROA, ROE, and Tobin’s Q as dependent variables, dividend rate and decision of dividend payment as independent variables. The paper collected data and financial statements of 450 firms that are listing on the stock market of Vietnam from 2008 to 2019. The analysis results indicate that the decision of dividend payment has negative impact to Vietnamese firms measured by accounting-based performance but this improve market expectation on firms. In addition, the paper finds that Vietnamese firms are offering low dividend rate which has a positive impact on accounting-based performance but a negative effect on market expectation. This paper proposes some instructive recommendations based on the findings, including a more appropriate model of dividend policies, a lower dividend rate, and clear decision of dividend ...","downloadable_attachments":[{"id":86456255,"asset_id":79894473,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":153513128,"first_name":"nga","last_name":"doan","domain_name":"isneu","page_name":"ngadoan","display_name":"nga doan","profile_url":"https://isneu.academia.edu/ngadoan?f_ri=817504","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":26,"name":"Business","url":"https://www.academia.edu/Documents/in/Business?f_ri=817504","nofollow":true},{"id":8844,"name":"Financial Risk Management","url":"https://www.academia.edu/Documents/in/Financial_Risk_Management?f_ri=817504","nofollow":true},{"id":817504,"name":"DIVIDEND","url":"https://www.academia.edu/Documents/in/DIVIDEND?f_ri=817504","nofollow":true}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_79465309" data-work_id="79465309" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/79465309/Steady_dividend_payment_and_investment_financing_strategy_a_functional_mean_reversion_speed_approach">Steady dividend payment and investment financing strategy: a functional mean reversion speed approach</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">Westudyhowcorporatefirms’managementcansatisfytheshareholdersbysteadyandgrowingdividend payouts while financing investment growth from the profit. We set the percentage of the profit which is optimal for steady dividends and the rest to be... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_79465309" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">Westudyhowcorporatefirms’managementcansatisfytheshareholdersbysteadyandgrowingdividend payouts while financing investment growth from the profit. We set the percentage of the profit which is optimal for steady dividends and the rest to be allocated for investment and dividend buffer account. A mean reversion stochastic differential equation with investment function in the drift term has been used to find the optimal dividend and retainment levels. One of the findings shows that for each level of profit there exists a percentage which is optimal for paying steady dividends while financing investment growth. Also we find that having low interest rates is favourable for the strategy of paying steady dividend with investment growth. Moreover, we compared the proposed strategy with a situation of steady dividend without investment and found that the strategy with investment is more appropriate as it gives more values to the shareholders. In addition we find that the exponential and linea...</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/79465309" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="9940b5fccc2c021eca439b78ed77983f" rel="nofollow" data-download="{"attachment_id":86171171,"asset_id":79465309,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/86171171/download_file?st=MTc0MDYyMzk2MSw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="51901579" href="https://independent.academia.edu/philipngare">Philip Ngare</a><script data-card-contents-for-user="51901579" type="text/json">{"id":51901579,"first_name":"Philip","last_name":"Ngare","domain_name":"independent","page_name":"philipngare","display_name":"Philip Ngare","profile_url":"https://independent.academia.edu/philipngare?f_ri=817504","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_79465309 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="79465309"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 79465309, container: ".js-paper-rank-work_79465309", }); });</script></li><li class="js-percentile-work_79465309 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 79465309; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_79465309"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_79465309 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="79465309"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 79465309; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=79465309]").text(description); $(".js-view-count-work_79465309").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_79465309").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="79465309"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">2</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="724" rel="nofollow" href="https://www.academia.edu/Documents/in/Economics">Economics</a>, <script data-card-contents-for-ri="724" type="text/json">{"id":724,"name":"Economics","url":"https://www.academia.edu/Documents/in/Economics?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="817504" rel="nofollow" href="https://www.academia.edu/Documents/in/DIVIDEND">DIVIDEND</a><script data-card-contents-for-ri="817504" type="text/json">{"id":817504,"name":"DIVIDEND","url":"https://www.academia.edu/Documents/in/DIVIDEND?f_ri=817504","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=79465309]'), work: {"id":79465309,"title":"Steady dividend payment and investment financing strategy: a functional mean reversion speed approach","created_at":"2022-05-19T11:25:24.040-07:00","url":"https://www.academia.edu/79465309/Steady_dividend_payment_and_investment_financing_strategy_a_functional_mean_reversion_speed_approach?f_ri=817504","dom_id":"work_79465309","summary":"Westudyhowcorporatefirms’managementcansatisfytheshareholdersbysteadyandgrowingdividend payouts while financing investment growth from the profit. We set the percentage of the profit which is optimal for steady dividends and the rest to be allocated for investment and dividend buffer account. A mean reversion stochastic differential equation with investment function in the drift term has been used to find the optimal dividend and retainment levels. One of the findings shows that for each level of profit there exists a percentage which is optimal for paying steady dividends while financing investment growth. Also we find that having low interest rates is favourable for the strategy of paying steady dividend with investment growth. Moreover, we compared the proposed strategy with a situation of steady dividend without investment and found that the strategy with investment is more appropriate as it gives more values to the shareholders. In addition we find that the exponential and linea...","downloadable_attachments":[{"id":86171171,"asset_id":79465309,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":51901579,"first_name":"Philip","last_name":"Ngare","domain_name":"independent","page_name":"philipngare","display_name":"Philip Ngare","profile_url":"https://independent.academia.edu/philipngare?f_ri=817504","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":724,"name":"Economics","url":"https://www.academia.edu/Documents/in/Economics?f_ri=817504","nofollow":true},{"id":817504,"name":"DIVIDEND","url":"https://www.academia.edu/Documents/in/DIVIDEND?f_ri=817504","nofollow":true}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_77626426" data-work_id="77626426" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/77626426/Impact_of_Dividend_Policy_Earning_per_Share_Return_on_Equity_Profit_after_Tax_on_Stock_Prices">Impact of Dividend Policy, Earning per Share, Return on Equity, Profit after Tax on Stock Prices</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">Purpose: The volatility in stock prices is one of the most discussed topics in finance. Many studies have been conducted to find the factors which cause fluctuation in stock prices and different results have been found. In this study an... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_77626426" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">Purpose: The volatility in stock prices is one of the most discussed topics in finance. Many studies have been conducted to find the factors which cause fluctuation in stock prices and different results have been found. In this study an attempt has been made to see the affect of dividend yield, dividend payout ratio, return on equity, earning per share and profit after tax on stock prices in Pakistan. For this purpose four non financial sectors (Sugar, Chemical, Food and personal care, Energy) have been selected. A sample of 63 companies listed at Karachi stock exchange was analyzed for the period of 2006-2011. Methodology: Ordinary least square regression model has been applied on panel data. Findings: The results indicate dividend yield and dividend payout ratio which are both measures of dividend policy have significant impact on stock price. Dividend yield is negatively related with stock price and dividend payout ratio is positively related with stock price which means that the...</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/77626426" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="4cdce9dc47b57383be023bae31b48578" rel="nofollow" data-download="{"attachment_id":84945429,"asset_id":77626426,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/84945429/download_file?st=MTc0MDYyMzk2MSw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="144177451" href="https://independent.academia.edu/umermustafa8">umer mustafa</a><script data-card-contents-for-user="144177451" type="text/json">{"id":144177451,"first_name":"umer","last_name":"mustafa","domain_name":"independent","page_name":"umermustafa8","display_name":"umer mustafa","profile_url":"https://independent.academia.edu/umermustafa8?f_ri=817504","photo":"https://0.academia-photos.com/144177451/41226925/33487278/s65_umer.mustafa.jpg"}</script></span></span></li><li class="js-paper-rank-work_77626426 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="77626426"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 77626426, container: ".js-paper-rank-work_77626426", }); });</script></li><li class="js-percentile-work_77626426 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 77626426; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_77626426"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_77626426 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="77626426"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 77626426; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=77626426]").text(description); $(".js-view-count-work_77626426").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_77626426").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="77626426"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">6</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="724" rel="nofollow" href="https://www.academia.edu/Documents/in/Economics">Economics</a>, <script data-card-contents-for-ri="724" type="text/json">{"id":724,"name":"Economics","url":"https://www.academia.edu/Documents/in/Economics?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="738" rel="nofollow" href="https://www.academia.edu/Documents/in/Monetary_Economics">Monetary Economics</a>, <script data-card-contents-for-ri="738" type="text/json">{"id":738,"name":"Monetary Economics","url":"https://www.academia.edu/Documents/in/Monetary_Economics?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="14425" rel="nofollow" href="https://www.academia.edu/Documents/in/Empirical_Economics">Empirical Economics</a>, <script data-card-contents-for-ri="14425" type="text/json">{"id":14425,"name":"Empirical Economics","url":"https://www.academia.edu/Documents/in/Empirical_Economics?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="69856" rel="nofollow" href="https://www.academia.edu/Documents/in/Social_Science_Research_Network">Social Science Research Network</a><script data-card-contents-for-ri="69856" type="text/json">{"id":69856,"name":"Social Science Research Network","url":"https://www.academia.edu/Documents/in/Social_Science_Research_Network?f_ri=817504","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=77626426]'), work: {"id":77626426,"title":"Impact of Dividend Policy, Earning per Share, Return on Equity, Profit after Tax on Stock Prices","created_at":"2022-04-25T22:34:48.790-07:00","url":"https://www.academia.edu/77626426/Impact_of_Dividend_Policy_Earning_per_Share_Return_on_Equity_Profit_after_Tax_on_Stock_Prices?f_ri=817504","dom_id":"work_77626426","summary":"Purpose: The volatility in stock prices is one of the most discussed topics in finance. Many studies have been conducted to find the factors which cause fluctuation in stock prices and different results have been found. In this study an attempt has been made to see the affect of dividend yield, dividend payout ratio, return on equity, earning per share and profit after tax on stock prices in Pakistan. For this purpose four non financial sectors (Sugar, Chemical, Food and personal care, Energy) have been selected. A sample of 63 companies listed at Karachi stock exchange was analyzed for the period of 2006-2011. Methodology: Ordinary least square regression model has been applied on panel data. Findings: The results indicate dividend yield and dividend payout ratio which are both measures of dividend policy have significant impact on stock price. Dividend yield is negatively related with stock price and dividend payout ratio is positively related with stock price which means that the...","downloadable_attachments":[{"id":84945429,"asset_id":77626426,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":144177451,"first_name":"umer","last_name":"mustafa","domain_name":"independent","page_name":"umermustafa8","display_name":"umer mustafa","profile_url":"https://independent.academia.edu/umermustafa8?f_ri=817504","photo":"https://0.academia-photos.com/144177451/41226925/33487278/s65_umer.mustafa.jpg"}],"research_interests":[{"id":724,"name":"Economics","url":"https://www.academia.edu/Documents/in/Economics?f_ri=817504","nofollow":true},{"id":738,"name":"Monetary Economics","url":"https://www.academia.edu/Documents/in/Monetary_Economics?f_ri=817504","nofollow":true},{"id":14425,"name":"Empirical Economics","url":"https://www.academia.edu/Documents/in/Empirical_Economics?f_ri=817504","nofollow":true},{"id":69856,"name":"Social Science Research Network","url":"https://www.academia.edu/Documents/in/Social_Science_Research_Network?f_ri=817504","nofollow":true},{"id":701330,"name":"Dividend policy","url":"https://www.academia.edu/Documents/in/Dividend_policy?f_ri=817504"},{"id":817504,"name":"DIVIDEND","url":"https://www.academia.edu/Documents/in/DIVIDEND?f_ri=817504"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_60764301" data-work_id="60764301" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/60764301/Transforming_NGO_MFIs_critical_ownership_issues_to_consider">Transforming NGO MFIs : critical ownership issues to consider</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">A significant proportion of microfinance institutions (MFIs) in developing countries operate either as nongovernmental organizations (NGOs) or as projects run by international NGOs. Many of these NGO MFIs plan to "transform" into a... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_60764301" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">A significant proportion of microfinance institutions (MFIs) in developing countries operate either as nongovernmental organizations (NGOs) or as projects run by international NGOs. Many of these NGO MFIs plan to "transform" into a for-profit company-often, a regulated financial institution. The microfinance sector is, in many ways, at the threshold of knowledge and experience regarding this type of transformation. 1 A key component of the NGO founders and funders should consider the topics addressed in this paper long before beginning a transformation. Early planning and consultation with local counsel will help them avoid pitfalls that may make a transformation unnecessarily costly, difficult, and sometimes unworkable.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/60764301" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="03339902f6025b261757384692ff7c71" rel="nofollow" data-download="{"attachment_id":74062902,"asset_id":60764301,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/74062902/download_file?st=MTc0MDYyMzk2MSw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="6022769" href="https://independent.academia.edu/katelauer">kate lauer</a><script data-card-contents-for-user="6022769" type="text/json">{"id":6022769,"first_name":"kate","last_name":"lauer","domain_name":"independent","page_name":"katelauer","display_name":"kate lauer","profile_url":"https://independent.academia.edu/katelauer?f_ri=817504","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_60764301 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="60764301"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 60764301, container: ".js-paper-rank-work_60764301", }); });</script></li><li class="js-percentile-work_60764301 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 60764301; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_60764301"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_60764301 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="60764301"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 60764301; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=60764301]").text(description); $(".js-view-count-work_60764301").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_60764301").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="60764301"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">20</a>  </div><span class="InlineList-item-text u-textTruncate u-pl10x"><a class="InlineList-item-text" data-has-card-for-ri="4167" rel="nofollow" href="https://www.academia.edu/Documents/in/Corporate_Governance">Corporate Governance</a>, <script data-card-contents-for-ri="4167" type="text/json">{"id":4167,"name":"Corporate Governance","url":"https://www.academia.edu/Documents/in/Corporate_Governance?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="9815" rel="nofollow" href="https://www.academia.edu/Documents/in/Developing_Countries">Developing Countries</a>, <script data-card-contents-for-ri="9815" type="text/json">{"id":9815,"name":"Developing Countries","url":"https://www.academia.edu/Documents/in/Developing_Countries?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="11395" rel="nofollow" href="https://www.academia.edu/Documents/in/Economic_Development">Economic Development</a>, <script data-card-contents-for-ri="11395" type="text/json">{"id":11395,"name":"Economic Development","url":"https://www.academia.edu/Documents/in/Economic_Development?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="19013" rel="nofollow" href="https://www.academia.edu/Documents/in/Cooperatives">Cooperatives</a><script data-card-contents-for-ri="19013" type="text/json">{"id":19013,"name":"Cooperatives","url":"https://www.academia.edu/Documents/in/Cooperatives?f_ri=817504","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=60764301]'), work: {"id":60764301,"title":"Transforming NGO MFIs : critical ownership issues to consider","created_at":"2021-11-01T22:52:40.732-07:00","url":"https://www.academia.edu/60764301/Transforming_NGO_MFIs_critical_ownership_issues_to_consider?f_ri=817504","dom_id":"work_60764301","summary":"A significant proportion of microfinance institutions (MFIs) in developing countries operate either as nongovernmental organizations (NGOs) or as projects run by international NGOs. Many of these NGO MFIs plan to \"transform\" into a for-profit company-often, a regulated financial institution. The microfinance sector is, in many ways, at the threshold of knowledge and experience regarding this type of transformation. 1 A key component of the NGO founders and funders should consider the topics addressed in this paper long before beginning a transformation. Early planning and consultation with local counsel will help them avoid pitfalls that may make a transformation unnecessarily costly, difficult, and sometimes unworkable.","downloadable_attachments":[{"id":74062902,"asset_id":60764301,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":6022769,"first_name":"kate","last_name":"lauer","domain_name":"independent","page_name":"katelauer","display_name":"kate lauer","profile_url":"https://independent.academia.edu/katelauer?f_ri=817504","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":4167,"name":"Corporate Governance","url":"https://www.academia.edu/Documents/in/Corporate_Governance?f_ri=817504","nofollow":true},{"id":9815,"name":"Developing Countries","url":"https://www.academia.edu/Documents/in/Developing_Countries?f_ri=817504","nofollow":true},{"id":11395,"name":"Economic Development","url":"https://www.academia.edu/Documents/in/Economic_Development?f_ri=817504","nofollow":true},{"id":19013,"name":"Cooperatives","url":"https://www.academia.edu/Documents/in/Cooperatives?f_ri=817504","nofollow":true},{"id":27560,"name":"Company Law","url":"https://www.academia.edu/Documents/in/Company_Law?f_ri=817504"},{"id":94661,"name":"Financial Services","url":"https://www.academia.edu/Documents/in/Financial_Services?f_ri=817504"},{"id":222437,"name":"Exposure","url":"https://www.academia.edu/Documents/in/Exposure?f_ri=817504"},{"id":235753,"name":"Debt","url":"https://www.academia.edu/Documents/in/Debt?f_ri=817504"},{"id":271890,"name":"Currency","url":"https://www.academia.edu/Documents/in/Currency?f_ri=817504"},{"id":401388,"name":"Dividends","url":"https://www.academia.edu/Documents/in/Dividends?f_ri=817504"},{"id":418494,"name":"Currency risk","url":"https://www.academia.edu/Documents/in/Currency_risk?f_ri=817504"},{"id":659771,"name":"Cash Flow","url":"https://www.academia.edu/Documents/in/Cash_Flow?f_ri=817504"},{"id":817504,"name":"DIVIDEND","url":"https://www.academia.edu/Documents/in/DIVIDEND?f_ri=817504"},{"id":966655,"name":"Capital Adequacy","url":"https://www.academia.edu/Documents/in/Capital_Adequacy?f_ri=817504"},{"id":1501300,"name":"Financial Intermediaries","url":"https://www.academia.edu/Documents/in/Financial_Intermediaries?f_ri=817504"},{"id":1596216,"name":"Common Stock","url":"https://www.academia.edu/Documents/in/Common_Stock?f_ri=817504"},{"id":1903131,"name":"Capital Requirements","url":"https://www.academia.edu/Documents/in/Capital_Requirements?f_ri=817504"},{"id":2615763,"name":"Book Value","url":"https://www.academia.edu/Documents/in/Book_Value?f_ri=817504"},{"id":2642965,"name":"creditors","url":"https://www.academia.edu/Documents/in/creditors?f_ri=817504"},{"id":3450527,"name":"Fair Market Value","url":"https://www.academia.edu/Documents/in/Fair_Market_Value?f_ri=817504"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_30566874" data-work_id="30566874" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/30566874/Transition_2_1_">Transition 2 (1)</a></div></div><div class="u-pb4x u-mt3x"></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/30566874" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="8e861e2f052a56c58070a151ead79af4" rel="nofollow" data-download="{"attachment_id":51008617,"asset_id":30566874,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/51008617/download_file?st=MTc0MDYyMzk2MSw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="4738056" href="https://independent.academia.edu/RichardPortes">Richard Portes</a><script data-card-contents-for-user="4738056" type="text/json">{"id":4738056,"first_name":"Richard","last_name":"Portes","domain_name":"independent","page_name":"RichardPortes","display_name":"Richard Portes","profile_url":"https://independent.academia.edu/RichardPortes?f_ri=817504","photo":"https://0.academia-photos.com/4738056/124897677/114258406/s65_richard.portes.jpg"}</script></span></span></li><li class="js-paper-rank-work_30566874 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="30566874"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 30566874, container: ".js-paper-rank-work_30566874", }); });</script></li><li class="js-percentile-work_30566874 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 30566874; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_30566874"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_30566874 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="30566874"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 30566874; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=30566874]").text(description); $(".js-view-count-work_30566874").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_30566874").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="30566874"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">55</a>  </div><span class="InlineList-item-text u-textTruncate u-pl10x"><a class="InlineList-item-text" data-has-card-for-ri="802" rel="nofollow" href="https://www.academia.edu/Documents/in/Political_Economy">Political Economy</a>, <script data-card-contents-for-ri="802" type="text/json">{"id":802,"name":"Political Economy","url":"https://www.academia.edu/Documents/in/Political_Economy?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="1233" rel="nofollow" href="https://www.academia.edu/Documents/in/Social_Networks">Social Networks</a>, <script data-card-contents-for-ri="1233" type="text/json">{"id":1233,"name":"Social Networks","url":"https://www.academia.edu/Documents/in/Social_Networks?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="2585" rel="nofollow" href="https://www.academia.edu/Documents/in/International_Development">International Development</a>, <script data-card-contents-for-ri="2585" type="text/json">{"id":2585,"name":"International Development","url":"https://www.academia.edu/Documents/in/International_Development?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="2961" rel="nofollow" href="https://www.academia.edu/Documents/in/Property_Rights">Property Rights</a><script data-card-contents-for-ri="2961" type="text/json">{"id":2961,"name":"Property Rights","url":"https://www.academia.edu/Documents/in/Property_Rights?f_ri=817504","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=30566874]'), work: {"id":30566874,"title":"Transition 2 (1)","created_at":"2016-12-21T16:03:46.597-08:00","url":"https://www.academia.edu/30566874/Transition_2_1_?f_ri=817504","dom_id":"work_30566874","summary":null,"downloadable_attachments":[{"id":51008617,"asset_id":30566874,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":4738056,"first_name":"Richard","last_name":"Portes","domain_name":"independent","page_name":"RichardPortes","display_name":"Richard Portes","profile_url":"https://independent.academia.edu/RichardPortes?f_ri=817504","photo":"https://0.academia-photos.com/4738056/124897677/114258406/s65_richard.portes.jpg"}],"research_interests":[{"id":802,"name":"Political Economy","url":"https://www.academia.edu/Documents/in/Political_Economy?f_ri=817504","nofollow":true},{"id":1233,"name":"Social Networks","url":"https://www.academia.edu/Documents/in/Social_Networks?f_ri=817504","nofollow":true},{"id":2585,"name":"International Development","url":"https://www.academia.edu/Documents/in/International_Development?f_ri=817504","nofollow":true},{"id":2961,"name":"Property Rights","url":"https://www.academia.edu/Documents/in/Property_Rights?f_ri=817504","nofollow":true},{"id":3180,"name":"International Trade","url":"https://www.academia.edu/Documents/in/International_Trade?f_ri=817504"},{"id":3490,"name":"Accounting","url":"https://www.academia.edu/Documents/in/Accounting?f_ri=817504"},{"id":4484,"name":"Economic Growth","url":"https://www.academia.edu/Documents/in/Economic_Growth?f_ri=817504"},{"id":6910,"name":"Capital Markets","url":"https://www.academia.edu/Documents/in/Capital_Markets?f_ri=817504"},{"id":9521,"name":"Housing","url":"https://www.academia.edu/Documents/in/Housing?f_ri=817504"},{"id":9815,"name":"Developing Countries","url":"https://www.academia.edu/Documents/in/Developing_Countries?f_ri=817504"},{"id":32108,"name":"Creditors' Rights","url":"https://www.academia.edu/Documents/in/Creditors_Rights?f_ri=817504"},{"id":33426,"name":"Decentralization","url":"https://www.academia.edu/Documents/in/Decentralization?f_ri=817504"},{"id":39038,"name":"Free Trade","url":"https://www.academia.edu/Documents/in/Free_Trade?f_ri=817504"},{"id":48971,"name":"Monetary Policy","url":"https://www.academia.edu/Documents/in/Monetary_Policy?f_ri=817504"},{"id":55505,"name":"Recession","url":"https://www.academia.edu/Documents/in/Recession?f_ri=817504"},{"id":55704,"name":"Transition","url":"https://www.academia.edu/Documents/in/Transition?f_ri=817504"},{"id":60194,"name":"Transport","url":"https://www.academia.edu/Documents/in/Transport?f_ri=817504"},{"id":62944,"name":"Emerging Market","url":"https://www.academia.edu/Documents/in/Emerging_Market?f_ri=817504"},{"id":71228,"name":"Trade Liberalization","url":"https://www.academia.edu/Documents/in/Trade_Liberalization?f_ri=817504"},{"id":112134,"name":"Financial Instruments","url":"https://www.academia.edu/Documents/in/Financial_Instruments?f_ri=817504"},{"id":113317,"name":"Inflation","url":"https://www.academia.edu/Documents/in/Inflation?f_ri=817504"},{"id":147612,"name":"Market economy","url":"https://www.academia.edu/Documents/in/Market_economy?f_ri=817504"},{"id":156891,"name":"Barter","url":"https://www.academia.edu/Documents/in/Barter?f_ri=817504"},{"id":167483,"name":"Income","url":"https://www.academia.edu/Documents/in/Income?f_ri=817504"},{"id":182800,"name":"Real Interest Rates","url":"https://www.academia.edu/Documents/in/Real_Interest_Rates?f_ri=817504"},{"id":213795,"name":"Trade Balance","url":"https://www.academia.edu/Documents/in/Trade_Balance?f_ri=817504"},{"id":226324,"name":"Liquidity","url":"https://www.academia.edu/Documents/in/Liquidity?f_ri=817504"},{"id":235753,"name":"Debt","url":"https://www.academia.edu/Documents/in/Debt?f_ri=817504"},{"id":239277,"name":"Government Policy","url":"https://www.academia.edu/Documents/in/Government_Policy?f_ri=817504"},{"id":241361,"name":"Social Issues","url":"https://www.academia.edu/Documents/in/Social_Issues?f_ri=817504"},{"id":271890,"name":"Currency","url":"https://www.academia.edu/Documents/in/Currency?f_ri=817504"},{"id":311931,"name":"STOCK EXCHANGE","url":"https://www.academia.edu/Documents/in/STOCK_EXCHANGE?f_ri=817504"},{"id":329549,"name":"Foreign Debt","url":"https://www.academia.edu/Documents/in/Foreign_Debt?f_ri=817504"},{"id":340031,"name":"Foreign Investment","url":"https://www.academia.edu/Documents/in/Foreign_Investment?f_ri=817504"},{"id":398270,"name":"Current Account Deficit","url":"https://www.academia.edu/Documents/in/Current_Account_Deficit?f_ri=817504"},{"id":410377,"name":"Foreign Trade","url":"https://www.academia.edu/Documents/in/Foreign_Trade?f_ri=817504"},{"id":518674,"name":"Budget Deficit","url":"https://www.academia.edu/Documents/in/Budget_Deficit?f_ri=817504"},{"id":533948,"name":"BID","url":"https://www.academia.edu/Documents/in/BID?f_ri=817504"},{"id":556673,"name":"Capital Accumulation","url":"https://www.academia.edu/Documents/in/Capital_Accumulation?f_ri=817504"},{"id":617240,"name":"Return","url":"https://www.academia.edu/Documents/in/Return?f_ri=817504"},{"id":630742,"name":"Working Capital","url":"https://www.academia.edu/Documents/in/Working_Capital?f_ri=817504"},{"id":663534,"name":"Interest Rate","url":"https://www.academia.edu/Documents/in/Interest_Rate?f_ri=817504"},{"id":817504,"name":"DIVIDEND","url":"https://www.academia.edu/Documents/in/DIVIDEND?f_ri=817504"},{"id":867661,"name":"Direct Foreign investment","url":"https://www.academia.edu/Documents/in/Direct_Foreign_investment?f_ri=817504"},{"id":888071,"name":"Consumer Price Index","url":"https://www.academia.edu/Documents/in/Consumer_Price_Index?f_ri=817504"},{"id":896356,"name":"Commodity","url":"https://www.academia.edu/Documents/in/Commodity?f_ri=817504"},{"id":903298,"name":"Budget Constraint","url":"https://www.academia.edu/Documents/in/Budget_Constraint?f_ri=817504"},{"id":911508,"name":"Balance of Payments","url":"https://www.academia.edu/Documents/in/Balance_of_Payments?f_ri=817504"},{"id":980870,"name":"Debts","url":"https://www.academia.edu/Documents/in/Debts?f_ri=817504"},{"id":995017,"name":"Credit Crunch","url":"https://www.academia.edu/Documents/in/Credit_Crunch?f_ri=817504"},{"id":1012495,"name":"Output","url":"https://www.academia.edu/Documents/in/Output?f_ri=817504"},{"id":1028340,"name":"Incomes","url":"https://www.academia.edu/Documents/in/Incomes?f_ri=817504"},{"id":1031550,"name":"Devaluation","url":"https://www.academia.edu/Documents/in/Devaluation?f_ri=817504"},{"id":1199379,"name":"Social Network","url":"https://www.academia.edu/Documents/in/Social_Network?f_ri=817504"},{"id":2129688,"name":"Fixed Costs","url":"https://www.academia.edu/Documents/in/Fixed_Costs?f_ri=817504"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_31471434" data-work_id="31471434" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/31471434/Can_Latin_America_tap_the_globalization_upside_">Can Latin America tap the globalization upside ?</a></div></div><div class="u-pb4x u-mt3x"></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/31471434" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="6fc4ab195e60014abe15c1a33032d330" rel="nofollow" data-download="{"attachment_id":51825887,"asset_id":31471434,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/51825887/download_file?st=MTc0MDYyMzk2MSw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="60105257" href="https://independent.academia.edu/AugustodelaTorre">Augusto de la Torre</a><script data-card-contents-for-user="60105257" type="text/json">{"id":60105257,"first_name":"Augusto de la","last_name":"Torre","domain_name":"independent","page_name":"AugustodelaTorre","display_name":"Augusto de la Torre","profile_url":"https://independent.academia.edu/AugustodelaTorre?f_ri=817504","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_31471434 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="31471434"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 31471434, container: ".js-paper-rank-work_31471434", }); });</script></li><li class="js-percentile-work_31471434 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 31471434; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_31471434"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_31471434 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="31471434"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 31471434; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=31471434]").text(description); $(".js-view-count-work_31471434").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_31471434").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="31471434"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">57</a>  </div><span class="InlineList-item-text u-textTruncate u-pl10x"><a class="InlineList-item-text" data-has-card-for-ri="802" rel="nofollow" href="https://www.academia.edu/Documents/in/Political_Economy">Political Economy</a>, <script data-card-contents-for-ri="802" type="text/json">{"id":802,"name":"Political Economy","url":"https://www.academia.edu/Documents/in/Political_Economy?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="1439" rel="nofollow" href="https://www.academia.edu/Documents/in/Globalization">Globalization</a>, <script data-card-contents-for-ri="1439" type="text/json">{"id":1439,"name":"Globalization","url":"https://www.academia.edu/Documents/in/Globalization?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="2216" rel="nofollow" href="https://www.academia.edu/Documents/in/Natural_Resources">Natural Resources</a>, <script data-card-contents-for-ri="2216" type="text/json">{"id":2216,"name":"Natural Resources","url":"https://www.academia.edu/Documents/in/Natural_Resources?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="3180" rel="nofollow" href="https://www.academia.edu/Documents/in/International_Trade">International Trade</a><script data-card-contents-for-ri="3180" type="text/json">{"id":3180,"name":"International Trade","url":"https://www.academia.edu/Documents/in/International_Trade?f_ri=817504","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=31471434]'), work: {"id":31471434,"title":"Can Latin America tap the globalization upside ?","created_at":"2017-02-16T12:29:58.757-08:00","url":"https://www.academia.edu/31471434/Can_Latin_America_tap_the_globalization_upside_?f_ri=817504","dom_id":"work_31471434","summary":null,"downloadable_attachments":[{"id":51825887,"asset_id":31471434,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":60105257,"first_name":"Augusto de la","last_name":"Torre","domain_name":"independent","page_name":"AugustodelaTorre","display_name":"Augusto de la Torre","profile_url":"https://independent.academia.edu/AugustodelaTorre?f_ri=817504","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":802,"name":"Political Economy","url":"https://www.academia.edu/Documents/in/Political_Economy?f_ri=817504","nofollow":true},{"id":1439,"name":"Globalization","url":"https://www.academia.edu/Documents/in/Globalization?f_ri=817504","nofollow":true},{"id":2216,"name":"Natural Resources","url":"https://www.academia.edu/Documents/in/Natural_Resources?f_ri=817504","nofollow":true},{"id":3180,"name":"International Trade","url":"https://www.academia.edu/Documents/in/International_Trade?f_ri=817504","nofollow":true},{"id":4484,"name":"Economic Growth","url":"https://www.academia.edu/Documents/in/Economic_Growth?f_ri=817504"},{"id":5320,"name":"Financial Systems","url":"https://www.academia.edu/Documents/in/Financial_Systems?f_ri=817504"},{"id":5405,"name":"Emerging Economies","url":"https://www.academia.edu/Documents/in/Emerging_Economies?f_ri=817504"},{"id":8759,"name":"Foreign Direct Investment","url":"https://www.academia.edu/Documents/in/Foreign_Direct_Investment?f_ri=817504"},{"id":9815,"name":"Developing Countries","url":"https://www.academia.edu/Documents/in/Developing_Countries?f_ri=817504"},{"id":11395,"name":"Economic Development","url":"https://www.academia.edu/Documents/in/Economic_Development?f_ri=817504"},{"id":12061,"name":"Risk Management","url":"https://www.academia.edu/Documents/in/Risk_Management?f_ri=817504"},{"id":13242,"name":"Market Structure","url":"https://www.academia.edu/Documents/in/Market_Structure?f_ri=817504"},{"id":25112,"name":"Financial Markets","url":"https://www.academia.edu/Documents/in/Financial_Markets?f_ri=817504"},{"id":25116,"name":"International Finance","url":"https://www.academia.edu/Documents/in/International_Finance?f_ri=817504"},{"id":29571,"name":"Multinational Corporations","url":"https://www.academia.edu/Documents/in/Multinational_Corporations?f_ri=817504"},{"id":32198,"name":"Hedge Funds","url":"https://www.academia.edu/Documents/in/Hedge_Funds?f_ri=817504"},{"id":32213,"name":"Emerging Markets","url":"https://www.academia.edu/Documents/in/Emerging_Markets?f_ri=817504"},{"id":39038,"name":"Free Trade","url":"https://www.academia.edu/Documents/in/Free_Trade?f_ri=817504"},{"id":43739,"name":"Volatility","url":"https://www.academia.edu/Documents/in/Volatility?f_ri=817504"},{"id":48971,"name":"Monetary Policy","url":"https://www.academia.edu/Documents/in/Monetary_Policy?f_ri=817504"},{"id":58276,"name":"Savings","url":"https://www.academia.edu/Documents/in/Savings?f_ri=817504"},{"id":59704,"name":"Institutional Investors","url":"https://www.academia.edu/Documents/in/Institutional_Investors?f_ri=817504"},{"id":62944,"name":"Emerging Market","url":"https://www.academia.edu/Documents/in/Emerging_Market?f_ri=817504"},{"id":63444,"name":"Financial System","url":"https://www.academia.edu/Documents/in/Financial_System?f_ri=817504"},{"id":63632,"name":"Import","url":"https://www.academia.edu/Documents/in/Import?f_ri=817504"},{"id":70854,"name":"Developing Country","url":"https://www.academia.edu/Documents/in/Developing_Country?f_ri=817504"},{"id":71228,"name":"Trade Liberalization","url":"https://www.academia.edu/Documents/in/Trade_Liberalization?f_ri=817504"},{"id":167483,"name":"Income","url":"https://www.academia.edu/Documents/in/Income?f_ri=817504"},{"id":186306,"name":"Interest Rates","url":"https://www.academia.edu/Documents/in/Interest_Rates?f_ri=817504"},{"id":226324,"name":"Liquidity","url":"https://www.academia.edu/Documents/in/Liquidity?f_ri=817504"},{"id":226366,"name":"Connectivity","url":"https://www.academia.edu/Documents/in/Connectivity?f_ri=817504"},{"id":235753,"name":"Debt","url":"https://www.academia.edu/Documents/in/Debt?f_ri=817504"},{"id":270673,"name":"Financial Market","url":"https://www.academia.edu/Documents/in/Financial_Market?f_ri=817504"},{"id":271890,"name":"Currency","url":"https://www.academia.edu/Documents/in/Currency?f_ri=817504"},{"id":319633,"name":"Bonds","url":"https://www.academia.edu/Documents/in/Bonds?f_ri=817504"},{"id":398270,"name":"Current Account Deficit","url":"https://www.academia.edu/Documents/in/Current_Account_Deficit?f_ri=817504"},{"id":401388,"name":"Dividends","url":"https://www.academia.edu/Documents/in/Dividends?f_ri=817504"},{"id":410377,"name":"Foreign Trade","url":"https://www.academia.edu/Documents/in/Foreign_Trade?f_ri=817504"},{"id":427655,"name":"Foreign Direct Investments","url":"https://www.academia.edu/Documents/in/Foreign_Direct_Investments?f_ri=817504"},{"id":466041,"name":"Market Share","url":"https://www.academia.edu/Documents/in/Market_Share?f_ri=817504"},{"id":493164,"name":"Inflation Targeting","url":"https://www.academia.edu/Documents/in/Inflation_Targeting?f_ri=817504"},{"id":555492,"name":"Natural Resource","url":"https://www.academia.edu/Documents/in/Natural_Resource?f_ri=817504"},{"id":578704,"name":"Liberalization","url":"https://www.academia.edu/Documents/in/Liberalization?f_ri=817504"},{"id":663534,"name":"Interest Rate","url":"https://www.academia.edu/Documents/in/Interest_Rate?f_ri=817504"},{"id":817504,"name":"DIVIDEND","url":"https://www.academia.edu/Documents/in/DIVIDEND?f_ri=817504"},{"id":843705,"name":"Gross Domestic Product (GDP)","url":"https://www.academia.edu/Documents/in/Gross_Domestic_Product_GDP_?f_ri=817504"},{"id":896356,"name":"Commodity","url":"https://www.academia.edu/Documents/in/Commodity?f_ri=817504"},{"id":911508,"name":"Balance of Payments","url":"https://www.academia.edu/Documents/in/Balance_of_Payments?f_ri=817504"},{"id":980870,"name":"Debts","url":"https://www.academia.edu/Documents/in/Debts?f_ri=817504"},{"id":981719,"name":"Portfolio Diversification","url":"https://www.academia.edu/Documents/in/Portfolio_Diversification?f_ri=817504"},{"id":1009016,"name":"Current Account Balance","url":"https://www.academia.edu/Documents/in/Current_Account_Balance?f_ri=817504"},{"id":1012495,"name":"Output","url":"https://www.academia.edu/Documents/in/Output?f_ri=817504"},{"id":1031550,"name":"Devaluation","url":"https://www.academia.edu/Documents/in/Devaluation?f_ri=817504"},{"id":1240789,"name":"Capital Market","url":"https://www.academia.edu/Documents/in/Capital_Market?f_ri=817504"},{"id":1285686,"name":"Balance Sheets","url":"https://www.academia.edu/Documents/in/Balance_Sheets?f_ri=817504"},{"id":1501300,"name":"Financial Intermediaries","url":"https://www.academia.edu/Documents/in/Financial_Intermediaries?f_ri=817504"},{"id":1509876,"name":"Emerging Economy","url":"https://www.academia.edu/Documents/in/Emerging_Economy?f_ri=817504"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_28847585" data-work_id="28847585" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/28847585/Combined_MCDM_techniques_for_exploring_stock_selection_based_on_Gordon_model">Combined MCDM techniques for exploring stock selection based on Gordon model</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">Basing on the Gordon model perspective and applying multiple criteria decision making (MCDM), this research explores the influential factors and relative weight of dividend, discount rate, and dividend growth rate. The purpose is to... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_28847585" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">Basing on the Gordon model perspective and applying multiple criteria decision making (MCDM), this research explores the influential factors and relative weight of dividend, discount rate, and dividend growth rate. The purpose is to establish an investment decision model and provides investors with a reference/selection of stocks most suitable for investing effects to achieve the greatest returns. Taking full consideration of the interrelation effect among variables of the decision model, this paper introduced analytical network process (ANP) and examined leading electronics companies spanning the hottest sectors of lens, solar, and handset by experts. Empirical findings indicated that dividend was affected by industry outlook, earnings, operating cash flow, and dividend payout rate; discount rate was affected by market b and risk-free rate; and dividend growth rate was affected by earnings growth rate and dividend payout growth rate. Also, according to literatures, discount rate possessed a self-effect relationship. Among the eight evaluation criteria, market b was the most important factor influencing investment decisions, followed by dividend growth rate and risk-free rate. In stock evaluations, leadership companies in the solar industry outperformed those in handset and lens, becoming investors' favorite stock group at the time that this research was conducted. (J.-M. Huang). 1 The Gordon model refers to P 0 ¼ D 1 =R À G, in which P 0 denotes the current price; D 1 denotes projected dividend; R denotes discount rate; and G denotes dividend growth rate.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/28847585" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="1234c0457f976be194fe96e5a34a57af" rel="nofollow" data-download="{"attachment_id":49267933,"asset_id":28847585,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/49267933/download_file?st=MTc0MDYyMzk2Miw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="54305568" href="https://independent.academia.edu/GwoHshiungTzeng">Gwo-Hshiung Tzeng</a><script data-card-contents-for-user="54305568" type="text/json">{"id":54305568,"first_name":"Gwo-Hshiung","last_name":"Tzeng","domain_name":"independent","page_name":"GwoHshiungTzeng","display_name":"Gwo-Hshiung Tzeng","profile_url":"https://independent.academia.edu/GwoHshiungTzeng?f_ri=817504","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_28847585 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="28847585"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 28847585, container: ".js-paper-rank-work_28847585", }); });</script></li><li class="js-percentile-work_28847585 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 28847585; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_28847585"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_28847585 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="28847585"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 28847585; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=28847585]").text(description); $(".js-view-count-work_28847585").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_28847585").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="28847585"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">10</a>  </div><span class="InlineList-item-text u-textTruncate u-pl10x"><a class="InlineList-item-text" data-has-card-for-ri="32994" rel="nofollow" href="https://www.academia.edu/Documents/in/Analytic_Network_Process">Analytic Network Process</a>, <script data-card-contents-for-ri="32994" type="text/json">{"id":32994,"name":"Analytic Network Process","url":"https://www.academia.edu/Documents/in/Analytic_Network_Process?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="67998" rel="nofollow" href="https://www.academia.edu/Documents/in/Multiple_Criteria_Decision_Making">Multiple Criteria Decision Making</a>, <script data-card-contents-for-ri="67998" type="text/json">{"id":67998,"name":"Multiple Criteria Decision Making","url":"https://www.academia.edu/Documents/in/Multiple_Criteria_Decision_Making?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="80414" rel="nofollow" href="https://www.academia.edu/Documents/in/Mathematical_Sciences">Mathematical Sciences</a>, <script data-card-contents-for-ri="80414" type="text/json">{"id":80414,"name":"Mathematical Sciences","url":"https://www.academia.edu/Documents/in/Mathematical_Sciences?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="185537" href="https://www.academia.edu/Documents/in/Discount_Rate">Discount Rate</a><script data-card-contents-for-ri="185537" type="text/json">{"id":185537,"name":"Discount Rate","url":"https://www.academia.edu/Documents/in/Discount_Rate?f_ri=817504","nofollow":false}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=28847585]'), work: {"id":28847585,"title":"Combined MCDM techniques for exploring stock selection based on Gordon model","created_at":"2016-10-01T07:45:24.883-07:00","url":"https://www.academia.edu/28847585/Combined_MCDM_techniques_for_exploring_stock_selection_based_on_Gordon_model?f_ri=817504","dom_id":"work_28847585","summary":"Basing on the Gordon model perspective and applying multiple criteria decision making (MCDM), this research explores the influential factors and relative weight of dividend, discount rate, and dividend growth rate. The purpose is to establish an investment decision model and provides investors with a reference/selection of stocks most suitable for investing effects to achieve the greatest returns. Taking full consideration of the interrelation effect among variables of the decision model, this paper introduced analytical network process (ANP) and examined leading electronics companies spanning the hottest sectors of lens, solar, and handset by experts. Empirical findings indicated that dividend was affected by industry outlook, earnings, operating cash flow, and dividend payout rate; discount rate was affected by market b and risk-free rate; and dividend growth rate was affected by earnings growth rate and dividend payout growth rate. Also, according to literatures, discount rate possessed a self-effect relationship. Among the eight evaluation criteria, market b was the most important factor influencing investment decisions, followed by dividend growth rate and risk-free rate. In stock evaluations, leadership companies in the solar industry outperformed those in handset and lens, becoming investors' favorite stock group at the time that this research was conducted. (J.-M. Huang). 1 The Gordon model refers to P 0 ¼ D 1 =R À G, in which P 0 denotes the current price; D 1 denotes projected dividend; R denotes discount rate; and G denotes dividend growth rate.","downloadable_attachments":[{"id":49267933,"asset_id":28847585,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":54305568,"first_name":"Gwo-Hshiung","last_name":"Tzeng","domain_name":"independent","page_name":"GwoHshiungTzeng","display_name":"Gwo-Hshiung Tzeng","profile_url":"https://independent.academia.edu/GwoHshiungTzeng?f_ri=817504","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":32994,"name":"Analytic Network Process","url":"https://www.academia.edu/Documents/in/Analytic_Network_Process?f_ri=817504","nofollow":true},{"id":67998,"name":"Multiple Criteria Decision Making","url":"https://www.academia.edu/Documents/in/Multiple_Criteria_Decision_Making?f_ri=817504","nofollow":true},{"id":80414,"name":"Mathematical Sciences","url":"https://www.academia.edu/Documents/in/Mathematical_Sciences?f_ri=817504","nofollow":true},{"id":185537,"name":"Discount Rate","url":"https://www.academia.edu/Documents/in/Discount_Rate?f_ri=817504","nofollow":false},{"id":533274,"name":"Growth rate","url":"https://www.academia.edu/Documents/in/Growth_rate?f_ri=817504"},{"id":659771,"name":"Cash Flow","url":"https://www.academia.edu/Documents/in/Cash_Flow?f_ri=817504"},{"id":764415,"name":"Investment Decision","url":"https://www.academia.edu/Documents/in/Investment_Decision?f_ri=817504"},{"id":817504,"name":"DIVIDEND","url":"https://www.academia.edu/Documents/in/DIVIDEND?f_ri=817504"},{"id":871906,"name":"Decision Models","url":"https://www.academia.edu/Documents/in/Decision_Models?f_ri=817504"},{"id":1988687,"name":"Evaluation Criteria","url":"https://www.academia.edu/Documents/in/Evaluation_Criteria?f_ri=817504"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_21854944" data-work_id="21854944" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/21854944/Institutional_Dividend_Clienteles_Under_an_Imputation_Tax_System">Institutional Dividend Clienteles Under an Imputation Tax System</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">Shareholdings for a sample of institutional equity funds, operating under the Australian imputation tax system, show that dividend policy and fund holdings are related. Relative to market benchmarks and ownership levels across firms,... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_21854944" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">Shareholdings for a sample of institutional equity funds, operating under the Australian imputation tax system, show that dividend policy and fund holdings are related. Relative to market benchmarks and ownership levels across firms, institutional funds are overweight in stocks that pay dividends. Among dividend-paying stocks there is no simple preference for high dividend yields, probably because the highest dividend yields are not sustainable. Instead we find an inverted U relationship between institutional ownership and dividend yield. The tax hypothesis dominates the prudent-man hypothesis in explaining ownership by institutional clienteles. Institutional funds have a higher ownership in stocks which carry full imputation tax credits compared to stocks which have partial, or zero, imputation tax credits.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/21854944" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="91f3cd0624b0fdbc7facef6c43f2d792" rel="nofollow" data-download="{"attachment_id":42598292,"asset_id":21854944,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/42598292/download_file?st=MTc0MDYyMzk2Miw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="43088542" href="https://independent.academia.edu/GrahamPartington">Graham Partington</a><script data-card-contents-for-user="43088542" type="text/json">{"id":43088542,"first_name":"Graham","last_name":"Partington","domain_name":"independent","page_name":"GrahamPartington","display_name":"Graham Partington","profile_url":"https://independent.academia.edu/GrahamPartington?f_ri=817504","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_21854944 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="21854944"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 21854944, container: ".js-paper-rank-work_21854944", }); });</script></li><li class="js-percentile-work_21854944 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 21854944; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_21854944"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_21854944 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="21854944"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 21854944; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=21854944]").text(description); $(".js-view-count-work_21854944").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_21854944").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="21854944"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">8</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="63804" rel="nofollow" href="https://www.academia.edu/Documents/in/Institutions">Institutions</a>, <script data-card-contents-for-ri="63804" type="text/json">{"id":63804,"name":"Institutions","url":"https://www.academia.edu/Documents/in/Institutions?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="107320" rel="nofollow" href="https://www.academia.edu/Documents/in/System">System</a>, <script data-card-contents-for-ri="107320" type="text/json">{"id":107320,"name":"System","url":"https://www.academia.edu/Documents/in/System?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="344926" rel="nofollow" href="https://www.academia.edu/Documents/in/Imputation">Imputation</a>, <script data-card-contents-for-ri="344926" type="text/json">{"id":344926,"name":"Imputation","url":"https://www.academia.edu/Documents/in/Imputation?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="401388" rel="nofollow" href="https://www.academia.edu/Documents/in/Dividends">Dividends</a><script data-card-contents-for-ri="401388" type="text/json">{"id":401388,"name":"Dividends","url":"https://www.academia.edu/Documents/in/Dividends?f_ri=817504","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=21854944]'), work: {"id":21854944,"title":"Institutional Dividend Clienteles Under an Imputation Tax System","created_at":"2016-02-11T20:03:05.022-08:00","url":"https://www.academia.edu/21854944/Institutional_Dividend_Clienteles_Under_an_Imputation_Tax_System?f_ri=817504","dom_id":"work_21854944","summary":"Shareholdings for a sample of institutional equity funds, operating under the Australian imputation tax system, show that dividend policy and fund holdings are related. Relative to market benchmarks and ownership levels across firms, institutional funds are overweight in stocks that pay dividends. Among dividend-paying stocks there is no simple preference for high dividend yields, probably because the highest dividend yields are not sustainable. Instead we find an inverted U relationship between institutional ownership and dividend yield. The tax hypothesis dominates the prudent-man hypothesis in explaining ownership by institutional clienteles. Institutional funds have a higher ownership in stocks which carry full imputation tax credits compared to stocks which have partial, or zero, imputation tax credits.","downloadable_attachments":[{"id":42598292,"asset_id":21854944,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":43088542,"first_name":"Graham","last_name":"Partington","domain_name":"independent","page_name":"GrahamPartington","display_name":"Graham Partington","profile_url":"https://independent.academia.edu/GrahamPartington?f_ri=817504","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":63804,"name":"Institutions","url":"https://www.academia.edu/Documents/in/Institutions?f_ri=817504","nofollow":true},{"id":107320,"name":"System","url":"https://www.academia.edu/Documents/in/System?f_ri=817504","nofollow":true},{"id":344926,"name":"Imputation","url":"https://www.academia.edu/Documents/in/Imputation?f_ri=817504","nofollow":true},{"id":401388,"name":"Dividends","url":"https://www.academia.edu/Documents/in/Dividends?f_ri=817504","nofollow":true},{"id":652436,"name":"Business Administration Accounting and Finance","url":"https://www.academia.edu/Documents/in/Business_Administration_Accounting_and_Finance?f_ri=817504"},{"id":677774,"name":"Institutional","url":"https://www.academia.edu/Documents/in/Institutional?f_ri=817504"},{"id":701330,"name":"Dividend policy","url":"https://www.academia.edu/Documents/in/Dividend_policy?f_ri=817504"},{"id":817504,"name":"DIVIDEND","url":"https://www.academia.edu/Documents/in/DIVIDEND?f_ri=817504"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_5975517" data-work_id="5975517" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/5975517/Interest_on_equity_and_capital_structure_in_the_Brazilian_context">Interest on equity and capital structure in the Brazilian context</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">Purpose – The interest paid on own capital can benefit companies in the Brazilian capital market as it can be considered a business expense and is, therefore, deductible as a corporate tax. The purpose of this paper is to assess the... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_5975517" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">Purpose – The interest paid on own capital can benefit companies in the Brazilian capital market as it can be considered a business expense and is, therefore, deductible as a corporate tax. The purpose of this paper is to assess the impact of interest on equity (IOE) on capital structure decisions. <br /> <br />Design/methodology/approach – The initial sample consisted of 524 publicly traded companies from different industries in the Brazilian capital market that were listed on Bovespa. Companies in the finance, insurance and funds industries were excluded from the sample due to the unique features of these financial intermediaries. Some companies in the initial sample were excluded due to a lack of published data, inactivity during the sample period, etc. Thus, the paper excluded those companies that did not have valid observations or failed to publish them. The final sample included 370 companies and covered the nine-year period from 1998 through 2006. <br /> <br />Findings – To this end, the authors identified the main determinants of capital structure and analyzed, through panel data, the relationship of IOE in addition to other determinants of capital structure, such as size, profitability, investment opportunities, risk, sales growth, real interest rate and real exchange rate, in corporate debt. The novel contribution of this study is the inclusion and analysis of the IOE in studies on the determination of capital structure of Brazilian companies. A new capital structure scenario was created when Law No. 9.249/95 required changes in legislation, ceasing the restatement of balance sheets and allowing companies to compensate their stockholders through IOE. Before this change, companies could only benefit from the tax benefits of debt, using debt capital. Now, they can also benefit from the use of equity because, by requiting equity through the IOE, deductions of income tax and social contributions on net income are allowed by tax law because the IOE may be considered a financial expense. <br /> <br />Originality/value: The authors were not able to find any other publication of a similar study in a review of the extant empirical literature.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/5975517" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="506f94933e9d3df22abf933d4a930a3a" rel="nofollow" data-download="{"attachment_id":32933572,"asset_id":5975517,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/32933572/download_file?st=MTc0MDYyMzk2Miw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="4754456" href="https://independent.academia.edu/MarcioTellesPortal">Marcio Telles Portal</a><script data-card-contents-for-user="4754456" type="text/json">{"id":4754456,"first_name":"Marcio","last_name":"Telles Portal","domain_name":"independent","page_name":"MarcioTellesPortal","display_name":"Marcio Telles Portal","profile_url":"https://independent.academia.edu/MarcioTellesPortal?f_ri=817504","photo":"https://0.academia-photos.com/4754456/2016975/2378673/s65_marcio.telles_portal.jpg"}</script></span></span></li><li class="js-paper-rank-work_5975517 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="5975517"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 5975517, container: ".js-paper-rank-work_5975517", }); });</script></li><li class="js-percentile-work_5975517 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 5975517; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_5975517"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_5975517 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="5975517"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 5975517; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=5975517]").text(description); $(".js-view-count-work_5975517").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_5975517").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="5975517"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">62</a>  </div><span class="InlineList-item-text u-textTruncate u-pl10x"><a class="InlineList-item-text" data-has-card-for-ri="26" rel="nofollow" href="https://www.academia.edu/Documents/in/Business">Business</a>, <script data-card-contents-for-ri="26" type="text/json">{"id":26,"name":"Business","url":"https://www.academia.edu/Documents/in/Business?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="38" rel="nofollow" href="https://www.academia.edu/Documents/in/Management">Management</a>, <script data-card-contents-for-ri="38" type="text/json">{"id":38,"name":"Management","url":"https://www.academia.edu/Documents/in/Management?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="45" rel="nofollow" href="https://www.academia.edu/Documents/in/Business_Administration">Business Administration</a>, <script data-card-contents-for-ri="45" type="text/json">{"id":45,"name":"Business Administration","url":"https://www.academia.edu/Documents/in/Business_Administration?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="47" rel="nofollow" href="https://www.academia.edu/Documents/in/Finance">Finance</a><script data-card-contents-for-ri="47" type="text/json">{"id":47,"name":"Finance","url":"https://www.academia.edu/Documents/in/Finance?f_ri=817504","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=5975517]'), work: {"id":5975517,"title":"Interest on equity and capital structure in the Brazilian context","created_at":"2014-02-06T10:52:18.158-08:00","url":"https://www.academia.edu/5975517/Interest_on_equity_and_capital_structure_in_the_Brazilian_context?f_ri=817504","dom_id":"work_5975517","summary":"Purpose – The interest paid on own capital can benefit companies in the Brazilian capital market as it can be considered a business expense and is, therefore, deductible as a corporate tax. The purpose of this paper is to assess the impact of interest on equity (IOE) on capital structure decisions.\r\n\r\nDesign/methodology/approach – The initial sample consisted of 524 publicly traded companies from different industries in the Brazilian capital market that were listed on Bovespa. Companies in the finance, insurance and funds industries were excluded from the sample due to the unique features of these financial intermediaries. Some companies in the initial sample were excluded due to a lack of published data, inactivity during the sample period, etc. Thus, the paper excluded those companies that did not have valid observations or failed to publish them. The final sample included 370 companies and covered the nine-year period from 1998 through 2006.\r\n\r\nFindings – To this end, the authors identified the main determinants of capital structure and analyzed, through panel data, the relationship of IOE in addition to other determinants of capital structure, such as size, profitability, investment opportunities, risk, sales growth, real interest rate and real exchange rate, in corporate debt. The novel contribution of this study is the inclusion and analysis of the IOE in studies on the determination of capital structure of Brazilian companies. A new capital structure scenario was created when Law No. 9.249/95 required changes in legislation, ceasing the restatement of balance sheets and allowing companies to compensate their stockholders through IOE. Before this change, companies could only benefit from the tax benefits of debt, using debt capital. Now, they can also benefit from the use of equity because, by requiting equity through the IOE, deductions of income tax and social contributions on net income are allowed by tax law because the IOE may be considered a financial expense.\r\n\r\nOriginality/value: The authors were not able to find any other publication of a similar study in a review of the extant empirical literature.","downloadable_attachments":[{"id":32933572,"asset_id":5975517,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":4754456,"first_name":"Marcio","last_name":"Telles Portal","domain_name":"independent","page_name":"MarcioTellesPortal","display_name":"Marcio Telles Portal","profile_url":"https://independent.academia.edu/MarcioTellesPortal?f_ri=817504","photo":"https://0.academia-photos.com/4754456/2016975/2378673/s65_marcio.telles_portal.jpg"}],"research_interests":[{"id":26,"name":"Business","url":"https://www.academia.edu/Documents/in/Business?f_ri=817504","nofollow":true},{"id":38,"name":"Management","url":"https://www.academia.edu/Documents/in/Management?f_ri=817504","nofollow":true},{"id":45,"name":"Business Administration","url":"https://www.academia.edu/Documents/in/Business_Administration?f_ri=817504","nofollow":true},{"id":47,"name":"Finance","url":"https://www.academia.edu/Documents/in/Finance?f_ri=817504","nofollow":true},{"id":724,"name":"Economics","url":"https://www.academia.edu/Documents/in/Economics?f_ri=817504"},{"id":748,"name":"Financial Economics","url":"https://www.academia.edu/Documents/in/Financial_Economics?f_ri=817504"},{"id":1454,"name":"Tax Law","url":"https://www.academia.edu/Documents/in/Tax_Law?f_ri=817504"},{"id":1664,"name":"Empirical Finance","url":"https://www.academia.edu/Documents/in/Empirical_Finance?f_ri=817504"},{"id":3490,"name":"Accounting","url":"https://www.academia.edu/Documents/in/Accounting?f_ri=817504"},{"id":3492,"name":"Financial Accounting","url":"https://www.academia.edu/Documents/in/Financial_Accounting-2?f_ri=817504"},{"id":4770,"name":"Taxation","url":"https://www.academia.edu/Documents/in/Taxation?f_ri=817504"},{"id":4777,"name":"Tax reform","url":"https://www.academia.edu/Documents/in/Tax_reform?f_ri=817504"},{"id":5774,"name":"Business Taxation","url":"https://www.academia.edu/Documents/in/Business_Taxation?f_ri=817504"},{"id":6630,"name":"Business Economics","url":"https://www.academia.edu/Documents/in/Business_Economics?f_ri=817504"},{"id":6910,"name":"Capital Markets","url":"https://www.academia.edu/Documents/in/Capital_Markets?f_ri=817504"},{"id":7292,"name":"Corporate Finance","url":"https://www.academia.edu/Documents/in/Corporate_Finance?f_ri=817504"},{"id":7495,"name":"Law and Economics","url":"https://www.academia.edu/Documents/in/Law_and_Economics?f_ri=817504"},{"id":7702,"name":"Financial management","url":"https://www.academia.edu/Documents/in/Financial_management?f_ri=817504"},{"id":9115,"name":"Corporate Income Taxation","url":"https://www.academia.edu/Documents/in/Corporate_Income_Taxation?f_ri=817504"},{"id":9821,"name":"Brazil","url":"https://www.academia.edu/Documents/in/Brazil?f_ri=817504"},{"id":11035,"name":"Regulation","url":"https://www.academia.edu/Documents/in/Regulation?f_ri=817504"},{"id":12175,"name":"Tax Policy","url":"https://www.academia.edu/Documents/in/Tax_Policy?f_ri=817504"},{"id":13759,"name":"Financial Modeling","url":"https://www.academia.edu/Documents/in/Financial_Modeling?f_ri=817504"},{"id":21711,"name":"Law and Finance","url":"https://www.academia.edu/Documents/in/Law_and_Finance?f_ri=817504"},{"id":21928,"name":"Islamic Finance","url":"https://www.academia.edu/Documents/in/Islamic_Finance?f_ri=817504"},{"id":23326,"name":"Administration","url":"https://www.academia.edu/Documents/in/Administration?f_ri=817504"},{"id":25112,"name":"Financial Markets","url":"https://www.academia.edu/Documents/in/Financial_Markets?f_ri=817504"},{"id":25116,"name":"International Finance","url":"https://www.academia.edu/Documents/in/International_Finance?f_ri=817504"},{"id":28013,"name":"Capital Structure","url":"https://www.academia.edu/Documents/in/Capital_Structure?f_ri=817504"},{"id":32213,"name":"Emerging Markets","url":"https://www.academia.edu/Documents/in/Emerging_Markets?f_ri=817504"},{"id":32429,"name":"Direito Tributário (Tax Law)","url":"https://www.academia.edu/Documents/in/Direito_Tributario_Tax_Law_?f_ri=817504"},{"id":51360,"name":"Economia","url":"https://www.academia.edu/Documents/in/Economia?f_ri=817504"},{"id":53009,"name":"Taxation in developing countries","url":"https://www.academia.edu/Documents/in/Taxation_in_developing_countries?f_ri=817504"},{"id":56667,"name":"Economía","url":"https://www.academia.edu/Documents/in/Econom%C3%ADa?f_ri=817504"},{"id":57228,"name":"Financial Regulation","url":"https://www.academia.edu/Documents/in/Financial_Regulation?f_ri=817504"},{"id":104669,"name":"Financial Leverage","url":"https://www.academia.edu/Documents/in/Financial_Leverage?f_ri=817504"},{"id":124271,"name":"DETERMINANTS OF DIVIDEND POLICY IN PUBLIC QUOTED COMPANIES","url":"https://www.academia.edu/Documents/in/DETERMINANTS_OF_DIVIDEND_POLICY_IN_PUBLIC_QUOTED_COMPANIES?f_ri=817504"},{"id":130221,"name":"Economia Política","url":"https://www.academia.edu/Documents/in/Economia_Pol%C3%ADtica?f_ri=817504"},{"id":132821,"name":"Securities Regulation","url":"https://www.academia.edu/Documents/in/Securities_Regulation?f_ri=817504"},{"id":135704,"name":"Business and Economics","url":"https://www.academia.edu/Documents/in/Business_and_Economics-1?f_ri=817504"},{"id":160749,"name":"Dividend Policies","url":"https://www.academia.edu/Documents/in/Dividend_Policies?f_ri=817504"},{"id":181783,"name":"Financial Management Practices","url":"https://www.academia.edu/Documents/in/Financial_Management_Practices?f_ri=817504"},{"id":210387,"name":"Finanças","url":"https://www.academia.edu/Documents/in/Financas?f_ri=817504"},{"id":219669,"name":"Taxes","url":"https://www.academia.edu/Documents/in/Taxes?f_ri=817504"},{"id":349294,"name":"BRICS nations (Brazil, Russia, India, China and South Africa)","url":"https://www.academia.edu/Documents/in/BRICS_nations_Brazil_Russia_India_China_and_South_Africa_?f_ri=817504"},{"id":401388,"name":"Dividends","url":"https://www.academia.edu/Documents/in/Dividends?f_ri=817504"},{"id":423940,"name":"Mercado de Capitais","url":"https://www.academia.edu/Documents/in/Mercado_de_Capitais?f_ri=817504"},{"id":485538,"name":"Gestão Financeira","url":"https://www.academia.edu/Documents/in/Gest%C3%A3o_Financeira?f_ri=817504"},{"id":564370,"name":"Determinants of Capital Structure","url":"https://www.academia.edu/Documents/in/Determinants_of_Capital_Structure?f_ri=817504"},{"id":586122,"name":"Economics and Law","url":"https://www.academia.edu/Documents/in/Economics_and_Law?f_ri=817504"},{"id":701330,"name":"Dividend policy","url":"https://www.academia.edu/Documents/in/Dividend_policy?f_ri=817504"},{"id":744744,"name":"Estrutura de Capital","url":"https://www.academia.edu/Documents/in/Estrutura_de_Capital?f_ri=817504"},{"id":761391,"name":"Finanças Empresariais","url":"https://www.academia.edu/Documents/in/Finan%C3%A7as_Empresariais?f_ri=817504"},{"id":817504,"name":"DIVIDEND","url":"https://www.academia.edu/Documents/in/DIVIDEND?f_ri=817504"},{"id":821821,"name":"Determinants of Capital Structure by Using Pecking Order Theory","url":"https://www.academia.edu/Documents/in/Determinants_of_Capital_Structure_by_Using_Pecking_Order_Theory?f_ri=817504"},{"id":1312117,"name":"Determinantes Estrutura De Capital","url":"https://www.academia.edu/Documents/in/Determinantes_Estrutura_De_Capital?f_ri=817504"},{"id":1312146,"name":"Cash Dividend","url":"https://www.academia.edu/Documents/in/Cash_Dividend?f_ri=817504"},{"id":1312148,"name":"Payout Policy","url":"https://www.academia.edu/Documents/in/Payout_Policy?f_ri=817504"},{"id":1312152,"name":"Allowances for Corporate Equity","url":"https://www.academia.edu/Documents/in/Allowances_for_Corporate_Equity?f_ri=817504"},{"id":1317800,"name":"Finanças Corporativas","url":"https://www.academia.edu/Documents/in/Financas_Corporativas?f_ri=817504"},{"id":1418661,"name":"Tax Shields","url":"https://www.academia.edu/Documents/in/Tax_Shields?f_ri=817504"},{"id":1418662,"name":"Debt Tax Shields","url":"https://www.academia.edu/Documents/in/Debt_Tax_Shields?f_ri=817504"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_77012112" data-work_id="77012112" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/77012112/The_Determinants_of_Dividend_Policy_an_Empirical_Study_on_Manufacturing_Companies_Listed_on_the_Indonesia_Stock_Exchange_2016_2019_Period_">The Determinants of Dividend Policy (an Empirical Study on Manufacturing Companies Listed on the Indonesia Stock Exchange 2016-2019 Period)</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">This research aims to analyze the factors that affect the company’s opportunities to distribute dividends, and based on those opportunities, this research further identifies the factors that affect the size of dividends to be distributed... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_77012112" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">This research aims to analyze the factors that affect the company’s opportunities to distribute dividends, and based on those opportunities, this research further identifies the factors that affect the size of dividends to be distributed by the company. The research sample was taken from manufacturing companies listed on the Indonesia Stock Exchange for 2016-2019. The regression models used were logistic regression to analyze the variables affecting the company’s opportunities of dividends and multiple linear regression to analyze the variables affecting the size of the dividends to be distributed. This research finding revealed that the variables affecting the company’s opportunities of distributing dividends were profitability, liquidity, and company size. However, of the three variables, only profitability affected the size of the dividend distributed by the company.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/77012112" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="76bd8c65d7dcb2e3464a48313a39df0d" rel="nofollow" data-download="{"attachment_id":84512506,"asset_id":77012112,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/84512506/download_file?st=MTc0MDYyMzk2Miw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="74320484" href="https://independent.academia.edu/AgusBudi121">Agus Budi</a><script data-card-contents-for-user="74320484" type="text/json">{"id":74320484,"first_name":"Agus","last_name":"Budi","domain_name":"independent","page_name":"AgusBudi121","display_name":"Agus Budi","profile_url":"https://independent.academia.edu/AgusBudi121?f_ri=817504","photo":"https://0.academia-photos.com/74320484/18805493/18765545/s65_agus.budi.jpg"}</script></span></span></li><li class="js-paper-rank-work_77012112 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="77012112"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 77012112, container: ".js-paper-rank-work_77012112", }); });</script></li><li class="js-percentile-work_77012112 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 77012112; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_77012112"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_77012112 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="77012112"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 77012112; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=77012112]").text(description); $(".js-view-count-work_77012112").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_77012112").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="77012112"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">13</a>  </div><span class="InlineList-item-text u-textTruncate u-pl10x"><a class="InlineList-item-text" data-has-card-for-ri="26" rel="nofollow" href="https://www.academia.edu/Documents/in/Business">Business</a>, <script data-card-contents-for-ri="26" type="text/json">{"id":26,"name":"Business","url":"https://www.academia.edu/Documents/in/Business?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="47" rel="nofollow" href="https://www.academia.edu/Documents/in/Finance">Finance</a>, <script data-card-contents-for-ri="47" type="text/json">{"id":47,"name":"Finance","url":"https://www.academia.edu/Documents/in/Finance?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="724" rel="nofollow" href="https://www.academia.edu/Documents/in/Economics">Economics</a>, <script data-card-contents-for-ri="724" type="text/json">{"id":724,"name":"Economics","url":"https://www.academia.edu/Documents/in/Economics?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="4060" rel="nofollow" href="https://www.academia.edu/Documents/in/Applied_Statistics">Applied Statistics</a><script data-card-contents-for-ri="4060" type="text/json">{"id":4060,"name":"Applied Statistics","url":"https://www.academia.edu/Documents/in/Applied_Statistics?f_ri=817504","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=77012112]'), work: {"id":77012112,"title":"The Determinants of Dividend Policy (an Empirical Study on Manufacturing Companies Listed on the Indonesia Stock Exchange 2016-2019 Period)","created_at":"2022-04-19T19:22:12.167-07:00","url":"https://www.academia.edu/77012112/The_Determinants_of_Dividend_Policy_an_Empirical_Study_on_Manufacturing_Companies_Listed_on_the_Indonesia_Stock_Exchange_2016_2019_Period_?f_ri=817504","dom_id":"work_77012112","summary":"This research aims to analyze the factors that affect the company’s opportunities to distribute dividends, and based on those opportunities, this research further identifies the factors that affect the size of dividends to be distributed by the company. The research sample was taken from manufacturing companies listed on the Indonesia Stock Exchange for 2016-2019. The regression models used were logistic regression to analyze the variables affecting the company’s opportunities of dividends and multiple linear regression to analyze the variables affecting the size of the dividends to be distributed. This research finding revealed that the variables affecting the company’s opportunities of distributing dividends were profitability, liquidity, and company size. However, of the three variables, only profitability affected the size of the dividend distributed by the company.","downloadable_attachments":[{"id":84512506,"asset_id":77012112,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":74320484,"first_name":"Agus","last_name":"Budi","domain_name":"independent","page_name":"AgusBudi121","display_name":"Agus Budi","profile_url":"https://independent.academia.edu/AgusBudi121?f_ri=817504","photo":"https://0.academia-photos.com/74320484/18805493/18765545/s65_agus.budi.jpg"}],"research_interests":[{"id":26,"name":"Business","url":"https://www.academia.edu/Documents/in/Business?f_ri=817504","nofollow":true},{"id":47,"name":"Finance","url":"https://www.academia.edu/Documents/in/Finance?f_ri=817504","nofollow":true},{"id":724,"name":"Economics","url":"https://www.academia.edu/Documents/in/Economics?f_ri=817504","nofollow":true},{"id":4060,"name":"Applied Statistics","url":"https://www.academia.edu/Documents/in/Applied_Statistics?f_ri=817504","nofollow":true},{"id":6910,"name":"Capital Markets","url":"https://www.academia.edu/Documents/in/Capital_Markets?f_ri=817504"},{"id":7292,"name":"Corporate Finance","url":"https://www.academia.edu/Documents/in/Corporate_Finance?f_ri=817504"},{"id":40860,"name":"Panel Data","url":"https://www.academia.edu/Documents/in/Panel_Data?f_ri=817504"},{"id":311931,"name":"STOCK EXCHANGE","url":"https://www.academia.edu/Documents/in/STOCK_EXCHANGE?f_ri=817504"},{"id":401388,"name":"Dividends","url":"https://www.academia.edu/Documents/in/Dividends?f_ri=817504"},{"id":701330,"name":"Dividend policy","url":"https://www.academia.edu/Documents/in/Dividend_policy?f_ri=817504"},{"id":817504,"name":"DIVIDEND","url":"https://www.academia.edu/Documents/in/DIVIDEND?f_ri=817504"},{"id":1290182,"name":"Applied Statistics Regression Analysis","url":"https://www.academia.edu/Documents/in/Applied_Statistics_Regression_Analysis?f_ri=817504"},{"id":1847141,"name":"Dividend Payout Ratio","url":"https://www.academia.edu/Documents/in/Dividend_Payout_Ratio?f_ri=817504"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_39816739" data-work_id="39816739" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/39816739/Bank_Flows_and_Basel_III_Determinants_and_Regional_Differences_in_Emerging_Markets">Bank Flows and Basel III—Determinants and Regional Differences in Emerging Markets</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">The global financial crisis has led to a range of reform proposals concerning the regulatory framework governing the banking sector—collectively referred to as “Basel III.” Although the proposed reforms are expected to generate... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_39816739" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">The global financial crisis has led to a range of reform proposals concerning the regulatory framework governing the banking sector—collectively referred to as “Basel III.” Although the proposed reforms are expected to generate substantial benefits by reducing the frequency and intensity of banking crises, concerns have been raised that, in the short term, the costs of moving to higher capital</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/39816739" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="1d58e4f09f1edde6dc649cc01cc485c2" rel="nofollow" data-download="{"attachment_id":60002514,"asset_id":39816739,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/60002514/download_file?st=MTc0MDYyMzk2Miw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="119487615" href="https://independent.academia.edu/SwatiGhoshChoudhury">Swati Ghosh Choudhury</a><script data-card-contents-for-user="119487615" type="text/json">{"id":119487615,"first_name":"Swati","last_name":"Ghosh Choudhury","domain_name":"independent","page_name":"SwatiGhoshChoudhury","display_name":"Swati Ghosh Choudhury","profile_url":"https://independent.academia.edu/SwatiGhoshChoudhury?f_ri=817504","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_39816739 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="39816739"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 39816739, container: ".js-paper-rank-work_39816739", }); });</script></li><li class="js-percentile-work_39816739 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 39816739; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_39816739"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_39816739 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="39816739"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 39816739; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=39816739]").text(description); $(".js-view-count-work_39816739").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_39816739").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="39816739"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">20</a>  </div><span class="InlineList-item-text u-textTruncate u-pl10x"><a class="InlineList-item-text" data-has-card-for-ri="4167" rel="nofollow" href="https://www.academia.edu/Documents/in/Corporate_Governance">Corporate Governance</a>, <script data-card-contents-for-ri="4167" type="text/json">{"id":4167,"name":"Corporate Governance","url":"https://www.academia.edu/Documents/in/Corporate_Governance?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="6910" rel="nofollow" href="https://www.academia.edu/Documents/in/Capital_Markets">Capital Markets</a>, <script data-card-contents-for-ri="6910" type="text/json">{"id":6910,"name":"Capital Markets","url":"https://www.academia.edu/Documents/in/Capital_Markets?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="25112" rel="nofollow" href="https://www.academia.edu/Documents/in/Financial_Markets">Financial Markets</a>, <script data-card-contents-for-ri="25112" type="text/json">{"id":25112,"name":"Financial Markets","url":"https://www.academia.edu/Documents/in/Financial_Markets?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="28013" rel="nofollow" href="https://www.academia.edu/Documents/in/Capital_Structure">Capital Structure</a><script data-card-contents-for-ri="28013" type="text/json">{"id":28013,"name":"Capital Structure","url":"https://www.academia.edu/Documents/in/Capital_Structure?f_ri=817504","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=39816739]'), work: {"id":39816739,"title":"Bank Flows and Basel III—Determinants and Regional Differences in Emerging Markets","created_at":"2019-07-13T21:10:55.778-07:00","url":"https://www.academia.edu/39816739/Bank_Flows_and_Basel_III_Determinants_and_Regional_Differences_in_Emerging_Markets?f_ri=817504","dom_id":"work_39816739","summary":"The global financial crisis has led to a range of reform proposals concerning the regulatory framework governing the banking sector—collectively referred to as “Basel III.” Although the proposed reforms are expected to generate substantial benefits by reducing the frequency and intensity of banking crises, concerns have been raised that, in the short term, the costs of moving to higher capital","downloadable_attachments":[{"id":60002514,"asset_id":39816739,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":119487615,"first_name":"Swati","last_name":"Ghosh Choudhury","domain_name":"independent","page_name":"SwatiGhoshChoudhury","display_name":"Swati Ghosh Choudhury","profile_url":"https://independent.academia.edu/SwatiGhoshChoudhury?f_ri=817504","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":4167,"name":"Corporate Governance","url":"https://www.academia.edu/Documents/in/Corporate_Governance?f_ri=817504","nofollow":true},{"id":6910,"name":"Capital Markets","url":"https://www.academia.edu/Documents/in/Capital_Markets?f_ri=817504","nofollow":true},{"id":25112,"name":"Financial Markets","url":"https://www.academia.edu/Documents/in/Financial_Markets?f_ri=817504","nofollow":true},{"id":28013,"name":"Capital Structure","url":"https://www.academia.edu/Documents/in/Capital_Structure?f_ri=817504","nofollow":true},{"id":32213,"name":"Emerging Markets","url":"https://www.academia.edu/Documents/in/Emerging_Markets?f_ri=817504"},{"id":50679,"name":"Financial Crisis","url":"https://www.academia.edu/Documents/in/Financial_Crisis?f_ri=817504"},{"id":53418,"name":"Derivatives","url":"https://www.academia.edu/Documents/in/Derivatives?f_ri=817504"},{"id":62944,"name":"Emerging Market","url":"https://www.academia.edu/Documents/in/Emerging_Market?f_ri=817504"},{"id":160116,"name":"Cost of Capital","url":"https://www.academia.edu/Documents/in/Cost_of_Capital?f_ri=817504"},{"id":160127,"name":"Asymmetric Information","url":"https://www.academia.edu/Documents/in/Asymmetric_Information?f_ri=817504"},{"id":298391,"name":"Bond","url":"https://www.academia.edu/Documents/in/Bond?f_ri=817504"},{"id":353101,"name":"Banking Sector","url":"https://www.academia.edu/Documents/in/Banking_Sector?f_ri=817504"},{"id":817504,"name":"DIVIDEND","url":"https://www.academia.edu/Documents/in/DIVIDEND?f_ri=817504"},{"id":966655,"name":"Capital Adequacy","url":"https://www.academia.edu/Documents/in/Capital_Adequacy?f_ri=817504"},{"id":1240789,"name":"Capital Market","url":"https://www.academia.edu/Documents/in/Capital_Market?f_ri=817504"},{"id":1246527,"name":"Banking Crises","url":"https://www.academia.edu/Documents/in/Banking_Crises?f_ri=817504"},{"id":1648153,"name":"Capital Ratios","url":"https://www.academia.edu/Documents/in/Capital_Ratios?f_ri=817504"},{"id":1895901,"name":"Balance Sheet","url":"https://www.academia.edu/Documents/in/Balance_Sheet?f_ri=817504"},{"id":1903131,"name":"Capital Requirements","url":"https://www.academia.edu/Documents/in/Capital_Requirements?f_ri=817504"},{"id":2673479,"name":"Advanced economies","url":"https://www.academia.edu/Documents/in/Advanced_economies?f_ri=817504"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_35627292" data-work_id="35627292" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/35627292/_Factors_Influencing_Dividend_Pay_or_Not_to_Pay_on_the_Indonesia_Stock_Exchange_">“Factors Influencing Dividend: Pay or Not to Pay on the Indonesia Stock Exchange”</a></div></div><div class="u-pb4x u-mt3x"></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/35627292" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="85affb3bb77adf95b31a8d0a7a76b162" rel="nofollow" data-download="{"attachment_id":55495865,"asset_id":35627292,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/55495865/download_file?st=MTc0MDYyMzk2Miw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="11997979" href="https://universitas-trilogi.academia.edu/ZainulKisman">Zainul Kisman</a><script data-card-contents-for-user="11997979" type="text/json">{"id":11997979,"first_name":"Zainul","last_name":"Kisman","domain_name":"universitas-trilogi","page_name":"ZainulKisman","display_name":"Zainul Kisman","profile_url":"https://universitas-trilogi.academia.edu/ZainulKisman?f_ri=817504","photo":"https://0.academia-photos.com/11997979/3449193/4054441/s65_zainul.kisman.jpg"}</script></span></span></li><li class="js-paper-rank-work_35627292 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="35627292"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 35627292, container: ".js-paper-rank-work_35627292", }); });</script></li><li class="js-percentile-work_35627292 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 35627292; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_35627292"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_35627292 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="35627292"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 35627292; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=35627292]").text(description); $(".js-view-count-work_35627292").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_35627292").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="35627292"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">2</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="47" rel="nofollow" href="https://www.academia.edu/Documents/in/Finance">Finance</a>, <script data-card-contents-for-ri="47" type="text/json">{"id":47,"name":"Finance","url":"https://www.academia.edu/Documents/in/Finance?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="817504" rel="nofollow" href="https://www.academia.edu/Documents/in/DIVIDEND">DIVIDEND</a><script data-card-contents-for-ri="817504" type="text/json">{"id":817504,"name":"DIVIDEND","url":"https://www.academia.edu/Documents/in/DIVIDEND?f_ri=817504","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=35627292]'), work: {"id":35627292,"title":"“Factors Influencing Dividend: Pay or Not to Pay on the Indonesia Stock Exchange”","created_at":"2018-01-09T22:25:43.851-08:00","url":"https://www.academia.edu/35627292/_Factors_Influencing_Dividend_Pay_or_Not_to_Pay_on_the_Indonesia_Stock_Exchange_?f_ri=817504","dom_id":"work_35627292","summary":null,"downloadable_attachments":[{"id":55495865,"asset_id":35627292,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":11997979,"first_name":"Zainul","last_name":"Kisman","domain_name":"universitas-trilogi","page_name":"ZainulKisman","display_name":"Zainul Kisman","profile_url":"https://universitas-trilogi.academia.edu/ZainulKisman?f_ri=817504","photo":"https://0.academia-photos.com/11997979/3449193/4054441/s65_zainul.kisman.jpg"}],"research_interests":[{"id":47,"name":"Finance","url":"https://www.academia.edu/Documents/in/Finance?f_ri=817504","nofollow":true},{"id":817504,"name":"DIVIDEND","url":"https://www.academia.edu/Documents/in/DIVIDEND?f_ri=817504","nofollow":true}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_30379778" data-work_id="30379778" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/30379778/Impact_of_Dividend_Policy_on_Shareholders_Wealth_A_Study_of_Selected_Manufacturing_Industries_of_Pakistan">Impact of Dividend Policy on Shareholders' Wealth: A Study of Selected Manufacturing Industries of Pakistan</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">This study examines the impact of dividend policy on shareholders' wealth in context of Pakistan. Thirty five companies randomly from three sectors; Textile, Sugar and Chemical are observed in the study. The annual data for these... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_30379778" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">This study examines the impact of dividend policy on shareholders' wealth in context of Pakistan. Thirty five companies randomly from three sectors; Textile, Sugar and Chemical are observed in the study. The annual data for these companies from 2006 to 2011 is used in the study. Simple OLS technique for analysis is used to derive the results of the study. The findings showed that dividend policy of the firm has significant positive impact on shareholders wealth. Similarly firm growth rate also has significant positive impact on shareholders' wealth. Firm size has significant positive impact on shareholders wealth; indicating that large domain of operations of a business make it more capable to exploit maximum opportunities and in position to earn greater amount of return due to greater growth prospects so it ultimately place greater value to shares of large size companies. The results of study help the corporate management to better decide the level of dividend to be distributed so that shareholders wealth could be maximized.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/30379778" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="cbc8f3b0839f651be92c77a97f1f433b" rel="nofollow" data-download="{"attachment_id":50829702,"asset_id":30379778,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/50829702/download_file?st=MTc0MDYyMzk2Miw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="1188988" href="https://independent.academia.edu/iqbalz">zafar iqbal</a><script data-card-contents-for-user="1188988" type="text/json">{"id":1188988,"first_name":"zafar","last_name":"iqbal","domain_name":"independent","page_name":"iqbalz","display_name":"zafar iqbal","profile_url":"https://independent.academia.edu/iqbalz?f_ri=817504","photo":"https://0.academia-photos.com/1188988/18255458/18229328/s65_zafar.iqbal.jpg"}</script></span></span></li><li class="js-paper-rank-work_30379778 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="30379778"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 30379778, container: ".js-paper-rank-work_30379778", }); });</script></li><li class="js-percentile-work_30379778 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 30379778; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_30379778"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_30379778 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="30379778"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 30379778; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=30379778]").text(description); $(".js-view-count-work_30379778").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_30379778").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="30379778"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i></div><span class="InlineList-item-text u-textTruncate u-pl6x"><a class="InlineList-item-text" data-has-card-for-ri="817504" rel="nofollow" href="https://www.academia.edu/Documents/in/DIVIDEND">DIVIDEND</a><script data-card-contents-for-ri="817504" type="text/json">{"id":817504,"name":"DIVIDEND","url":"https://www.academia.edu/Documents/in/DIVIDEND?f_ri=817504","nofollow":true}</script></span></li><script>(function(){ if (false) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=30379778]'), work: {"id":30379778,"title":"Impact of Dividend Policy on Shareholders' Wealth: A Study of Selected Manufacturing Industries of Pakistan","created_at":"2016-12-11T05:00:09.794-08:00","url":"https://www.academia.edu/30379778/Impact_of_Dividend_Policy_on_Shareholders_Wealth_A_Study_of_Selected_Manufacturing_Industries_of_Pakistan?f_ri=817504","dom_id":"work_30379778","summary":"This study examines the impact of dividend policy on shareholders' wealth in context of Pakistan. Thirty five companies randomly from three sectors; Textile, Sugar and Chemical are observed in the study. The annual data for these companies from 2006 to 2011 is used in the study. Simple OLS technique for analysis is used to derive the results of the study. The findings showed that dividend policy of the firm has significant positive impact on shareholders wealth. Similarly firm growth rate also has significant positive impact on shareholders' wealth. Firm size has significant positive impact on shareholders wealth; indicating that large domain of operations of a business make it more capable to exploit maximum opportunities and in position to earn greater amount of return due to greater growth prospects so it ultimately place greater value to shares of large size companies. The results of study help the corporate management to better decide the level of dividend to be distributed so that shareholders wealth could be maximized.","downloadable_attachments":[{"id":50829702,"asset_id":30379778,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":1188988,"first_name":"zafar","last_name":"iqbal","domain_name":"independent","page_name":"iqbalz","display_name":"zafar iqbal","profile_url":"https://independent.academia.edu/iqbalz?f_ri=817504","photo":"https://0.academia-photos.com/1188988/18255458/18229328/s65_zafar.iqbal.jpg"}],"research_interests":[{"id":817504,"name":"DIVIDEND","url":"https://www.academia.edu/Documents/in/DIVIDEND?f_ri=817504","nofollow":true}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_80314963" data-work_id="80314963" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/80314963/Malaysia_economic_monitor_towards_a_middle_class_society">Malaysia economic monitor : towards a middle-class society</a></div></div><div class="u-pb4x u-mt3x"></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/80314963" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="2c7db061befda925575d35a6496312ef" rel="nofollow" data-download="{"attachment_id":86737831,"asset_id":80314963,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/86737831/download_file?st=MTc0MDYyMzk2Miw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="39751482" href="https://independent.academia.edu/TrumanPackard">Truman Packard</a><script data-card-contents-for-user="39751482" type="text/json">{"id":39751482,"first_name":"Truman","last_name":"Packard","domain_name":"independent","page_name":"TrumanPackard","display_name":"Truman Packard","profile_url":"https://independent.academia.edu/TrumanPackard?f_ri=817504","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_80314963 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="80314963"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 80314963, container: ".js-paper-rank-work_80314963", }); });</script></li><li class="js-percentile-work_80314963 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 80314963; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_80314963"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_80314963 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="80314963"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 80314963; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=80314963]").text(description); $(".js-view-count-work_80314963").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_80314963").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="80314963"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">20</a>  </div><span class="InlineList-item-text u-textTruncate u-pl10x"><a class="InlineList-item-text" data-has-card-for-ri="727" rel="nofollow" href="https://www.academia.edu/Documents/in/Development_Economics">Development Economics</a>, <script data-card-contents-for-ri="727" type="text/json">{"id":727,"name":"Development Economics","url":"https://www.academia.edu/Documents/in/Development_Economics?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="6910" rel="nofollow" href="https://www.academia.edu/Documents/in/Capital_Markets">Capital Markets</a>, <script data-card-contents-for-ri="6910" type="text/json">{"id":6910,"name":"Capital Markets","url":"https://www.academia.edu/Documents/in/Capital_Markets?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="62944" rel="nofollow" href="https://www.academia.edu/Documents/in/Emerging_Market">Emerging Market</a>, <script data-card-contents-for-ri="62944" type="text/json">{"id":62944,"name":"Emerging Market","url":"https://www.academia.edu/Documents/in/Emerging_Market?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="165683" rel="nofollow" href="https://www.academia.edu/Documents/in/Finances">Finances</a><script data-card-contents-for-ri="165683" type="text/json">{"id":165683,"name":"Finances","url":"https://www.academia.edu/Documents/in/Finances?f_ri=817504","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=80314963]'), work: {"id":80314963,"title":"Malaysia economic monitor : towards a middle-class society","created_at":"2022-05-30T16:00:32.687-07:00","url":"https://www.academia.edu/80314963/Malaysia_economic_monitor_towards_a_middle_class_society?f_ri=817504","dom_id":"work_80314963","summary":null,"downloadable_attachments":[{"id":86737831,"asset_id":80314963,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":39751482,"first_name":"Truman","last_name":"Packard","domain_name":"independent","page_name":"TrumanPackard","display_name":"Truman Packard","profile_url":"https://independent.academia.edu/TrumanPackard?f_ri=817504","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":727,"name":"Development Economics","url":"https://www.academia.edu/Documents/in/Development_Economics?f_ri=817504","nofollow":true},{"id":6910,"name":"Capital Markets","url":"https://www.academia.edu/Documents/in/Capital_Markets?f_ri=817504","nofollow":true},{"id":62944,"name":"Emerging Market","url":"https://www.academia.edu/Documents/in/Emerging_Market?f_ri=817504","nofollow":true},{"id":165683,"name":"Finances","url":"https://www.academia.edu/Documents/in/Finances?f_ri=817504","nofollow":true},{"id":222739,"name":"Consumers","url":"https://www.academia.edu/Documents/in/Consumers?f_ri=817504"},{"id":235753,"name":"Debt","url":"https://www.academia.edu/Documents/in/Debt?f_ri=817504"},{"id":265321,"name":"Financial Risks","url":"https://www.academia.edu/Documents/in/Financial_Risks?f_ri=817504"},{"id":314233,"name":"Capital Formation","url":"https://www.academia.edu/Documents/in/Capital_Formation?f_ri=817504"},{"id":401388,"name":"Dividends","url":"https://www.academia.edu/Documents/in/Dividends?f_ri=817504"},{"id":659771,"name":"Cash Flow","url":"https://www.academia.edu/Documents/in/Cash_Flow?f_ri=817504"},{"id":701330,"name":"Dividend policy","url":"https://www.academia.edu/Documents/in/Dividend_policy?f_ri=817504"},{"id":806294,"name":"Economic Developments","url":"https://www.academia.edu/Documents/in/Economic_Developments?f_ri=817504"},{"id":817504,"name":"DIVIDEND","url":"https://www.academia.edu/Documents/in/DIVIDEND?f_ri=817504"},{"id":896356,"name":"Commodity","url":"https://www.academia.edu/Documents/in/Commodity?f_ri=817504"},{"id":911508,"name":"Balance of Payments","url":"https://www.academia.edu/Documents/in/Balance_of_Payments?f_ri=817504"},{"id":1009016,"name":"Current Account Balance","url":"https://www.academia.edu/Documents/in/Current_Account_Balance?f_ri=817504"},{"id":2561026,"name":"direct investment","url":"https://www.academia.edu/Documents/in/direct_investment?f_ri=817504"},{"id":2673479,"name":"Advanced economies","url":"https://www.academia.edu/Documents/in/Advanced_economies?f_ri=817504"},{"id":2710632,"name":"Current Account Surplus","url":"https://www.academia.edu/Documents/in/Current_Account_Surplus?f_ri=817504"},{"id":3605211,"name":"capital ratio","url":"https://www.academia.edu/Documents/in/capital_ratio?f_ri=817504"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_79821301" data-work_id="79821301" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" rel="nofollow" href="https://www.academia.edu/79821301/Does_Earnings_Management_Affect_Dividend_Policy_Evidence_from_Quoted_Diversified_Conglomerate_Companies_in_Nigeria">Does Earnings Management Affect Dividend Policy? Evidence from Quoted Diversified Conglomerate Companies in Nigeria</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">Earnings management is one of the accounting tools employed by managers in order to manipulate the earnings of their companies through the utilization of accounting choices and discretionary accruals. Extant literature posits that... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_79821301" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">Earnings management is one of the accounting tools employed by managers in order to manipulate the earnings of their companies through the utilization of accounting choices and discretionary accruals. Extant literature posits that different dividend policies tend to have varying effect on earnings management. Prior studies have provided contradictory and conflicting results on the association between earnings management and dividend policy. This study therefore examines whether earnings management affects dividend policy of listed diversified conglomerate companies in Nigeria. The study adopts correlational research design. Secondary data for the study was extracted from the companies&amp;#39; annual reports and accounts. There are six diversified conglomerate companies listed on the Nigerian Stock Exchange as at 31st December 2017. The study took a census approach of all the six listed diversified conglomerate companies over the study period, 2008-2017. Panel regression technique was employed in analyzing the data collected for the purpose of the study. Results revealed that earnings management significantly but negatively affect dividend policy of Nigerian quoted diversified conglomerate companies. In line with the findings, the study recommends that investors whose primary motive is dividend should focus their investment more on quoted diversified conglomerate companies as their earnings is free from earnings manipulation. Introduction Stakeholders use financial statements to provide information about the financial activities of an entity for major decision making. One of the fundamental variables of financial statements that stakeholders and regulators use for effective and efficient decision making is the reported earnings numbers. Reported earnings, particularly, the &amp;quot;accounting earnings&amp;quot; indicate firm&amp;#39;s direction, reduces information asymmetry and ensures efficient capital allocation. This is achievable only if the managers did not alter the financial statements. The prevalence of corporate scandals that are related to earnings management practices have raised concerns and remain contemporary issues to researchers, regulatory bodies and investing public in the 21stcentury and during the last two decades in particular. Consequent upon the prevalence of these phenomena, a critical examination of dividends, as a means of rewarding investors cannot be overemphasized as dividends are components of reported earnings.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/79821301" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="163451233" href="https://independent.academia.edu/MammanSuleiman1">Mamman Suleiman</a><script data-card-contents-for-user="163451233" type="text/json">{"id":163451233,"first_name":"Mamman","last_name":"Suleiman","domain_name":"independent","page_name":"MammanSuleiman1","display_name":"Mamman Suleiman","profile_url":"https://independent.academia.edu/MammanSuleiman1?f_ri=817504","photo":"https://0.academia-photos.com/163451233/52801669/40918432/s65_mamman.suleiman.jpg"}</script></span></span></li><li class="js-paper-rank-work_79821301 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="79821301"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 79821301, container: ".js-paper-rank-work_79821301", }); });</script></li><li class="js-percentile-work_79821301 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 79821301; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_79821301"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_79821301 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="79821301"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 79821301; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=79821301]").text(description); $(".js-view-count-work_79821301").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_79821301").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="79821301"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">7</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="26" rel="nofollow" href="https://www.academia.edu/Documents/in/Business">Business</a>, <script data-card-contents-for-ri="26" type="text/json">{"id":26,"name":"Business","url":"https://www.academia.edu/Documents/in/Business?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="3492" rel="nofollow" href="https://www.academia.edu/Documents/in/Financial_Accounting-2">Financial Accounting</a>, <script data-card-contents-for-ri="3492" type="text/json">{"id":3492,"name":"Financial Accounting","url":"https://www.academia.edu/Documents/in/Financial_Accounting-2?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="5775" rel="nofollow" href="https://www.academia.edu/Documents/in/Earnings_Management">Earnings Management</a>, <script data-card-contents-for-ri="5775" type="text/json">{"id":5775,"name":"Earnings Management","url":"https://www.academia.edu/Documents/in/Earnings_Management?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="304918" rel="nofollow" href="https://www.academia.edu/Documents/in/Earnings">Earnings</a><script data-card-contents-for-ri="304918" type="text/json">{"id":304918,"name":"Earnings","url":"https://www.academia.edu/Documents/in/Earnings?f_ri=817504","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=79821301]'), work: {"id":79821301,"title":"Does Earnings Management Affect Dividend Policy? Evidence from Quoted Diversified Conglomerate Companies in Nigeria","created_at":"2022-05-24T05:55:44.982-07:00","url":"https://www.academia.edu/79821301/Does_Earnings_Management_Affect_Dividend_Policy_Evidence_from_Quoted_Diversified_Conglomerate_Companies_in_Nigeria?f_ri=817504","dom_id":"work_79821301","summary":"Earnings management is one of the accounting tools employed by managers in order to manipulate the earnings of their companies through the utilization of accounting choices and discretionary accruals. Extant literature posits that different dividend policies tend to have varying effect on earnings management. Prior studies have provided contradictory and conflicting results on the association between earnings management and dividend policy. This study therefore examines whether earnings management affects dividend policy of listed diversified conglomerate companies in Nigeria. The study adopts correlational research design. Secondary data for the study was extracted from the companies\u0026amp;#39; annual reports and accounts. There are six diversified conglomerate companies listed on the Nigerian Stock Exchange as at 31st December 2017. The study took a census approach of all the six listed diversified conglomerate companies over the study period, 2008-2017. Panel regression technique was employed in analyzing the data collected for the purpose of the study. Results revealed that earnings management significantly but negatively affect dividend policy of Nigerian quoted diversified conglomerate companies. In line with the findings, the study recommends that investors whose primary motive is dividend should focus their investment more on quoted diversified conglomerate companies as their earnings is free from earnings manipulation. Introduction Stakeholders use financial statements to provide information about the financial activities of an entity for major decision making. One of the fundamental variables of financial statements that stakeholders and regulators use for effective and efficient decision making is the reported earnings numbers. Reported earnings, particularly, the \u0026amp;quot;accounting earnings\u0026amp;quot; indicate firm\u0026amp;#39;s direction, reduces information asymmetry and ensures efficient capital allocation. This is achievable only if the managers did not alter the financial statements. The prevalence of corporate scandals that are related to earnings management practices have raised concerns and remain contemporary issues to researchers, regulatory bodies and investing public in the 21stcentury and during the last two decades in particular. Consequent upon the prevalence of these phenomena, a critical examination of dividends, as a means of rewarding investors cannot be overemphasized as dividends are components of reported earnings.","downloadable_attachments":[],"ordered_authors":[{"id":163451233,"first_name":"Mamman","last_name":"Suleiman","domain_name":"independent","page_name":"MammanSuleiman1","display_name":"Mamman Suleiman","profile_url":"https://independent.academia.edu/MammanSuleiman1?f_ri=817504","photo":"https://0.academia-photos.com/163451233/52801669/40918432/s65_mamman.suleiman.jpg"}],"research_interests":[{"id":26,"name":"Business","url":"https://www.academia.edu/Documents/in/Business?f_ri=817504","nofollow":true},{"id":3492,"name":"Financial Accounting","url":"https://www.academia.edu/Documents/in/Financial_Accounting-2?f_ri=817504","nofollow":true},{"id":5775,"name":"Earnings Management","url":"https://www.academia.edu/Documents/in/Earnings_Management?f_ri=817504","nofollow":true},{"id":304918,"name":"Earnings","url":"https://www.academia.edu/Documents/in/Earnings?f_ri=817504","nofollow":true},{"id":701330,"name":"Dividend policy","url":"https://www.academia.edu/Documents/in/Dividend_policy?f_ri=817504"},{"id":817504,"name":"DIVIDEND","url":"https://www.academia.edu/Documents/in/DIVIDEND?f_ri=817504"},{"id":1295619,"name":"Accounting and Finance","url":"https://www.academia.edu/Documents/in/Accounting_and_Finance-1?f_ri=817504"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_55858723" data-work_id="55858723" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/55858723/Kwame_Nkrumah_University_of_Science_and_Technology">Kwame Nkrumah University of Science and Technology</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">The Efficient Market Hypothesis (EMH) provides that security prices reflect all available information. However, despite dividend announcements made in 2005, three companies selected for study performed badly on Ghana Stock Exchange (GSE).... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_55858723" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">The Efficient Market Hypothesis (EMH) provides that security prices reflect all available information. However, despite dividend announcements made in 2005, three companies selected for study performed badly on Ghana Stock Exchange (GSE). The problem of the study was therefore to establish whether the GSE did not recognize company-specific information in pricing shares. The purpose of the study was to ascertain whether there was an instantaneous reaction of the companies' share prices to dividend announcement in order to provide the basis for confirming or dispelling the EMH conclusions as far as the Ghana Stock Exchange was concerned. The event study methodology was used to achieve the research objective. Additionally, the Wilcoxon Matched-Pair signed-Ranked Test was employed in testing the null hypothesis. The major finding was that the GSE was not semi-strong efficient resulting in the conclusion that the GSE must address itself to three forms of efficiencyoperational efficiency, allocation efficiency and pricing efficiency.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/55858723" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="b9490854b20ab16200ec3d1c872f982e" rel="nofollow" data-download="{"attachment_id":71529252,"asset_id":55858723,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/71529252/download_file?st=MTc0MDYyMzk2Miw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="179220692" href="https://independent.academia.edu/FrederickBoakye1">Frederick Boakye</a><script data-card-contents-for-user="179220692" type="text/json">{"id":179220692,"first_name":"Frederick","last_name":"Boakye","domain_name":"independent","page_name":"FrederickBoakye1","display_name":"Frederick Boakye","profile_url":"https://independent.academia.edu/FrederickBoakye1?f_ri=817504","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_55858723 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="55858723"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 55858723, container: ".js-paper-rank-work_55858723", }); });</script></li><li class="js-percentile-work_55858723 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 55858723; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_55858723"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_55858723 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="55858723"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 55858723; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=55858723]").text(description); $(".js-view-count-work_55858723").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_55858723").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="55858723"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">7</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="39" rel="nofollow" href="https://www.academia.edu/Documents/in/Marketing">Marketing</a>, <script data-card-contents-for-ri="39" type="text/json">{"id":39,"name":"Marketing","url":"https://www.academia.edu/Documents/in/Marketing?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="6208" rel="nofollow" href="https://www.academia.edu/Documents/in/Economic_Theory">Economic Theory</a>, <script data-card-contents-for-ri="6208" type="text/json">{"id":6208,"name":"Economic Theory","url":"https://www.academia.edu/Documents/in/Economic_Theory?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="6630" rel="nofollow" href="https://www.academia.edu/Documents/in/Business_Economics">Business Economics</a>, <script data-card-contents-for-ri="6630" type="text/json">{"id":6630,"name":"Business Economics","url":"https://www.academia.edu/Documents/in/Business_Economics?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="17712" rel="nofollow" href="https://www.academia.edu/Documents/in/Science_and_Technology">Science and Technology</a><script data-card-contents-for-ri="17712" type="text/json">{"id":17712,"name":"Science and Technology","url":"https://www.academia.edu/Documents/in/Science_and_Technology?f_ri=817504","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=55858723]'), work: {"id":55858723,"title":"Kwame Nkrumah University of Science and Technology","created_at":"2021-10-06T01:06:42.139-07:00","url":"https://www.academia.edu/55858723/Kwame_Nkrumah_University_of_Science_and_Technology?f_ri=817504","dom_id":"work_55858723","summary":"The Efficient Market Hypothesis (EMH) provides that security prices reflect all available information. However, despite dividend announcements made in 2005, three companies selected for study performed badly on Ghana Stock Exchange (GSE). The problem of the study was therefore to establish whether the GSE did not recognize company-specific information in pricing shares. The purpose of the study was to ascertain whether there was an instantaneous reaction of the companies' share prices to dividend announcement in order to provide the basis for confirming or dispelling the EMH conclusions as far as the Ghana Stock Exchange was concerned. The event study methodology was used to achieve the research objective. Additionally, the Wilcoxon Matched-Pair signed-Ranked Test was employed in testing the null hypothesis. The major finding was that the GSE was not semi-strong efficient resulting in the conclusion that the GSE must address itself to three forms of efficiencyoperational efficiency, allocation efficiency and pricing efficiency.","downloadable_attachments":[{"id":71529252,"asset_id":55858723,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":179220692,"first_name":"Frederick","last_name":"Boakye","domain_name":"independent","page_name":"FrederickBoakye1","display_name":"Frederick Boakye","profile_url":"https://independent.academia.edu/FrederickBoakye1?f_ri=817504","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":39,"name":"Marketing","url":"https://www.academia.edu/Documents/in/Marketing?f_ri=817504","nofollow":true},{"id":6208,"name":"Economic Theory","url":"https://www.academia.edu/Documents/in/Economic_Theory?f_ri=817504","nofollow":true},{"id":6630,"name":"Business Economics","url":"https://www.academia.edu/Documents/in/Business_Economics?f_ri=817504","nofollow":true},{"id":17712,"name":"Science and Technology","url":"https://www.academia.edu/Documents/in/Science_and_Technology?f_ri=817504","nofollow":true},{"id":72667,"name":"Behaviour","url":"https://www.academia.edu/Documents/in/Behaviour?f_ri=817504"},{"id":73149,"name":"Business and Management","url":"https://www.academia.edu/Documents/in/Business_and_Management?f_ri=817504"},{"id":817504,"name":"DIVIDEND","url":"https://www.academia.edu/Documents/in/DIVIDEND?f_ri=817504"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_53587855" data-work_id="53587855" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/53587855/Togo_Report_on_the_Observance_of_Standards_and_Codes_ROSC_corporate_governance_country_assessment">Togo - Report on the Observance of Standards and Codes (ROSC) : corporate governance country assessment</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">The purpose of this ROSC assessment of corporate governance in Togo is to help improve corporate governance in the country by assessing law and practice, suggesting reforms, and supporting the country in its effort to implement changes... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_53587855" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">The purpose of this ROSC assessment of corporate governance in Togo is to help improve corporate governance in the country by assessing law and practice, suggesting reforms, and supporting the country in its effort to implement changes for better corporate governance. Corporate governance refers to the structures and processes for the direction and control of companies. Corporate governance concerns the relationships among the management, board of directors, controlling shareholders, minority shareholders and other stakeholders. This definition focuses on company performance and shareholder value.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/53587855" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="e761ec8922844964551d078838dbc558" rel="nofollow" data-download="{"attachment_id":70363871,"asset_id":53587855,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/70363871/download_file?st=MTc0MDYyMzk2Miw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="9683862" href="https://independent.academia.edu/DeborahEskinazi">Deborah Eskinazi</a><script data-card-contents-for-user="9683862" type="text/json">{"id":9683862,"first_name":"Deborah","last_name":"Eskinazi","domain_name":"independent","page_name":"DeborahEskinazi","display_name":"Deborah Eskinazi","profile_url":"https://independent.academia.edu/DeborahEskinazi?f_ri=817504","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_53587855 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="53587855"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 53587855, container: ".js-paper-rank-work_53587855", }); });</script></li><li class="js-percentile-work_53587855 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 53587855; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_53587855"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_53587855 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="53587855"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 53587855; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=53587855]").text(description); $(".js-view-count-work_53587855").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_53587855").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="53587855"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">20</a>  </div><span class="InlineList-item-text u-textTruncate u-pl10x"><a class="InlineList-item-text" data-has-card-for-ri="2556" rel="nofollow" href="https://www.academia.edu/Documents/in/Dispute_Resolution">Dispute Resolution</a>, <script data-card-contents-for-ri="2556" type="text/json">{"id":2556,"name":"Dispute Resolution","url":"https://www.academia.edu/Documents/in/Dispute_Resolution?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="4167" rel="nofollow" href="https://www.academia.edu/Documents/in/Corporate_Governance">Corporate Governance</a>, <script data-card-contents-for-ri="4167" type="text/json">{"id":4167,"name":"Corporate Governance","url":"https://www.academia.edu/Documents/in/Corporate_Governance?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="6910" rel="nofollow" href="https://www.academia.edu/Documents/in/Capital_Markets">Capital Markets</a>, <script data-card-contents-for-ri="6910" type="text/json">{"id":6910,"name":"Capital Markets","url":"https://www.academia.edu/Documents/in/Capital_Markets?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="11395" rel="nofollow" href="https://www.academia.edu/Documents/in/Economic_Development">Economic Development</a><script data-card-contents-for-ri="11395" type="text/json">{"id":11395,"name":"Economic Development","url":"https://www.academia.edu/Documents/in/Economic_Development?f_ri=817504","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=53587855]'), work: {"id":53587855,"title":"Togo - Report on the Observance of Standards and Codes (ROSC) : corporate governance country assessment","created_at":"2021-09-27T19:39:03.846-07:00","url":"https://www.academia.edu/53587855/Togo_Report_on_the_Observance_of_Standards_and_Codes_ROSC_corporate_governance_country_assessment?f_ri=817504","dom_id":"work_53587855","summary":"The purpose of this ROSC assessment of corporate governance in Togo is to help improve corporate governance in the country by assessing law and practice, suggesting reforms, and supporting the country in its effort to implement changes for better corporate governance. Corporate governance refers to the structures and processes for the direction and control of companies. Corporate governance concerns the relationships among the management, board of directors, controlling shareholders, minority shareholders and other stakeholders. This definition focuses on company performance and shareholder value.","downloadable_attachments":[{"id":70363871,"asset_id":53587855,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":9683862,"first_name":"Deborah","last_name":"Eskinazi","domain_name":"independent","page_name":"DeborahEskinazi","display_name":"Deborah Eskinazi","profile_url":"https://independent.academia.edu/DeborahEskinazi?f_ri=817504","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":2556,"name":"Dispute Resolution","url":"https://www.academia.edu/Documents/in/Dispute_Resolution?f_ri=817504","nofollow":true},{"id":4167,"name":"Corporate Governance","url":"https://www.academia.edu/Documents/in/Corporate_Governance?f_ri=817504","nofollow":true},{"id":6910,"name":"Capital Markets","url":"https://www.academia.edu/Documents/in/Capital_Markets?f_ri=817504","nofollow":true},{"id":11395,"name":"Economic Development","url":"https://www.academia.edu/Documents/in/Economic_Development?f_ri=817504","nofollow":true},{"id":27560,"name":"Company Law","url":"https://www.academia.edu/Documents/in/Company_Law?f_ri=817504"},{"id":28013,"name":"Capital Structure","url":"https://www.academia.edu/Documents/in/Capital_Structure?f_ri=817504"},{"id":32213,"name":"Emerging Markets","url":"https://www.academia.edu/Documents/in/Emerging_Markets?f_ri=817504"},{"id":36010,"name":"Auditor independence","url":"https://www.academia.edu/Documents/in/Auditor_independence?f_ri=817504"},{"id":62944,"name":"Emerging Market","url":"https://www.academia.edu/Documents/in/Emerging_Market?f_ri=817504"},{"id":145165,"name":"Business Case","url":"https://www.academia.edu/Documents/in/Business_Case?f_ri=817504"},{"id":160116,"name":"Cost of Capital","url":"https://www.academia.edu/Documents/in/Cost_of_Capital?f_ri=817504"},{"id":270673,"name":"Financial Market","url":"https://www.academia.edu/Documents/in/Financial_Market?f_ri=817504"},{"id":319633,"name":"Bonds","url":"https://www.academia.edu/Documents/in/Bonds?f_ri=817504"},{"id":401388,"name":"Dividends","url":"https://www.academia.edu/Documents/in/Dividends?f_ri=817504"},{"id":502839,"name":"Accounting standards","url":"https://www.academia.edu/Documents/in/Accounting_standards?f_ri=817504"},{"id":800968,"name":"Audit committee","url":"https://www.academia.edu/Documents/in/Audit_committee?f_ri=817504"},{"id":817504,"name":"DIVIDEND","url":"https://www.academia.edu/Documents/in/DIVIDEND?f_ri=817504"},{"id":921017,"name":"Corporation","url":"https://www.academia.edu/Documents/in/Corporation?f_ri=817504"},{"id":1240789,"name":"Capital Market","url":"https://www.academia.edu/Documents/in/Capital_Market?f_ri=817504"},{"id":1766465,"name":"Efficient Markets","url":"https://www.academia.edu/Documents/in/Efficient_Markets?f_ri=817504"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_31414426" data-work_id="31414426" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/31414426/How_Does_Bank_Competition_Affect_Systemic_Stability">How Does Bank Competition Affect Systemic Stability?</a></div></div><div class="u-pb4x u-mt3x"></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/31414426" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="f7db8f3d65b7228c8ea3a947f33fb61e" rel="nofollow" data-download="{"attachment_id":51780988,"asset_id":31414426,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/51780988/download_file?st=MTc0MDYyMzk2Miw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="60053727" href="https://independent.academia.edu/AsliDemirguckunt">Asli Demirguc-kunt</a><script data-card-contents-for-user="60053727" type="text/json">{"id":60053727,"first_name":"Asli","last_name":"Demirguc-kunt","domain_name":"independent","page_name":"AsliDemirguckunt","display_name":"Asli Demirguc-kunt","profile_url":"https://independent.academia.edu/AsliDemirguckunt?f_ri=817504","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_31414426 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="31414426"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 31414426, container: ".js-paper-rank-work_31414426", }); });</script></li><li class="js-percentile-work_31414426 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 31414426; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_31414426"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_31414426 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="31414426"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 31414426; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=31414426]").text(description); $(".js-view-count-work_31414426").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_31414426").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="31414426"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">53</a>  </div><span class="InlineList-item-text u-textTruncate u-pl10x"><a class="InlineList-item-text" data-has-card-for-ri="41" rel="nofollow" href="https://www.academia.edu/Documents/in/Real_Estate">Real Estate</a>, <script data-card-contents-for-ri="41" type="text/json">{"id":41,"name":"Real Estate","url":"https://www.academia.edu/Documents/in/Real_Estate?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="724" rel="nofollow" href="https://www.academia.edu/Documents/in/Economics">Economics</a>, <script data-card-contents-for-ri="724" type="text/json">{"id":724,"name":"Economics","url":"https://www.academia.edu/Documents/in/Economics?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="1439" rel="nofollow" href="https://www.academia.edu/Documents/in/Globalization">Globalization</a>, <script data-card-contents-for-ri="1439" type="text/json">{"id":1439,"name":"Globalization","url":"https://www.academia.edu/Documents/in/Globalization?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="3490" rel="nofollow" href="https://www.academia.edu/Documents/in/Accounting">Accounting</a><script data-card-contents-for-ri="3490" type="text/json">{"id":3490,"name":"Accounting","url":"https://www.academia.edu/Documents/in/Accounting?f_ri=817504","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=31414426]'), work: {"id":31414426,"title":"How Does Bank Competition Affect Systemic Stability?","created_at":"2017-02-13T12:03:15.992-08:00","url":"https://www.academia.edu/31414426/How_Does_Bank_Competition_Affect_Systemic_Stability?f_ri=817504","dom_id":"work_31414426","summary":null,"downloadable_attachments":[{"id":51780988,"asset_id":31414426,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":60053727,"first_name":"Asli","last_name":"Demirguc-kunt","domain_name":"independent","page_name":"AsliDemirguckunt","display_name":"Asli Demirguc-kunt","profile_url":"https://independent.academia.edu/AsliDemirguckunt?f_ri=817504","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":41,"name":"Real Estate","url":"https://www.academia.edu/Documents/in/Real_Estate?f_ri=817504","nofollow":true},{"id":724,"name":"Economics","url":"https://www.academia.edu/Documents/in/Economics?f_ri=817504","nofollow":true},{"id":1439,"name":"Globalization","url":"https://www.academia.edu/Documents/in/Globalization?f_ri=817504","nofollow":true},{"id":3490,"name":"Accounting","url":"https://www.academia.edu/Documents/in/Accounting?f_ri=817504","nofollow":true},{"id":5320,"name":"Financial Systems","url":"https://www.academia.edu/Documents/in/Financial_Systems?f_ri=817504"},{"id":11395,"name":"Economic Development","url":"https://www.academia.edu/Documents/in/Economic_Development?f_ri=817504"},{"id":12052,"name":"Exclusion","url":"https://www.academia.edu/Documents/in/Exclusion?f_ri=817504"},{"id":13590,"name":"Risk Taking","url":"https://www.academia.edu/Documents/in/Risk_Taking?f_ri=817504"},{"id":32213,"name":"Emerging Markets","url":"https://www.academia.edu/Documents/in/Emerging_Markets?f_ri=817504"},{"id":43739,"name":"Volatility","url":"https://www.academia.edu/Documents/in/Volatility?f_ri=817504"},{"id":50195,"name":"Public policies","url":"https://www.academia.edu/Documents/in/Public_policies?f_ri=817504"},{"id":62944,"name":"Emerging Market","url":"https://www.academia.edu/Documents/in/Emerging_Market?f_ri=817504"},{"id":63444,"name":"Financial System","url":"https://www.academia.edu/Documents/in/Financial_System?f_ri=817504"},{"id":70672,"name":"Access to Finance","url":"https://www.academia.edu/Documents/in/Access_to_Finance?f_ri=817504"},{"id":85998,"name":"Credit Risk","url":"https://www.academia.edu/Documents/in/Credit_Risk?f_ri=817504"},{"id":94661,"name":"Financial Services","url":"https://www.academia.edu/Documents/in/Financial_Services?f_ri=817504"},{"id":107062,"name":"Money Market","url":"https://www.academia.edu/Documents/in/Money_Market?f_ri=817504"},{"id":113315,"name":"Bank Runs","url":"https://www.academia.edu/Documents/in/Bank_Runs?f_ri=817504"},{"id":121035,"name":"Profitability","url":"https://www.academia.edu/Documents/in/Profitability?f_ri=817504"},{"id":123684,"name":"CDS","url":"https://www.academia.edu/Documents/in/CDS?f_ri=817504"},{"id":186306,"name":"Interest Rates","url":"https://www.academia.edu/Documents/in/Interest_Rates?f_ri=817504"},{"id":222437,"name":"Exposure","url":"https://www.academia.edu/Documents/in/Exposure?f_ri=817504"},{"id":226324,"name":"Liquidity","url":"https://www.academia.edu/Documents/in/Liquidity?f_ri=817504"},{"id":226366,"name":"Connectivity","url":"https://www.academia.edu/Documents/in/Connectivity?f_ri=817504"},{"id":235753,"name":"Debt","url":"https://www.academia.edu/Documents/in/Debt?f_ri=817504"},{"id":254570,"name":"Interpolation","url":"https://www.academia.edu/Documents/in/Interpolation?f_ri=817504"},{"id":281910,"name":"Systemic Risk","url":"https://www.academia.edu/Documents/in/Systemic_Risk?f_ri=817504"},{"id":287134,"name":"Banking system","url":"https://www.academia.edu/Documents/in/Banking_system?f_ri=817504"},{"id":298798,"name":"Business Cycle","url":"https://www.academia.edu/Documents/in/Business_Cycle?f_ri=817504"},{"id":309524,"name":"Deregulation","url":"https://www.academia.edu/Documents/in/Deregulation?f_ri=817504"},{"id":314888,"name":"Entry Barriers","url":"https://www.academia.edu/Documents/in/Entry_Barriers?f_ri=817504"},{"id":372801,"name":"Bank Competition","url":"https://www.academia.edu/Documents/in/Bank_Competition?f_ri=817504"},{"id":511465,"name":"Financial intermediation","url":"https://www.academia.edu/Documents/in/Financial_intermediation?f_ri=817504"},{"id":578704,"name":"Liberalization","url":"https://www.academia.edu/Documents/in/Liberalization?f_ri=817504"},{"id":617240,"name":"Return","url":"https://www.academia.edu/Documents/in/Return?f_ri=817504"},{"id":621182,"name":"Government Policies","url":"https://www.academia.edu/Documents/in/Government_Policies?f_ri=817504"},{"id":656660,"name":"Economic Stability","url":"https://www.academia.edu/Documents/in/Economic_Stability?f_ri=817504"},{"id":817504,"name":"DIVIDEND","url":"https://www.academia.edu/Documents/in/DIVIDEND?f_ri=817504"},{"id":925168,"name":"Information Asymmetry","url":"https://www.academia.edu/Documents/in/Information_Asymmetry?f_ri=817504"},{"id":953681,"name":"Credit Market","url":"https://www.academia.edu/Documents/in/Credit_Market?f_ri=817504"},{"id":995017,"name":"Credit Crunch","url":"https://www.academia.edu/Documents/in/Credit_Crunch?f_ri=817504"},{"id":1012495,"name":"Output","url":"https://www.academia.edu/Documents/in/Output?f_ri=817504"},{"id":1125131,"name":"Market Value","url":"https://www.academia.edu/Documents/in/Market_Value?f_ri=817504"},{"id":1231710,"name":"Marginal cost","url":"https://www.academia.edu/Documents/in/Marginal_cost?f_ri=817504"},{"id":1463683,"name":"Liquidity of Stock Market","url":"https://www.academia.edu/Documents/in/Liquidity_of_Stock_Market?f_ri=817504"},{"id":1723635,"name":"Public Policy","url":"https://www.academia.edu/Documents/in/Public_Policy?f_ri=817504"},{"id":1895901,"name":"Balance Sheet","url":"https://www.academia.edu/Documents/in/Balance_Sheet?f_ri=817504"},{"id":1903131,"name":"Capital Requirements","url":"https://www.academia.edu/Documents/in/Capital_Requirements?f_ri=817504"},{"id":1910971,"name":"Return on Assets","url":"https://www.academia.edu/Documents/in/Return_on_Assets?f_ri=817504"},{"id":1919075,"name":"Financial Products","url":"https://www.academia.edu/Documents/in/Financial_Products?f_ri=817504"},{"id":2572193,"name":"Interest Income","url":"https://www.academia.edu/Documents/in/Interest_Income?f_ri=817504"},{"id":2601211,"name":"Adverse effect","url":"https://www.academia.edu/Documents/in/Adverse_effect?f_ri=817504"},{"id":2615763,"name":"Book Value","url":"https://www.academia.edu/Documents/in/Book_Value?f_ri=817504"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_3175317" data-work_id="3175317" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/3175317/Study_On_Dividend_Policy_in_Indonesian_Capital_Market">Study On Dividend Policy in Indonesian Capital Market</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">This research aims to test dividend signaling theory in an Indonesian capital market. Signaling theory states that dividend policy has information content that can influence to share price. Examination of theory of signaling is related to... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_3175317" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">This research aims to test dividend signaling theory in an Indonesian capital market. Signaling theory states that dividend policy has information content that can influence to share price. Examination of theory of signaling is related to research phenomena in other countries indicating that by percentage there is degradation of company which is pay dividend and there even exist mentioning this as phenomenon of disappearing dividend. Examination of theory of signaling is also related to the research result showing the existence or inexistence of the influence of dividend policy to share price. Besides, in this research is also conducted by examination of agency theory. This research of agency theory tests the influence of: (1) Free Cash Flow to share price, (2) Structure of Ownership to share price, and (3) Structure of ownership to dividend policy. This research also tests life cycle theory, seen influence of cycle of company life to dividend policy. Companies which enter in growth phase tend not to pay a lot of dividend, compared to company at matured step. This research use quantitative approach by using method of path analysis. This research use samples in the form of company allocating dividend for period 1995-2005 which listed on PT Jakarta Stock Exchange. Final samples which are utilized in this research are equal to 1052 year observation. This research also tests sensitivity, widened time of even from 1 day at especial model, becoming 5 and 10 day. Besides test of sensitivity is also conducted changed approach of market model become mean adjusted model in determining expected return. Research finding indicates that signaling theory still relevant in influencing movement of share price. Besides, research finding also supports agency theory told by Jensen in seeing influence of free cash flow to share price. For the influence of structure of ownership to share price, the result supports entrenchment argument. While influence of structure of ownership to dividend policy found by result which do not support agency theory. Life Cycle theory in this research is obtained by result which is research confirmation before all, where there are influence of cycle step of company life to dividend policy.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/3175317" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="128e92e863636bd6afb89537e66c292b" rel="nofollow" data-download="{"attachment_id":50425881,"asset_id":3175317,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/50425881/download_file?st=MTc0MDYyMzk2Miw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="2672978" href="https://ubaya.academia.edu/WernerMurhadi">Werner R Murhadi</a><script data-card-contents-for-user="2672978" type="text/json">{"id":2672978,"first_name":"Werner","last_name":"Murhadi","domain_name":"ubaya","page_name":"WernerMurhadi","display_name":"Werner R Murhadi","profile_url":"https://ubaya.academia.edu/WernerMurhadi?f_ri=817504","photo":"https://0.academia-photos.com/2672978/853290/1063389/s65_werner.murhadi.jpg"}</script></span></span></li><li class="js-paper-rank-work_3175317 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="3175317"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 3175317, container: ".js-paper-rank-work_3175317", }); });</script></li><li class="js-percentile-work_3175317 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 3175317; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_3175317"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_3175317 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="3175317"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 3175317; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=3175317]").text(description); $(".js-view-count-work_3175317").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_3175317").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="3175317"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">9</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="8646" rel="nofollow" href="https://www.academia.edu/Documents/in/Agency_Theory">Agency Theory</a>, <script data-card-contents-for-ri="8646" type="text/json">{"id":8646,"name":"Agency Theory","url":"https://www.academia.edu/Documents/in/Agency_Theory?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="36990" rel="nofollow" href="https://www.academia.edu/Documents/in/Event_Studies">Event Studies</a>, <script data-card-contents-for-ri="36990" type="text/json">{"id":36990,"name":"Event Studies","url":"https://www.academia.edu/Documents/in/Event_Studies?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="182962" rel="nofollow" href="https://www.academia.edu/Documents/in/Life_Cycle">Life Cycle</a>, <script data-card-contents-for-ri="182962" type="text/json">{"id":182962,"name":"Life Cycle","url":"https://www.academia.edu/Documents/in/Life_Cycle?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="250812" rel="nofollow" href="https://www.academia.edu/Documents/in/IS_research">IS research</a><script data-card-contents-for-ri="250812" type="text/json">{"id":250812,"name":"IS research","url":"https://www.academia.edu/Documents/in/IS_research?f_ri=817504","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=3175317]'), work: {"id":3175317,"title":"Study On Dividend Policy in Indonesian Capital Market","created_at":"2013-03-31T18:25:23.935-07:00","url":"https://www.academia.edu/3175317/Study_On_Dividend_Policy_in_Indonesian_Capital_Market?f_ri=817504","dom_id":"work_3175317","summary":"This research aims to test dividend signaling theory in an Indonesian capital market. Signaling theory states that dividend policy has information content that can influence to share price. Examination of theory of signaling is related to research phenomena in other countries indicating that by percentage there is degradation of company which is pay dividend and there even exist mentioning this as phenomenon of disappearing dividend. Examination of theory of signaling is also related to the research result showing the existence or inexistence of the influence of dividend policy to share price. Besides, in this research is also conducted by examination of agency theory. This research of agency theory tests the influence of: (1) Free Cash Flow to share price, (2) Structure of Ownership to share price, and (3) Structure of ownership to dividend policy. This research also tests life cycle theory, seen influence of cycle of company life to dividend policy. Companies which enter in growth phase tend not to pay a lot of dividend, compared to company at matured step. This research use quantitative approach by using method of path analysis. This research use samples in the form of company allocating dividend for period 1995-2005 which listed on PT Jakarta Stock Exchange. Final samples which are utilized in this research are equal to 1052 year observation. This research also tests sensitivity, widened time of even from 1 day at especial model, becoming 5 and 10 day. Besides test of sensitivity is also conducted changed approach of market model become mean adjusted model in determining expected return. Research finding indicates that signaling theory still relevant in influencing movement of share price. Besides, research finding also supports agency theory told by Jensen in seeing influence of free cash flow to share price. For the influence of structure of ownership to share price, the result supports entrenchment argument. While influence of structure of ownership to dividend policy found by result which do not support agency theory. Life Cycle theory in this research is obtained by result which is research confirmation before all, where there are influence of cycle step of company life to dividend policy.","downloadable_attachments":[{"id":50425881,"asset_id":3175317,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":2672978,"first_name":"Werner","last_name":"Murhadi","domain_name":"ubaya","page_name":"WernerMurhadi","display_name":"Werner R Murhadi","profile_url":"https://ubaya.academia.edu/WernerMurhadi?f_ri=817504","photo":"https://0.academia-photos.com/2672978/853290/1063389/s65_werner.murhadi.jpg"}],"research_interests":[{"id":8646,"name":"Agency Theory","url":"https://www.academia.edu/Documents/in/Agency_Theory?f_ri=817504","nofollow":true},{"id":36990,"name":"Event Studies","url":"https://www.academia.edu/Documents/in/Event_Studies?f_ri=817504","nofollow":true},{"id":182962,"name":"Life Cycle","url":"https://www.academia.edu/Documents/in/Life_Cycle?f_ri=817504","nofollow":true},{"id":250812,"name":"IS research","url":"https://www.academia.edu/Documents/in/IS_research?f_ri=817504","nofollow":true},{"id":313898,"name":"Information Content","url":"https://www.academia.edu/Documents/in/Information_Content?f_ri=817504"},{"id":701330,"name":"Dividend policy","url":"https://www.academia.edu/Documents/in/Dividend_policy?f_ri=817504"},{"id":817504,"name":"DIVIDEND","url":"https://www.academia.edu/Documents/in/DIVIDEND?f_ri=817504"},{"id":1162830,"name":"Signaling Theory","url":"https://www.academia.edu/Documents/in/Signaling_Theory?f_ri=817504"},{"id":2485290,"name":"Free Cash Flow","url":"https://www.academia.edu/Documents/in/Free_Cash_Flow?f_ri=817504"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_28380956" data-work_id="28380956" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/28380956/A_general_unconstrained_model_for_transfer_pricing_in_multinational_supply_chains">A general unconstrained model for transfer pricing in multinational supply chains</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">Multinational supply chains operate in more than one country or tax jurisdiction and face decision problems concerned with trade flows of resources, products and services, transfer prices, and allocation of transport costs between their... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_28380956" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">Multinational supply chains operate in more than one country or tax jurisdiction and face decision problems concerned with trade flows of resources, products and services, transfer prices, and allocation of transport costs between their divisions. These decisions must consider, for the sake of optimality, corporate and governmental parameters such as the payment of dividends and royalties, ownership of and control over subsidiaries, income taxes differentials, duties and quotas, etc. In this paper, we generalize and extend the Theory of the Multinational Firm to the case of multinational supply chains. We propose a model that is more general and comprehensive than the previous ones proposed in the literature. To be more specific, our model integrates many of the previous research factors and includes new ones, such as transport costs and duty drawbacks, which are critical for supply chains that operate under international trade regulations. Under the maximization of the repatriated earnings objective, we study the optimality conditions of the corporate decision variables to derive managerial guidelines and to determine how decisions regarding trade quantities, transfer prices, and transport cost allocations affect the amount of taxes to be paid to host governments as well as the total after tax repatriated earnings of the corporation. independent profit centres, and to keep track of divisions' performance. Note, however, that TPs may be used by some MNSCs to manipulate taxes. To be more specific, MNSCs may design transfer pricing mechanisms so as to avoid paying taxes to the host country of a division or to the home country of the headquarters, and to transfer funds between countries where their divisions are located; thus, avoiding the official or regular channels. In practice, both corporations and governments are aware of the potential uses of TPs which explain why governments are suspicious of TPs and why corporations need to choose these TPs carefully to avoid any penalties. For these reasons, among others, the interests and goals of MNSCs and nation states are often in conflict. These conflicts arise from a fundamental difference in the roles of businesses and governments. In fact, business enterprises are responsible for the efficient management of their operations (e.g., profit maximization) while governments have a wider mandate than efficiency. Governments' responsibilities lead them to introduce taxes, tariffs, and other regulations and tools designed to increase the welfare of certain groups in the nation state. Therefore, MNSCs must operate within this regulatory environment of national controls and respond the best they can. Specifically, when governments impose various taxes as well as commercial and regulatory policies, the MNSC can, to a certain degree, reallocate resources and redistribute profits between countries by using transfer prices. This may not only weaken these regulations and thus national sovereignty, but also it is often perceived to have undesirable effects on variables such as national output and employment levels, consumer prices, government income and the balance of payments. As a result governments view transfer pricing mechanisms with suspicion and attempt to prevent their ''manipulative'' use. In many nations, transfer prices are regulated to conform to an idealized arm's-length standard, i.e., the market price that would have been negotiated by unrelated parties bargaining at arm's length. The best known of these regulations are Sections 482 and 925 of the USA International Revenue Code.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/28380956" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="85bb38676a5e134c8e836d8cadd9fbed" rel="nofollow" data-download="{"attachment_id":48715515,"asset_id":28380956,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/48715515/download_file?st=MTc0MDYyMzk2Miw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="53162041" href="https://edinburgh.academia.edu/JamalOuenniche">Jamal Ouenniche</a><script data-card-contents-for-user="53162041" type="text/json">{"id":53162041,"first_name":"Jamal","last_name":"Ouenniche","domain_name":"edinburgh","page_name":"JamalOuenniche","display_name":"Jamal Ouenniche","profile_url":"https://edinburgh.academia.edu/JamalOuenniche?f_ri=817504","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_28380956 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="28380956"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 28380956, container: ".js-paper-rank-work_28380956", }); });</script></li><li class="js-percentile-work_28380956 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 28380956; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_28380956"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_28380956 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="28380956"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 28380956; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=28380956]").text(description); $(".js-view-count-work_28380956").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_28380956").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="28380956"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">18</a>  </div><span class="InlineList-item-text u-textTruncate u-pl10x"><a class="InlineList-item-text" data-has-card-for-ri="2789" rel="nofollow" href="https://www.academia.edu/Documents/in/Government">Government</a>, <script data-card-contents-for-ri="2789" type="text/json">{"id":2789,"name":"Government","url":"https://www.academia.edu/Documents/in/Government?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="3180" rel="nofollow" href="https://www.academia.edu/Documents/in/International_Trade">International Trade</a>, <script data-card-contents-for-ri="3180" type="text/json">{"id":3180,"name":"International Trade","url":"https://www.academia.edu/Documents/in/International_Trade?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="4974" rel="nofollow" href="https://www.academia.edu/Documents/in/Logistics">Logistics</a>, <script data-card-contents-for-ri="4974" type="text/json">{"id":4974,"name":"Logistics","url":"https://www.academia.edu/Documents/in/Logistics?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="6177" rel="nofollow" href="https://www.academia.edu/Documents/in/Modeling">Modeling</a><script data-card-contents-for-ri="6177" type="text/json">{"id":6177,"name":"Modeling","url":"https://www.academia.edu/Documents/in/Modeling?f_ri=817504","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=28380956]'), work: {"id":28380956,"title":"A general unconstrained model for transfer pricing in multinational supply chains","created_at":"2016-09-09T18:15:45.964-07:00","url":"https://www.academia.edu/28380956/A_general_unconstrained_model_for_transfer_pricing_in_multinational_supply_chains?f_ri=817504","dom_id":"work_28380956","summary":"Multinational supply chains operate in more than one country or tax jurisdiction and face decision problems concerned with trade flows of resources, products and services, transfer prices, and allocation of transport costs between their divisions. These decisions must consider, for the sake of optimality, corporate and governmental parameters such as the payment of dividends and royalties, ownership of and control over subsidiaries, income taxes differentials, duties and quotas, etc. In this paper, we generalize and extend the Theory of the Multinational Firm to the case of multinational supply chains. We propose a model that is more general and comprehensive than the previous ones proposed in the literature. To be more specific, our model integrates many of the previous research factors and includes new ones, such as transport costs and duty drawbacks, which are critical for supply chains that operate under international trade regulations. Under the maximization of the repatriated earnings objective, we study the optimality conditions of the corporate decision variables to derive managerial guidelines and to determine how decisions regarding trade quantities, transfer prices, and transport cost allocations affect the amount of taxes to be paid to host governments as well as the total after tax repatriated earnings of the corporation. independent profit centres, and to keep track of divisions' performance. Note, however, that TPs may be used by some MNSCs to manipulate taxes. To be more specific, MNSCs may design transfer pricing mechanisms so as to avoid paying taxes to the host country of a division or to the home country of the headquarters, and to transfer funds between countries where their divisions are located; thus, avoiding the official or regular channels. In practice, both corporations and governments are aware of the potential uses of TPs which explain why governments are suspicious of TPs and why corporations need to choose these TPs carefully to avoid any penalties. For these reasons, among others, the interests and goals of MNSCs and nation states are often in conflict. These conflicts arise from a fundamental difference in the roles of businesses and governments. In fact, business enterprises are responsible for the efficient management of their operations (e.g., profit maximization) while governments have a wider mandate than efficiency. Governments' responsibilities lead them to introduce taxes, tariffs, and other regulations and tools designed to increase the welfare of certain groups in the nation state. Therefore, MNSCs must operate within this regulatory environment of national controls and respond the best they can. Specifically, when governments impose various taxes as well as commercial and regulatory policies, the MNSC can, to a certain degree, reallocate resources and redistribute profits between countries by using transfer prices. This may not only weaken these regulations and thus national sovereignty, but also it is often perceived to have undesirable effects on variables such as national output and employment levels, consumer prices, government income and the balance of payments. As a result governments view transfer pricing mechanisms with suspicion and attempt to prevent their ''manipulative'' use. In many nations, transfer prices are regulated to conform to an idealized arm's-length standard, i.e., the market price that would have been negotiated by unrelated parties bargaining at arm's length. The best known of these regulations are Sections 482 and 925 of the USA International Revenue Code.","downloadable_attachments":[{"id":48715515,"asset_id":28380956,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":53162041,"first_name":"Jamal","last_name":"Ouenniche","domain_name":"edinburgh","page_name":"JamalOuenniche","display_name":"Jamal Ouenniche","profile_url":"https://edinburgh.academia.edu/JamalOuenniche?f_ri=817504","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":2789,"name":"Government","url":"https://www.academia.edu/Documents/in/Government?f_ri=817504","nofollow":true},{"id":3180,"name":"International Trade","url":"https://www.academia.edu/Documents/in/International_Trade?f_ri=817504","nofollow":true},{"id":4974,"name":"Logistics","url":"https://www.academia.edu/Documents/in/Logistics?f_ri=817504","nofollow":true},{"id":6177,"name":"Modeling","url":"https://www.academia.edu/Documents/in/Modeling?f_ri=817504","nofollow":true},{"id":8755,"name":"Transfer Pricing","url":"https://www.academia.edu/Documents/in/Transfer_Pricing?f_ri=817504"},{"id":11035,"name":"Regulation","url":"https://www.academia.edu/Documents/in/Regulation?f_ri=817504"},{"id":24699,"name":"Supply Chain","url":"https://www.academia.edu/Documents/in/Supply_Chain?f_ri=817504"},{"id":28235,"name":"Multidisciplinary","url":"https://www.academia.edu/Documents/in/Multidisciplinary?f_ri=817504"},{"id":167483,"name":"Income","url":"https://www.academia.edu/Documents/in/Income?f_ri=817504"},{"id":219669,"name":"Taxes","url":"https://www.academia.edu/Documents/in/Taxes?f_ri=817504"},{"id":349059,"name":"Decision Problem","url":"https://www.academia.edu/Documents/in/Decision_Problem?f_ri=817504"},{"id":368126,"name":"Income Tax","url":"https://www.academia.edu/Documents/in/Income_Tax?f_ri=817504"},{"id":545666,"name":"Payment","url":"https://www.academia.edu/Documents/in/Payment?f_ri=817504"},{"id":817504,"name":"DIVIDEND","url":"https://www.academia.edu/Documents/in/DIVIDEND?f_ri=817504"},{"id":864845,"name":"MULTINATIONAL CORPORATION","url":"https://www.academia.edu/Documents/in/MULTINATIONAL_CORPORATION?f_ri=817504"},{"id":1180667,"name":"Optimality Condition","url":"https://www.academia.edu/Documents/in/Optimality_Condition?f_ri=817504"},{"id":1494153,"name":"Transport Costs","url":"https://www.academia.edu/Documents/in/Transport_Costs?f_ri=817504"},{"id":2487277,"name":"Model integration","url":"https://www.academia.edu/Documents/in/Model_integration?f_ri=817504"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_26186069" data-work_id="26186069" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/26186069/Latin_America_and_the_Caribbean_as_tailwinds_recede_in_search_of_higher_growth">Latin America and the Caribbean as tailwinds recede : in search of higher growth</a></div></div><div class="u-pb4x u-mt3x"></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/26186069" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="adbb604ece7b0f5b3873ecd01877326e" rel="nofollow" data-download="{"attachment_id":46510008,"asset_id":26186069,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/46510008/download_file?st=MTc0MDYyMzk2Miw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="50086336" href="https://independent.academia.edu/EduardoLevyYeyati">Eduardo Levy Yeyati</a><script data-card-contents-for-user="50086336" type="text/json">{"id":50086336,"first_name":"Eduardo","last_name":"Levy Yeyati","domain_name":"independent","page_name":"EduardoLevyYeyati","display_name":"Eduardo Levy Yeyati","profile_url":"https://independent.academia.edu/EduardoLevyYeyati?f_ri=817504","photo":"https://gravatar.com/avatar/3f1b6fde5ddc9958dfc79e2a2cdf6f92?s=65"}</script></span></span></li><li class="js-paper-rank-work_26186069 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="26186069"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 26186069, container: ".js-paper-rank-work_26186069", }); });</script></li><li class="js-percentile-work_26186069 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 26186069; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_26186069"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_26186069 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="26186069"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 26186069; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=26186069]").text(description); $(".js-view-count-work_26186069").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_26186069").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="26186069"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">66</a>  </div><span class="InlineList-item-text u-textTruncate u-pl10x"><a class="InlineList-item-text" data-has-card-for-ri="137" rel="nofollow" href="https://www.academia.edu/Documents/in/Economic_History">Economic History</a>, <script data-card-contents-for-ri="137" type="text/json">{"id":137,"name":"Economic History","url":"https://www.academia.edu/Documents/in/Economic_History?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="1439" rel="nofollow" href="https://www.academia.edu/Documents/in/Globalization">Globalization</a>, <script data-card-contents-for-ri="1439" type="text/json">{"id":1439,"name":"Globalization","url":"https://www.academia.edu/Documents/in/Globalization?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="2216" rel="nofollow" href="https://www.academia.edu/Documents/in/Natural_Resources">Natural Resources</a>, <script data-card-contents-for-ri="2216" type="text/json">{"id":2216,"name":"Natural Resources","url":"https://www.academia.edu/Documents/in/Natural_Resources?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="2961" rel="nofollow" href="https://www.academia.edu/Documents/in/Property_Rights">Property Rights</a><script data-card-contents-for-ri="2961" type="text/json">{"id":2961,"name":"Property Rights","url":"https://www.academia.edu/Documents/in/Property_Rights?f_ri=817504","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=26186069]'), work: {"id":26186069,"title":"Latin America and the Caribbean as tailwinds recede : in search of higher growth","created_at":"2016-06-15T07:07:17.605-07:00","url":"https://www.academia.edu/26186069/Latin_America_and_the_Caribbean_as_tailwinds_recede_in_search_of_higher_growth?f_ri=817504","dom_id":"work_26186069","summary":null,"downloadable_attachments":[{"id":46510008,"asset_id":26186069,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":50086336,"first_name":"Eduardo","last_name":"Levy Yeyati","domain_name":"independent","page_name":"EduardoLevyYeyati","display_name":"Eduardo Levy Yeyati","profile_url":"https://independent.academia.edu/EduardoLevyYeyati?f_ri=817504","photo":"https://gravatar.com/avatar/3f1b6fde5ddc9958dfc79e2a2cdf6f92?s=65"}],"research_interests":[{"id":137,"name":"Economic History","url":"https://www.academia.edu/Documents/in/Economic_History?f_ri=817504","nofollow":true},{"id":1439,"name":"Globalization","url":"https://www.academia.edu/Documents/in/Globalization?f_ri=817504","nofollow":true},{"id":2216,"name":"Natural Resources","url":"https://www.academia.edu/Documents/in/Natural_Resources?f_ri=817504","nofollow":true},{"id":2961,"name":"Property Rights","url":"https://www.academia.edu/Documents/in/Property_Rights?f_ri=817504","nofollow":true},{"id":3974,"name":"Telecommunications","url":"https://www.academia.edu/Documents/in/Telecommunications?f_ri=817504"},{"id":4484,"name":"Economic Growth","url":"https://www.academia.edu/Documents/in/Economic_Growth?f_ri=817504"},{"id":5405,"name":"Emerging Economies","url":"https://www.academia.edu/Documents/in/Emerging_Economies?f_ri=817504"},{"id":8759,"name":"Foreign Direct Investment","url":"https://www.academia.edu/Documents/in/Foreign_Direct_Investment?f_ri=817504"},{"id":10225,"name":"Agriculture","url":"https://www.academia.edu/Documents/in/Agriculture?f_ri=817504"},{"id":21200,"name":"Current accounts","url":"https://www.academia.edu/Documents/in/Current_accounts?f_ri=817504"},{"id":21895,"name":"Outsourcing","url":"https://www.academia.edu/Documents/in/Outsourcing?f_ri=817504"},{"id":24777,"name":"Benchmarking","url":"https://www.academia.edu/Documents/in/Benchmarking?f_ri=817504"},{"id":43739,"name":"Volatility","url":"https://www.academia.edu/Documents/in/Volatility?f_ri=817504"},{"id":48904,"name":"Elasticity","url":"https://www.academia.edu/Documents/in/Elasticity?f_ri=817504"},{"id":48971,"name":"Monetary Policy","url":"https://www.academia.edu/Documents/in/Monetary_Policy?f_ri=817504"},{"id":55312,"name":"Industrialization","url":"https://www.academia.edu/Documents/in/Industrialization?f_ri=817504"},{"id":58276,"name":"Savings","url":"https://www.academia.edu/Documents/in/Savings?f_ri=817504"},{"id":61603,"name":"Uncertainty","url":"https://www.academia.edu/Documents/in/Uncertainty?f_ri=817504"},{"id":63444,"name":"Financial System","url":"https://www.academia.edu/Documents/in/Financial_System?f_ri=817504"},{"id":63632,"name":"Import","url":"https://www.academia.edu/Documents/in/Import?f_ri=817504"},{"id":69827,"name":"Risk Aversion","url":"https://www.academia.edu/Documents/in/Risk_Aversion?f_ri=817504"},{"id":69841,"name":"Standard Deviation","url":"https://www.academia.edu/Documents/in/Standard_Deviation?f_ri=817504"},{"id":70649,"name":"External Debt","url":"https://www.academia.edu/Documents/in/External_Debt?f_ri=817504"},{"id":109212,"name":"Dutch Disease","url":"https://www.academia.edu/Documents/in/Dutch_Disease?f_ri=817504"},{"id":113317,"name":"Inflation","url":"https://www.academia.edu/Documents/in/Inflation?f_ri=817504"},{"id":167483,"name":"Income","url":"https://www.academia.edu/Documents/in/Income?f_ri=817504"},{"id":182800,"name":"Real Interest Rates","url":"https://www.academia.edu/Documents/in/Real_Interest_Rates?f_ri=817504"},{"id":186306,"name":"Interest Rates","url":"https://www.academia.edu/Documents/in/Interest_Rates?f_ri=817504"},{"id":198794,"name":"Consolidation","url":"https://www.academia.edu/Documents/in/Consolidation?f_ri=817504"},{"id":200286,"name":"Valuation","url":"https://www.academia.edu/Documents/in/Valuation?f_ri=817504"},{"id":213795,"name":"Trade Balance","url":"https://www.academia.edu/Documents/in/Trade_Balance?f_ri=817504"},{"id":215358,"name":"Public finances","url":"https://www.academia.edu/Documents/in/Public_finances?f_ri=817504"},{"id":226324,"name":"Liquidity","url":"https://www.academia.edu/Documents/in/Liquidity?f_ri=817504"},{"id":235753,"name":"Debt","url":"https://www.academia.edu/Documents/in/Debt?f_ri=817504"},{"id":243464,"name":"Developing Economies","url":"https://www.academia.edu/Documents/in/Developing_Economies?f_ri=817504"},{"id":269335,"name":"Financial Risk","url":"https://www.academia.edu/Documents/in/Financial_Risk?f_ri=817504"},{"id":294066,"name":"GDP","url":"https://www.academia.edu/Documents/in/GDP?f_ri=817504"},{"id":298798,"name":"Business Cycle","url":"https://www.academia.edu/Documents/in/Business_Cycle?f_ri=817504"},{"id":321994,"name":"Benchmark","url":"https://www.academia.edu/Documents/in/Benchmark?f_ri=817504"},{"id":345869,"name":"real GDP","url":"https://www.academia.edu/Documents/in/real_GDP?f_ri=817504"},{"id":362444,"name":"Depreciation","url":"https://www.academia.edu/Documents/in/Depreciation?f_ri=817504"},{"id":398270,"name":"Current Account Deficit","url":"https://www.academia.edu/Documents/in/Current_Account_Deficit?f_ri=817504"},{"id":401388,"name":"Dividends","url":"https://www.academia.edu/Documents/in/Dividends?f_ri=817504"},{"id":429798,"name":"Equilibrium","url":"https://www.academia.edu/Documents/in/Equilibrium?f_ri=817504"},{"id":555492,"name":"Natural Resource","url":"https://www.academia.edu/Documents/in/Natural_Resource?f_ri=817504"},{"id":556673,"name":"Capital Accumulation","url":"https://www.academia.edu/Documents/in/Capital_Accumulation?f_ri=817504"},{"id":578854,"name":"Trade deficit","url":"https://www.academia.edu/Documents/in/Trade_deficit?f_ri=817504"},{"id":594515,"name":"Value added","url":"https://www.academia.edu/Documents/in/Value_added?f_ri=817504"},{"id":599884,"name":"Shareholders","url":"https://www.academia.edu/Documents/in/Shareholders?f_ri=817504"},{"id":611231,"name":"Surplus","url":"https://www.academia.edu/Documents/in/Surplus?f_ri=817504"},{"id":718212,"name":"Capital Goods","url":"https://www.academia.edu/Documents/in/Capital_Goods?f_ri=817504"},{"id":780514,"name":"Consumer Durables","url":"https://www.academia.edu/Documents/in/Consumer_Durables?f_ri=817504"},{"id":817504,"name":"DIVIDEND","url":"https://www.academia.edu/Documents/in/DIVIDEND?f_ri=817504"},{"id":896356,"name":"Commodity","url":"https://www.academia.edu/Documents/in/Commodity?f_ri=817504"},{"id":911508,"name":"Balance of Payments","url":"https://www.academia.edu/Documents/in/Balance_of_Payments?f_ri=817504"},{"id":1009016,"name":"Current Account Balance","url":"https://www.academia.edu/Documents/in/Current_Account_Balance?f_ri=817504"},{"id":1010785,"name":"Living Standards","url":"https://www.academia.edu/Documents/in/Living_Standards?f_ri=817504"},{"id":1012495,"name":"Output","url":"https://www.academia.edu/Documents/in/Output?f_ri=817504"},{"id":1028340,"name":"Incomes","url":"https://www.academia.edu/Documents/in/Incomes?f_ri=817504"},{"id":1168008,"name":"Risk Premiums","url":"https://www.academia.edu/Documents/in/Risk_Premiums?f_ri=817504"},{"id":1179716,"name":"Income Elasticity","url":"https://www.academia.edu/Documents/in/Income_Elasticity?f_ri=817504"},{"id":1416550,"name":"Advanced Countries","url":"https://www.academia.edu/Documents/in/Advanced_Countries?f_ri=817504"},{"id":1722795,"name":"Portfolio Investment","url":"https://www.academia.edu/Documents/in/Portfolio_Investment?f_ri=817504"},{"id":1733266,"name":"Per Capita Income","url":"https://www.academia.edu/Documents/in/Per_Capita_Income?f_ri=817504"},{"id":1895901,"name":"Balance Sheet","url":"https://www.academia.edu/Documents/in/Balance_Sheet?f_ri=817504"},{"id":2307490,"name":"Expected Value","url":"https://www.academia.edu/Documents/in/Expected_Value?f_ri=817504"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_23899432" data-work_id="23899432" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/23899432/Poverty_Implications_of_Agricultural_and_Non_agricultural_Price_Distortions_in_Pakistan">Poverty Implications of Agricultural and Non-agricultural Price Distortions in Pakistan</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">This paper is a product of a research project on Distortions to Agricultural Incentives, under the leadership of Kym Anderson of the World Bank&#39;s Development Research Group. The authors are grateful for helpful comments from workshop... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_23899432" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">This paper is a product of a research project on Distortions to Agricultural Incentives, under the leadership of Kym Anderson of the World Bank&#39;s Development Research Group. The authors are grateful for helpful comments from workshop participants, and for funding from World Bank Trust Funds provided by the governments of the Netherlands (BNPP) and the United Kingdom (DfID). This paper will appear in Agricultural Price Distortions, Inequality and Poverty, edited by K. Anderson, J. Cockburn and W. Martin (forthcoming 2010). This is part of a Working Paper series (see <a href="http://www.worldbank.org/agdistortions" rel="nofollow">www.worldbank.org/agdistortions</a>) that is designed to promptly disseminate the findings of work in progress for comment before they are finalized. The views expressed are the authors&#39; alone and not necessarily those of the World Bank and its Executive Directors, nor the countries they represent, nor of the institutions providing funds for this research project.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/23899432" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="8634fa093d0c00c8b7ee077af75c440b" rel="nofollow" data-download="{"attachment_id":44288869,"asset_id":23899432,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/44288869/download_file?st=MTc0MDYyMzk2Miw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="46183226" href="https://independent.academia.edu/CaesarCororaton">Caesar Cororaton</a><script data-card-contents-for-user="46183226" type="text/json">{"id":46183226,"first_name":"Caesar","last_name":"Cororaton","domain_name":"independent","page_name":"CaesarCororaton","display_name":"Caesar Cororaton","profile_url":"https://independent.academia.edu/CaesarCororaton?f_ri=817504","photo":"/images/s65_no_pic.png"}</script></span></span></li><li class="js-paper-rank-work_23899432 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="23899432"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 23899432, container: ".js-paper-rank-work_23899432", }); });</script></li><li class="js-percentile-work_23899432 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 23899432; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_23899432"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_23899432 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="23899432"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 23899432; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=23899432]").text(description); $(".js-view-count-work_23899432").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_23899432").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="23899432"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">58</a>  </div><span class="InlineList-item-text u-textTruncate u-pl10x"><a class="InlineList-item-text" data-has-card-for-ri="39" rel="nofollow" href="https://www.academia.edu/Documents/in/Marketing">Marketing</a>, <script data-card-contents-for-ri="39" type="text/json">{"id":39,"name":"Marketing","url":"https://www.academia.edu/Documents/in/Marketing?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="727" rel="nofollow" href="https://www.academia.edu/Documents/in/Development_Economics">Development Economics</a>, <script data-card-contents-for-ri="727" type="text/json">{"id":727,"name":"Development Economics","url":"https://www.academia.edu/Documents/in/Development_Economics?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="797" rel="nofollow" href="https://www.academia.edu/Documents/in/International_Relations">International Relations</a>, <script data-card-contents-for-ri="797" type="text/json">{"id":797,"name":"International Relations","url":"https://www.academia.edu/Documents/in/International_Relations?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="802" rel="nofollow" href="https://www.academia.edu/Documents/in/Political_Economy">Political Economy</a><script data-card-contents-for-ri="802" type="text/json">{"id":802,"name":"Political Economy","url":"https://www.academia.edu/Documents/in/Political_Economy?f_ri=817504","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=23899432]'), work: {"id":23899432,"title":"Poverty Implications of Agricultural and Non-agricultural Price Distortions in Pakistan","created_at":"2016-04-01T02:30:03.262-07:00","url":"https://www.academia.edu/23899432/Poverty_Implications_of_Agricultural_and_Non_agricultural_Price_Distortions_in_Pakistan?f_ri=817504","dom_id":"work_23899432","summary":"This paper is a product of a research project on Distortions to Agricultural Incentives, under the leadership of Kym Anderson of the World Bank\u0026#39;s Development Research Group. The authors are grateful for helpful comments from workshop participants, and for funding from World Bank Trust Funds provided by the governments of the Netherlands (BNPP) and the United Kingdom (DfID). This paper will appear in Agricultural Price Distortions, Inequality and Poverty, edited by K. Anderson, J. Cockburn and W. Martin (forthcoming 2010). This is part of a Working Paper series (see www.worldbank.org/agdistortions) that is designed to promptly disseminate the findings of work in progress for comment before they are finalized. The views expressed are the authors\u0026#39; alone and not necessarily those of the World Bank and its Executive Directors, nor the countries they represent, nor of the institutions providing funds for this research project.","downloadable_attachments":[{"id":44288869,"asset_id":23899432,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":46183226,"first_name":"Caesar","last_name":"Cororaton","domain_name":"independent","page_name":"CaesarCororaton","display_name":"Caesar Cororaton","profile_url":"https://independent.academia.edu/CaesarCororaton?f_ri=817504","photo":"/images/s65_no_pic.png"}],"research_interests":[{"id":39,"name":"Marketing","url":"https://www.academia.edu/Documents/in/Marketing?f_ri=817504","nofollow":true},{"id":727,"name":"Development Economics","url":"https://www.academia.edu/Documents/in/Development_Economics?f_ri=817504","nofollow":true},{"id":797,"name":"International Relations","url":"https://www.academia.edu/Documents/in/International_Relations?f_ri=817504","nofollow":true},{"id":802,"name":"Political Economy","url":"https://www.academia.edu/Documents/in/Political_Economy?f_ri=817504","nofollow":true},{"id":2819,"name":"Rural","url":"https://www.academia.edu/Documents/in/Rural?f_ri=817504"},{"id":3490,"name":"Accounting","url":"https://www.academia.edu/Documents/in/Accounting?f_ri=817504"},{"id":3537,"name":"Agricultural Development","url":"https://www.academia.edu/Documents/in/Agricultural_Development?f_ri=817504"},{"id":3540,"name":"Food Policy","url":"https://www.academia.edu/Documents/in/Food_Policy?f_ri=817504"},{"id":3724,"name":"Irrigation","url":"https://www.academia.edu/Documents/in/Irrigation?f_ri=817504"},{"id":9815,"name":"Developing Countries","url":"https://www.academia.edu/Documents/in/Developing_Countries?f_ri=817504"},{"id":10225,"name":"Agriculture","url":"https://www.academia.edu/Documents/in/Agriculture?f_ri=817504"},{"id":23665,"name":"Agricultural trade","url":"https://www.academia.edu/Documents/in/Agricultural_trade?f_ri=817504"},{"id":48904,"name":"Elasticity","url":"https://www.academia.edu/Documents/in/Elasticity?f_ri=817504"},{"id":52982,"name":"Commerce","url":"https://www.academia.edu/Documents/in/Commerce?f_ri=817504"},{"id":55312,"name":"Industrialization","url":"https://www.academia.edu/Documents/in/Industrialization?f_ri=817504"},{"id":58276,"name":"Savings","url":"https://www.academia.edu/Documents/in/Savings?f_ri=817504"},{"id":67974,"name":"Dynamic Analysis","url":"https://www.academia.edu/Documents/in/Dynamic_Analysis?f_ri=817504"},{"id":71228,"name":"Trade Liberalization","url":"https://www.academia.edu/Documents/in/Trade_Liberalization?f_ri=817504"},{"id":82413,"name":"Trade Policy","url":"https://www.academia.edu/Documents/in/Trade_Policy?f_ri=817504"},{"id":91070,"name":"Inequality","url":"https://www.academia.edu/Documents/in/Inequality?f_ri=817504"},{"id":97227,"name":"Rate of return","url":"https://www.academia.edu/Documents/in/Rate_of_return?f_ri=817504"},{"id":106793,"name":"Sale","url":"https://www.academia.edu/Documents/in/Sale?f_ri=817504"},{"id":113317,"name":"Inflation","url":"https://www.academia.edu/Documents/in/Inflation?f_ri=817504"},{"id":145748,"name":"Sales","url":"https://www.academia.edu/Documents/in/Sales?f_ri=817504"},{"id":167145,"name":"Agricultural Production","url":"https://www.academia.edu/Documents/in/Agricultural_Production?f_ri=817504"},{"id":167483,"name":"Income","url":"https://www.academia.edu/Documents/in/Income?f_ri=817504"},{"id":182802,"name":"Price elasticity of supply","url":"https://www.academia.edu/Documents/in/Price_elasticity_of_supply?f_ri=817504"},{"id":197231,"name":"Rural Areas","url":"https://www.academia.edu/Documents/in/Rural_Areas?f_ri=817504"},{"id":222739,"name":"Consumers","url":"https://www.academia.edu/Documents/in/Consumers?f_ri=817504"},{"id":295338,"name":"Demand Elasticity","url":"https://www.academia.edu/Documents/in/Demand_Elasticity?f_ri=817504"},{"id":345869,"name":"real GDP","url":"https://www.academia.edu/Documents/in/real_GDP?f_ri=817504"},{"id":368126,"name":"Income Tax","url":"https://www.academia.edu/Documents/in/Income_Tax?f_ri=817504"},{"id":401388,"name":"Dividends","url":"https://www.academia.edu/Documents/in/Dividends?f_ri=817504"},{"id":410377,"name":"Foreign Trade","url":"https://www.academia.edu/Documents/in/Foreign_Trade?f_ri=817504"},{"id":427024,"name":"Global trade","url":"https://www.academia.edu/Documents/in/Global_trade?f_ri=817504"},{"id":427655,"name":"Foreign Direct Investments","url":"https://www.academia.edu/Documents/in/Foreign_Direct_Investments?f_ri=817504"},{"id":444088,"name":"Government Revenue","url":"https://www.academia.edu/Documents/in/Government_Revenue?f_ri=817504"},{"id":454910,"name":"Economic Models","url":"https://www.academia.edu/Documents/in/Economic_Models?f_ri=817504"},{"id":479122,"name":"Trade Policies","url":"https://www.academia.edu/Documents/in/Trade_Policies?f_ri=817504"},{"id":556673,"name":"Capital Accumulation","url":"https://www.academia.edu/Documents/in/Capital_Accumulation?f_ri=817504"},{"id":576165,"name":"Production Function","url":"https://www.academia.edu/Documents/in/Production_Function?f_ri=817504"},{"id":594515,"name":"Value added","url":"https://www.academia.edu/Documents/in/Value_added?f_ri=817504"},{"id":601416,"name":"Elasticity of Substitution","url":"https://www.academia.edu/Documents/in/Elasticity_of_Substitution?f_ri=817504"},{"id":613320,"name":"Economic Structure","url":"https://www.academia.edu/Documents/in/Economic_Structure?f_ri=817504"},{"id":647003,"name":"Rural Area","url":"https://www.academia.edu/Documents/in/Rural_Area?f_ri=817504"},{"id":817504,"name":"DIVIDEND","url":"https://www.academia.edu/Documents/in/DIVIDEND?f_ri=817504"},{"id":852445,"name":"Government Intervention","url":"https://www.academia.edu/Documents/in/Government_Intervention?f_ri=817504"},{"id":869475,"name":"Demand curve","url":"https://www.academia.edu/Documents/in/Demand_curve?f_ri=817504"},{"id":869927,"name":"Sugar Substitutes","url":"https://www.academia.edu/Documents/in/Sugar_Substitutes?f_ri=817504"},{"id":888071,"name":"Consumer Price Index","url":"https://www.academia.edu/Documents/in/Consumer_Price_Index?f_ri=817504"},{"id":896356,"name":"Commodity","url":"https://www.academia.edu/Documents/in/Commodity?f_ri=817504"},{"id":962319,"name":"Real Income","url":"https://www.academia.edu/Documents/in/Real_Income?f_ri=817504"},{"id":969834,"name":"Household Income","url":"https://www.academia.edu/Documents/in/Household_Income?f_ri=817504"},{"id":1028340,"name":"Incomes","url":"https://www.academia.edu/Documents/in/Incomes?f_ri=817504"},{"id":1551025,"name":"Domestic market","url":"https://www.academia.edu/Documents/in/Domestic_market?f_ri=817504"},{"id":1984794,"name":"Urban Area","url":"https://www.academia.edu/Documents/in/Urban_Area?f_ri=817504"},{"id":2128745,"name":"FACTORS OF PRODUCTION","url":"https://www.academia.edu/Documents/in/FACTORS_OF_PRODUCTION?f_ri=817504"},{"id":2184598,"name":"Demand function","url":"https://www.academia.edu/Documents/in/Demand_function?f_ri=817504"}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_11027253" data-work_id="11027253" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/11027253/DIVIDEND_PAYOUT_AND_FIRM_S_FUTURE_GROWTH_EVIDENCE_FROM_KLSE">DIVIDEND PAYOUT AND FIRM’S FUTURE GROWTH: EVIDENCE FROM KLSE</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">This study examines the association between dividend payout ratios and company’s earnings growth. We also try to see the relationship and implication the dividend payout with related variable such as firm size, return on assets,... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_11027253" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">This study examines the association between dividend payout ratios and company’s earnings growth.  We also try to see the relationship and implication the dividend payout with related variable such as firm size, return on assets, historical earning growth, current earnings growth and dividend yield to firm’s future earnings. The sample involve of 100 listed companies in Kuala Lumpur Stock Exchange taken randomly and excluding financial companies.  The empirical evidence shows that a significant positive association between dividend payout ratios and firm’s future earnings. The finding of the study might be of interest to academicians and practitioners. This paper presents original research for dividend payout in Malaysia and implication to the company growth in the future. The result support existing literature on dividend payout and growth.</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/11027253" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="8cf84956d09ee4965a912f85e4e934ee" rel="nofollow" data-download="{"attachment_id":36745319,"asset_id":11027253,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/36745319/download_file?st=MTc0MDYyMzk2Miw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="18966032" href="https://polimas.academia.edu/ShuriyaniAbdulRahim">Shuriyani Abdul Rahim</a><script data-card-contents-for-user="18966032" type="text/json">{"id":18966032,"first_name":"Shuriyani","last_name":"Abdul Rahim","domain_name":"polimas","page_name":"ShuriyaniAbdulRahim","display_name":"Shuriyani Abdul Rahim","profile_url":"https://polimas.academia.edu/ShuriyaniAbdulRahim?f_ri=817504","photo":"https://0.academia-photos.com/18966032/5267733/6022942/s65_shuriyani.abdul_rahim.jpg_oh_767a961746f3865a7f010128e4656380_oe_54bab5c9___gda___1420933492_0e3a5913a567b0aa8720a3e18d34d586"}</script></span></span></li><li class="js-paper-rank-work_11027253 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="11027253"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 11027253, container: ".js-paper-rank-work_11027253", }); });</script></li><li class="js-percentile-work_11027253 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 11027253; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_11027253"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_11027253 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="11027253"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 11027253; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=11027253]").text(description); $(".js-view-count-work_11027253").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_11027253").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="11027253"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i></div><span class="InlineList-item-text u-textTruncate u-pl6x"><a class="InlineList-item-text" data-has-card-for-ri="817504" rel="nofollow" href="https://www.academia.edu/Documents/in/DIVIDEND">DIVIDEND</a><script data-card-contents-for-ri="817504" type="text/json">{"id":817504,"name":"DIVIDEND","url":"https://www.academia.edu/Documents/in/DIVIDEND?f_ri=817504","nofollow":true}</script></span></li><script>(function(){ if (false) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=11027253]'), work: {"id":11027253,"title":"DIVIDEND PAYOUT AND FIRM’S FUTURE GROWTH: EVIDENCE FROM KLSE","created_at":"2015-02-23T16:31:29.718-08:00","url":"https://www.academia.edu/11027253/DIVIDEND_PAYOUT_AND_FIRM_S_FUTURE_GROWTH_EVIDENCE_FROM_KLSE?f_ri=817504","dom_id":"work_11027253","summary":"\nThis study examines the association between dividend payout ratios and company’s earnings growth. We also try to see the relationship and implication the dividend payout with related variable such as firm size, return on assets, historical earning growth, current earnings growth and dividend yield to firm’s future earnings. The sample involve of 100 listed companies in Kuala Lumpur Stock Exchange taken randomly and excluding financial companies. The empirical evidence shows that a significant positive association between dividend payout ratios and firm’s future earnings. The finding of the study might be of interest to academicians and practitioners. This paper presents original research for dividend payout in Malaysia and implication to the company growth in the future. The result support existing literature on dividend payout and growth. \n","downloadable_attachments":[{"id":36745319,"asset_id":11027253,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":18966032,"first_name":"Shuriyani","last_name":"Abdul Rahim","domain_name":"polimas","page_name":"ShuriyaniAbdulRahim","display_name":"Shuriyani Abdul Rahim","profile_url":"https://polimas.academia.edu/ShuriyaniAbdulRahim?f_ri=817504","photo":"https://0.academia-photos.com/18966032/5267733/6022942/s65_shuriyani.abdul_rahim.jpg_oh_767a961746f3865a7f010128e4656380_oe_54bab5c9___gda___1420933492_0e3a5913a567b0aa8720a3e18d34d586"}],"research_interests":[{"id":817504,"name":"DIVIDEND","url":"https://www.academia.edu/Documents/in/DIVIDEND?f_ri=817504","nofollow":true}]}, }) } })();</script></ul></li></ul></div></div><div class="u-borderBottom1 u-borderColorGrayLighter"><div class="clearfix u-pv7x u-mb0x js-work-card work_80129263" data-work_id="80129263" itemscope="itemscope" itemtype="https://schema.org/ScholarlyArticle"><div class="header"><div class="title u-fontSerif u-fs22 u-lineHeight1_3"><a class="u-tcGrayDarkest js-work-link" href="https://www.academia.edu/80129263/Wright_v_Wrong_The_Final_Solution_to_the_Dividend_Equivalency_Problem">Wright v. Wrong: The Final Solution to the Dividend Equivalency Problem</a></div></div><div class="u-pb4x u-mt3x"><div class="summary u-fs14 u-fw300 u-lineHeight1_5 u-tcGrayDarkest"><div class="summarized">Unless otherwise stated, all references to section numbers are to the Internal Revenue Code [hereinafter cited as the Code]. 2. I.R.C. § 361 (1976). 3. I.R.C. § 354 (1976 & Supp. IV 1977-1981). See infra note 14. 4. The use of the term... <a class="more_link u-tcGrayDark u-linkUnstyled" data-container=".work_80129263" data-show=".complete" data-hide=".summarized" data-more-link-behavior="true" href="#">more</a></div><div class="complete hidden">Unless otherwise stated, all references to section numbers are to the Internal Revenue Code [hereinafter cited as the Code]. 2. I.R.C. § 361 (1976). 3. I.R.C. § 354 (1976 & Supp. IV 1977-1981). See infra note 14. 4. The use of the term "boot" appears to arise from the observation that, at the termination of a reorganization transaction, the shareholders making the exchange held stock in the new corporation "plus money to boot." Liddon v. Commissioner, 22</div></div></div><ul class="InlineList u-ph0x u-fs13"><li class="InlineList-item logged_in_only"><div class="share_on_academia_work_button"><a class="academia_share Button Button--inverseBlue Button--sm js-bookmark-button" data-academia-share="Work/80129263" data-share-source="work_strip" data-spinner="small_white_hide_contents"><i class="fa fa-plus"></i><span class="work-strip-link-text u-ml1x" data-content="button_text">Bookmark</span></a></div></li><li class="InlineList-item"><div class="download"><a id="fd0cdd2ac7bbd9b7a44bc948d024c235" rel="nofollow" data-download="{"attachment_id":86614427,"asset_id":80129263,"asset_type":"Work","always_allow_download":false,"track":null,"button_location":"work_strip","source":null,"hide_modal":null}" class="Button Button--sm Button--inverseGreen js-download-button prompt_button doc_download" href="https://www.academia.edu/attachments/86614427/download_file?st=MTc0MDYyMzk2Miw4LjIyMi4yMDguMTQ2&s=work_strip"><i class="fa fa-arrow-circle-o-down fa-lg"></i><span class="u-textUppercase u-ml1x" data-content="button_text">Download</span></a></div></li><li class="InlineList-item"><ul class="InlineList InlineList--bordered u-ph0x"><li class="InlineList-item InlineList-item--bordered"><span class="InlineList-item-text">by <span itemscope="itemscope" itemprop="author" itemtype="https://schema.org/Person"><a class="u-tcGrayDark u-fw700" data-has-card-for-user="5453725" href="https://independent.academia.edu/MarcHankin">Marc Hankin</a><script data-card-contents-for-user="5453725" type="text/json">{"id":5453725,"first_name":"Marc","last_name":"Hankin","domain_name":"independent","page_name":"MarcHankin","display_name":"Marc Hankin","profile_url":"https://independent.academia.edu/MarcHankin?f_ri=817504","photo":"https://0.academia-photos.com/5453725/46977872/36133685/s65_marc.hankin.jpg"}</script></span></span></li><li class="js-paper-rank-work_80129263 InlineList-item InlineList-item--bordered hidden"><span class="js-paper-rank-view hidden u-tcGrayDark" data-paper-rank-work-id="80129263"><i class="u-m1x fa fa-bar-chart"></i><strong class="js-paper-rank"></strong></span><script>$(function() { new Works.PaperRankView({ workId: 80129263, container: ".js-paper-rank-work_80129263", }); });</script></li><li class="js-percentile-work_80129263 InlineList-item InlineList-item--bordered hidden u-tcGrayDark"><span class="percentile-widget hidden"><span class="u-mr2x percentile-widget" style="display: none">•</span><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 80129263; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-percentile-work_80129263"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></li><li class="js-view-count-work_80129263 InlineList-item InlineList-item--bordered hidden"><div><span><span class="js-view-count view-count u-mr2x" data-work-id="80129263"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 80129263; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=80129263]").text(description); $(".js-view-count-work_80129263").attr('title', description).tooltip(); }); });</script></span><script>$(function() { $(".js-view-count-work_80129263").removeClass('hidden') })</script></div></li><li class="InlineList-item u-positionRelative" style="max-width: 250px"><div class="u-positionAbsolute" data-has-card-for-ri-list="80129263"><i class="fa fa-tag InlineList-item-icon u-positionRelative"></i>  <a class="InlineList-item-text u-positionRelative">3</a>  </div><span class="InlineList-item-text u-textTruncate u-pl9x"><a class="InlineList-item-text" data-has-card-for-ri="368126" rel="nofollow" href="https://www.academia.edu/Documents/in/Income_Tax">Income Tax</a>, <script data-card-contents-for-ri="368126" type="text/json">{"id":368126,"name":"Income Tax","url":"https://www.academia.edu/Documents/in/Income_Tax?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="401388" rel="nofollow" href="https://www.academia.edu/Documents/in/Dividends">Dividends</a>, <script data-card-contents-for-ri="401388" type="text/json">{"id":401388,"name":"Dividends","url":"https://www.academia.edu/Documents/in/Dividends?f_ri=817504","nofollow":true}</script><a class="InlineList-item-text" data-has-card-for-ri="817504" rel="nofollow" href="https://www.academia.edu/Documents/in/DIVIDEND">DIVIDEND</a><script data-card-contents-for-ri="817504" type="text/json">{"id":817504,"name":"DIVIDEND","url":"https://www.academia.edu/Documents/in/DIVIDEND?f_ri=817504","nofollow":true}</script></span></li><script>(function(){ if (true) { new Aedu.ResearchInterestListCard({ el: $('*[data-has-card-for-ri-list=80129263]'), work: {"id":80129263,"title":"Wright v. Wrong: The Final Solution to the Dividend Equivalency Problem","created_at":"2022-05-28T10:40:07.972-07:00","url":"https://www.academia.edu/80129263/Wright_v_Wrong_The_Final_Solution_to_the_Dividend_Equivalency_Problem?f_ri=817504","dom_id":"work_80129263","summary":"Unless otherwise stated, all references to section numbers are to the Internal Revenue Code [hereinafter cited as the Code]. 2. I.R.C. § 361 (1976). 3. I.R.C. § 354 (1976 \u0026 Supp. IV 1977-1981). See infra note 14. 4. The use of the term \"boot\" appears to arise from the observation that, at the termination of a reorganization transaction, the shareholders making the exchange held stock in the new corporation \"plus money to boot.\" Liddon v. Commissioner, 22","downloadable_attachments":[{"id":86614427,"asset_id":80129263,"asset_type":"Work","always_allow_download":false}],"ordered_authors":[{"id":5453725,"first_name":"Marc","last_name":"Hankin","domain_name":"independent","page_name":"MarcHankin","display_name":"Marc Hankin","profile_url":"https://independent.academia.edu/MarcHankin?f_ri=817504","photo":"https://0.academia-photos.com/5453725/46977872/36133685/s65_marc.hankin.jpg"}],"research_interests":[{"id":368126,"name":"Income Tax","url":"https://www.academia.edu/Documents/in/Income_Tax?f_ri=817504","nofollow":true},{"id":401388,"name":"Dividends","url":"https://www.academia.edu/Documents/in/Dividends?f_ri=817504","nofollow":true},{"id":817504,"name":"DIVIDEND","url":"https://www.academia.edu/Documents/in/DIVIDEND?f_ri=817504","nofollow":true}]}, }) } })();</script></ul></li></ul></div></div></div><div class="u-taCenter Pagination"><ul class="pagination"><li class="next_page"><a href="/Documents/in/DIVIDEND?after=50%2C80129263" rel="next">Next</a></li><li class="last next"><a href="/Documents/in/DIVIDEND?page=last">Last »</a></li></ul></div></div><div class="hidden-xs hidden-sm"><div class="u-pl6x"><div style="width: 300px;"><div class="panel panel-flat u-mt7x"><div class="panel-heading u-p5x"><div class="u-tcGrayDark u-taCenter u-fw700 u-textUppercase">Related Topics</div></div><ul class="list-group"><li class="list-group-item media_v2 u-mt0x u-p3x"><div class="media-body"><div class="u-tcGrayDarker u-fw700"><a class="u-tcGrayDarker" rel="nofollow" href="https://www.academia.edu/Documents/in/Corporate_Governance_Practicies">Corporate Governance Practicies</a></div></div><div class="media-right media-middle"><a class="u-tcGreen u-textDecorationNone u-linkUnstyled u-fw500 hidden" data-follow-ri-id="693957">Follow</a><a class="u-tcGray u-textDecorationNone u-linkUnstyled u-fw500 hidden" data-unfollow-ri-id="693957">Following</a></div></li><li class="list-group-item media_v2 u-mt0x u-p3x"><div class="media-body"><div class="u-tcGrayDarker u-fw700"><a class="u-tcGrayDarker" rel="nofollow" href="https://www.academia.edu/Documents/in/Finance">Finance</a></div></div><div class="media-right media-middle"><a class="u-tcGreen u-textDecorationNone u-linkUnstyled u-fw500 hidden" data-follow-ri-id="47">Follow</a><a class="u-tcGray u-textDecorationNone u-linkUnstyled u-fw500 hidden" data-unfollow-ri-id="47">Following</a></div></li><li class="list-group-item media_v2 u-mt0x u-p3x"><div class="media-body"><div class="u-tcGrayDarker u-fw700"><a class="u-tcGrayDarker" rel="nofollow" href="https://www.academia.edu/Documents/in/Perubahan_Sosial">Perubahan Sosial</a></div></div><div class="media-right media-middle"><a class="u-tcGreen u-textDecorationNone u-linkUnstyled u-fw500 hidden" data-follow-ri-id="524306">Follow</a><a class="u-tcGray u-textDecorationNone u-linkUnstyled u-fw500 hidden" data-unfollow-ri-id="524306">Following</a></div></li><li class="list-group-item media_v2 u-mt0x u-p3x"><div class="media-body"><div class="u-tcGrayDarker u-fw700"><a class="u-tcGrayDarker" rel="nofollow" href="https://www.academia.edu/Documents/in/Accounting">Accounting</a></div></div><div class="media-right media-middle"><a class="u-tcGreen u-textDecorationNone u-linkUnstyled u-fw500 hidden" data-follow-ri-id="3490">Follow</a><a class="u-tcGray u-textDecorationNone u-linkUnstyled u-fw500 hidden" data-unfollow-ri-id="3490">Following</a></div></li><li class="list-group-item media_v2 u-mt0x u-p3x"><div class="media-body"><div class="u-tcGrayDarker u-fw700"><a class="u-tcGrayDarker" rel="nofollow" href="https://www.academia.edu/Documents/in/Molecular_Biology">Molecular Biology</a></div></div><div class="media-right media-middle"><a class="u-tcGreen u-textDecorationNone u-linkUnstyled u-fw500 hidden" data-follow-ri-id="2513">Follow</a><a class="u-tcGray u-textDecorationNone u-linkUnstyled u-fw500 hidden" data-unfollow-ri-id="2513">Following</a></div></li><li class="list-group-item media_v2 u-mt0x u-p3x"><div class="media-body"><div class="u-tcGrayDarker u-fw700"><a class="u-tcGrayDarker" rel="nofollow" href="https://www.academia.edu/Documents/in/Earning_Per_Share">Earning Per Share</a></div></div><div class="media-right media-middle"><a class="u-tcGreen u-textDecorationNone u-linkUnstyled u-fw500 hidden" data-follow-ri-id="1180544">Follow</a><a class="u-tcGray u-textDecorationNone u-linkUnstyled u-fw500 hidden" data-unfollow-ri-id="1180544">Following</a></div></li><li class="list-group-item media_v2 u-mt0x u-p3x"><div class="media-body"><div class="u-tcGrayDarker u-fw700"><a class="u-tcGrayDarker" rel="nofollow" href="https://www.academia.edu/Documents/in/Biochemistry">Biochemistry</a></div></div><div class="media-right media-middle"><a class="u-tcGreen u-textDecorationNone u-linkUnstyled u-fw500 hidden" data-follow-ri-id="145">Follow</a><a class="u-tcGray u-textDecorationNone u-linkUnstyled u-fw500 hidden" data-unfollow-ri-id="145">Following</a></div></li><li class="list-group-item media_v2 u-mt0x u-p3x"><div class="media-body"><div class="u-tcGrayDarker u-fw700"><a class="u-tcGrayDarker" rel="nofollow" href="https://www.academia.edu/Documents/in/Price-earnings_Ratio">Price-earnings Ratio</a></div></div><div class="media-right media-middle"><a class="u-tcGreen u-textDecorationNone u-linkUnstyled u-fw500 hidden" data-follow-ri-id="804855">Follow</a><a class="u-tcGray u-textDecorationNone u-linkUnstyled u-fw500 hidden" data-unfollow-ri-id="804855">Following</a></div></li><li class="list-group-item media_v2 u-mt0x u-p3x"><div class="media-body"><div class="u-tcGrayDarker u-fw700"><a class="u-tcGrayDarker" rel="nofollow" href="https://www.academia.edu/Documents/in/Keiretsu">Keiretsu</a></div></div><div class="media-right media-middle"><a class="u-tcGreen u-textDecorationNone u-linkUnstyled u-fw500 hidden" data-follow-ri-id="301687">Follow</a><a class="u-tcGray u-textDecorationNone u-linkUnstyled u-fw500 hidden" data-unfollow-ri-id="301687">Following</a></div></li><li class="list-group-item media_v2 u-mt0x u-p3x"><div class="media-body"><div class="u-tcGrayDarker u-fw700"><a class="u-tcGrayDarker" rel="nofollow" href="https://www.academia.edu/Documents/in/Finance_and_Accounting-2">Finance and Accounting</a></div></div><div class="media-right media-middle"><a class="u-tcGreen u-textDecorationNone u-linkUnstyled u-fw500 hidden" data-follow-ri-id="275661">Follow</a><a class="u-tcGray u-textDecorationNone u-linkUnstyled u-fw500 hidden" data-unfollow-ri-id="275661">Following</a></div></li></ul></div></div></div></div></div></div><script>// MIT License // Copyright © 2011 Sebastian Tschan, https://blueimp.net // Permission is hereby granted, free of charge, to any person obtaining a copy of // this software and associated documentation files (the "Software"), to deal in // the Software without restriction, including without limitation the rights to // use, copy, modify, merge, publish, distribute, sublicense, and/or sell copies of // the Software, and to permit persons to whom the Software is furnished to do so, // subject to the following conditions: // The above copyright notice and this permission notice shall be included in all // copies or substantial portions of the Software. // THE SOFTWARE IS PROVIDED "AS IS", WITHOUT WARRANTY OF ANY KIND, EXPRESS OR // IMPLIED, INCLUDING BUT NOT LIMITED TO THE WARRANTIES OF MERCHANTABILITY, FITNESS // FOR A PARTICULAR PURPOSE AND NONINFRINGEMENT. IN NO EVENT SHALL THE AUTHORS OR // COPYRIGHT HOLDERS BE LIABLE FOR ANY CLAIM, DAMAGES OR OTHER LIABILITY, WHETHER // IN AN ACTION OF CONTRACT, TORT OR OTHERWISE, ARISING FROM, OUT OF OR IN // CONNECTION WITH THE SOFTWARE OR THE USE OR OTHER DEALINGS IN THE SOFTWARE. !function(n){"use strict";function d(n,t){var r=(65535&n)+(65535&t);return(n>>16)+(t>>16)+(r>>16)<<16|65535&r}function f(n,t,r,e,o,u){return d((c=d(d(t,n),d(e,u)))<<(f=o)|c>>>32-f,r);var c,f}function l(n,t,r,e,o,u,c){return f(t&r|~t&e,n,t,o,u,c)}function v(n,t,r,e,o,u,c){return f(t&e|r&~e,n,t,o,u,c)}function g(n,t,r,e,o,u,c){return f(t^r^e,n,t,o,u,c)}function m(n,t,r,e,o,u,c){return f(r^(t|~e),n,t,o,u,c)}function i(n,t){var r,e,o,u;n[t>>5]|=128<<t%32,n[14+(t+64>>>9<<4)]=t;for(var c=1732584193,f=-271733879,i=-1732584194,a=271733878,h=0;h<n.length;h+=16)c=l(r=c,e=f,o=i,u=a,n[h],7,-680876936),a=l(a,c,f,i,n[h+1],12,-389564586),i=l(i,a,c,f,n[h+2],17,606105819),f=l(f,i,a,c,n[h+3],22,-1044525330),c=l(c,f,i,a,n[h+4],7,-176418897),a=l(a,c,f,i,n[h+5],12,1200080426),i=l(i,a,c,f,n[h+6],17,-1473231341),f=l(f,i,a,c,n[h+7],22,-45705983),c=l(c,f,i,a,n[h+8],7,1770035416),a=l(a,c,f,i,n[h+9],12,-1958414417),i=l(i,a,c,f,n[h+10],17,-42063),f=l(f,i,a,c,n[h+11],22,-1990404162),c=l(c,f,i,a,n[h+12],7,1804603682),a=l(a,c,f,i,n[h+13],12,-40341101),i=l(i,a,c,f,n[h+14],17,-1502002290),c=v(c,f=l(f,i,a,c,n[h+15],22,1236535329),i,a,n[h+1],5,-165796510),a=v(a,c,f,i,n[h+6],9,-1069501632),i=v(i,a,c,f,n[h+11],14,643717713),f=v(f,i,a,c,n[h],20,-373897302),c=v(c,f,i,a,n[h+5],5,-701558691),a=v(a,c,f,i,n[h+10],9,38016083),i=v(i,a,c,f,n[h+15],14,-660478335),f=v(f,i,a,c,n[h+4],20,-405537848),c=v(c,f,i,a,n[h+9],5,568446438),a=v(a,c,f,i,n[h+14],9,-1019803690),i=v(i,a,c,f,n[h+3],14,-187363961),f=v(f,i,a,c,n[h+8],20,1163531501),c=v(c,f,i,a,n[h+13],5,-1444681467),a=v(a,c,f,i,n[h+2],9,-51403784),i=v(i,a,c,f,n[h+7],14,1735328473),c=g(c,f=v(f,i,a,c,n[h+12],20,-1926607734),i,a,n[h+5],4,-378558),a=g(a,c,f,i,n[h+8],11,-2022574463),i=g(i,a,c,f,n[h+11],16,1839030562),f=g(f,i,a,c,n[h+14],23,-35309556),c=g(c,f,i,a,n[h+1],4,-1530992060),a=g(a,c,f,i,n[h+4],11,1272893353),i=g(i,a,c,f,n[h+7],16,-155497632),f=g(f,i,a,c,n[h+10],23,-1094730640),c=g(c,f,i,a,n[h+13],4,681279174),a=g(a,c,f,i,n[h],11,-358537222),i=g(i,a,c,f,n[h+3],16,-722521979),f=g(f,i,a,c,n[h+6],23,76029189),c=g(c,f,i,a,n[h+9],4,-640364487),a=g(a,c,f,i,n[h+12],11,-421815835),i=g(i,a,c,f,n[h+15],16,530742520),c=m(c,f=g(f,i,a,c,n[h+2],23,-995338651),i,a,n[h],6,-198630844),a=m(a,c,f,i,n[h+7],10,1126891415),i=m(i,a,c,f,n[h+14],15,-1416354905),f=m(f,i,a,c,n[h+5],21,-57434055),c=m(c,f,i,a,n[h+12],6,1700485571),a=m(a,c,f,i,n[h+3],10,-1894986606),i=m(i,a,c,f,n[h+10],15,-1051523),f=m(f,i,a,c,n[h+1],21,-2054922799),c=m(c,f,i,a,n[h+8],6,1873313359),a=m(a,c,f,i,n[h+15],10,-30611744),i=m(i,a,c,f,n[h+6],15,-1560198380),f=m(f,i,a,c,n[h+13],21,1309151649),c=m(c,f,i,a,n[h+4],6,-145523070),a=m(a,c,f,i,n[h+11],10,-1120210379),i=m(i,a,c,f,n[h+2],15,718787259),f=m(f,i,a,c,n[h+9],21,-343485551),c=d(c,r),f=d(f,e),i=d(i,o),a=d(a,u);return[c,f,i,a]}function a(n){for(var t="",r=32*n.length,e=0;e<r;e+=8)t+=String.fromCharCode(n[e>>5]>>>e%32&255);return t}function h(n){var t=[];for(t[(n.length>>2)-1]=void 0,e=0;e<t.length;e+=1)t[e]=0;for(var r=8*n.length,e=0;e<r;e+=8)t[e>>5]|=(255&n.charCodeAt(e/8))<<e%32;return t}function e(n){for(var t,r="0123456789abcdef",e="",o=0;o<n.length;o+=1)t=n.charCodeAt(o),e+=r.charAt(t>>>4&15)+r.charAt(15&t);return e}function r(n){return unescape(encodeURIComponent(n))}function o(n){return a(i(h(t=r(n)),8*t.length));var t}function u(n,t){return function(n,t){var r,e,o=h(n),u=[],c=[];for(u[15]=c[15]=void 0,16<o.length&&(o=i(o,8*n.length)),r=0;r<16;r+=1)u[r]=909522486^o[r],c[r]=1549556828^o[r];return e=i(u.concat(h(t)),512+8*t.length),a(i(c.concat(e),640))}(r(n),r(t))}function t(n,t,r){return t?r?u(t,n):e(u(t,n)):r?o(n):e(o(n))}"function"==typeof define&&define.amd?define(function(){return t}):"object"==typeof module&&module.exports?module.exports=t:n.md5=t}(this);</script><script>window.AbTest = (function() { return { 'ab_test': (uniqueId, test_name, buckets) => { let override = new URLSearchParams(window.location.search).get(`ab_test[${test_name}]`); if ( override ) { return override; } const bucketNames = buckets.map((bucket) => { return typeof bucket === 'string' ? bucket : Object.keys(bucket)[0]; }); const weights = buckets.map((bucket) => { return typeof bucket === 'string' ? 1 : Object.values(bucket)[0]; }); const total = weights.reduce((sum, weight) => sum + weight); const hash = md5(`${uniqueId}${test_name}`); const hashNum = parseInt(hash.slice(-12), 16); let bucketPoint = total * (hashNum % 100000) / 100000; const bucket = bucketNames.find((_, i) => { if (weights[i] > bucketPoint) { return true; } bucketPoint -= weights[i]; return false; }); return bucket; } }; })();</script><div data-auto_select="false" data-client_id="331998490334-rsn3chp12mbkiqhl6e7lu2q0mlbu0f1b" data-landing_url="https://www.academia.edu/Documents/in/DIVIDEND" data-login_uri="https://www.academia.edu/registrations/google_one_tap" data-moment_callback="onGoogleOneTapEvent" id="g_id_onload"></div><script>function onGoogleOneTapEvent(event) { var momentType = event.getMomentType(); var momentReason = null; if (event.isNotDisplayed()) { momentReason = event.getNotDisplayedReason(); } else if (event.isSkippedMoment()) { momentReason = event.getSkippedReason(); } else if (event.isDismissedMoment()) { momentReason = event.getDismissedReason(); } Aedu.arbitraryEvents.write('GoogleOneTapEvent', { moment_type: momentType, moment_reason: momentReason, }); }</script><script>(function() { var auvid = unescape( document.cookie .split(/; ?/) .find((s) => s.startsWith('auvid')) .substring(6)); var bucket = AbTest.ab_test(auvid, 'lo_ri_one_tap_google_sign_on', ['control', 'one_tap_google_sign_on']); if (bucket === 'control') return; var oneTapTag = document.createElement('script') oneTapTag.async = true oneTapTag.defer = true oneTapTag.src = 'https://accounts.google.com/gsi/client' document.body.appendChild(oneTapTag) })();</script></div></div></div> </div> <div class="bootstrap login"><div class="modal fade login-modal" id="login-modal"><div class="login-modal-dialog modal-dialog"><div class="modal-content"><div class="modal-header"><button class="close close" data-dismiss="modal" type="button"><span aria-hidden="true">×</span><span class="sr-only">Close</span></button><h4 class="modal-title text-center"><strong>Log In</strong></h4></div><div class="modal-body"><div class="row"><div class="col-xs-10 col-xs-offset-1"><button class="btn btn-fb btn-lg btn-block btn-v-center-content" id="login-facebook-oauth-button"><svg style="float: left; width: 19px; line-height: 1em; margin-right: .3em;" aria-hidden="true" focusable="false" data-prefix="fab" data-icon="facebook-square" class="svg-inline--fa fa-facebook-square fa-w-14" role="img" xmlns="http://www.w3.org/2000/svg" viewBox="0 0 448 512"><path fill="currentColor" d="M400 32H48A48 48 0 0 0 0 80v352a48 48 0 0 0 48 48h137.25V327.69h-63V256h63v-54.64c0-62.15 37-96.48 93.67-96.48 27.14 0 55.52 4.84 55.52 4.84v61h-31.27c-30.81 0-40.42 19.12-40.42 38.73V256h68.78l-11 71.69h-57.78V480H400a48 48 0 0 0 48-48V80a48 48 0 0 0-48-48z"></path></svg><small><strong>Log in</strong> with <strong>Facebook</strong></small></button><br /><button class="btn btn-google btn-lg btn-block btn-v-center-content" id="login-google-oauth-button"><svg style="float: left; width: 22px; line-height: 1em; margin-right: .3em;" aria-hidden="true" focusable="false" data-prefix="fab" data-icon="google-plus" class="svg-inline--fa fa-google-plus fa-w-16" role="img" xmlns="http://www.w3.org/2000/svg" viewBox="0 0 512 512"><path fill="currentColor" d="M256,8C119.1,8,8,119.1,8,256S119.1,504,256,504,504,392.9,504,256,392.9,8,256,8ZM185.3,380a124,124,0,0,1,0-248c31.3,0,60.1,11,83,32.3l-33.6,32.6c-13.2-12.9-31.3-19.1-49.4-19.1-42.9,0-77.2,35.5-77.2,78.1S142.3,334,185.3,334c32.6,0,64.9-19.1,70.1-53.3H185.3V238.1H302.2a109.2,109.2,0,0,1,1.9,20.7c0,70.8-47.5,121.2-118.8,121.2ZM415.5,273.8v35.5H380V273.8H344.5V238.3H380V202.8h35.5v35.5h35.2v35.5Z"></path></svg><small><strong>Log in</strong> with <strong>Google</strong></small></button><br /><style type="text/css">.sign-in-with-apple-button { width: 100%; height: 52px; border-radius: 3px; border: 1px solid black; cursor: pointer; } .sign-in-with-apple-button > div { margin: 0 auto; / This centers the Apple-rendered button horizontally }</style><script src="https://appleid.cdn-apple.com/appleauth/static/jsapi/appleid/1/en_US/appleid.auth.js" type="text/javascript"></script><div class="sign-in-with-apple-button" data-border="false" data-color="white" id="appleid-signin"><span   ="Sign Up with Apple" class="u-fs11"></span></div><script>AppleID.auth.init({ clientId: 'edu.academia.applesignon', scope: 'name email', redirectURI: 'https://www.academia.edu/sessions', state: "106826d65377cf4f2c05c9c88f34dae8ffe5c0812c9af84053697120874ec3a5", });</script><script>// Hacky way of checking if on fast loswp if (window.loswp == null) { (function() { const Google = window?.Aedu?.Auth?.OauthButton?.Login?.Google; const Facebook = window?.Aedu?.Auth?.OauthButton?.Login?.Facebook; if (Google) { new Google({ el: '#login-google-oauth-button', rememberMeCheckboxId: 'remember_me', track: null }); } if (Facebook) { new Facebook({ el: '#login-facebook-oauth-button', rememberMeCheckboxId: 'remember_me', track: null }); } })(); }</script></div></div></div><div class="modal-body"><div class="row"><div class="col-xs-10 col-xs-offset-1"><div class="hr-heading login-hr-heading"><span class="hr-heading-text">or</span></div></div></div></div><div class="modal-body"><div class="row"><div class="col-xs-10 col-xs-offset-1"><form class="js-login-form" action="https://www.academia.edu/sessions" accept-charset="UTF-8" method="post"><input type="hidden" name="authenticity_token" value="7ct-zn171c5q4_Y2NQ7cU3y-FBeacTAZr5GoexphJjR8Uv-lu4BYjJ_xcYhiTA3LEpMbsEmHKhHcUA0G-8nGHg" autocomplete="off" /><div class="form-group"><label class="control-label" for="login-modal-email-input" style="font-size: 14px;">Email</label><input class="form-control" id="login-modal-email-input" name="login" type="email" /></div><div class="form-group"><label class="control-label" for="login-modal-password-input" style="font-size: 14px;">Password</label><input class="form-control" id="login-modal-password-input" name="password" type="password" /></div><input type="hidden" name="post_login_redirect_url" id="post_login_redirect_url" value="https://www.academia.edu/Documents/in/DIVIDEND" autocomplete="off" /><div class="checkbox"><label><input type="checkbox" name="remember_me" id="remember_me" value="1" checked="checked" /><small style="font-size: 12px; margin-top: 2px; display: inline-block;">Remember me on this computer</small></label></div><br><input type="submit" name="commit" value="Log In" class="btn btn-primary btn-block btn-lg js-login-submit" data-disable-with="Log In" /></br></form><script>typeof window?.Aedu?.recaptchaManagedForm === 'function' && window.Aedu.recaptchaManagedForm( document.querySelector('.js-login-form'), document.querySelector('.js-login-submit') );</script><small style="font-size: 12px;"><br />or <a data-target="#login-modal-reset-password-container" data-toggle="collapse" href="javascript:void(0)">reset password</a></small><div class="collapse" id="login-modal-reset-password-container"><br /><div class="well margin-0x"><form class="js-password-reset-form" action="https://www.academia.edu/reset_password" accept-charset="UTF-8" method="post"><input type="hidden" name="authenticity_token" value="yGpFzn_a8nXsH5ivr961F-rddwdU3WuA9q_1iWjk2lRZ88SluSF_NxkNHxH4nGSPhPB4oIcrcYiFblD0iUw6fg" autocomplete="off" /><p>Enter the email address you signed up with and we'll email you a reset link.</p><div class="form-group"><input class="form-control" name="email" type="email" /></div><script src="https://recaptcha.net/recaptcha/api.js" async defer></script> <script> var invisibleRecaptchaSubmit = function () { var closestForm = function (ele) { var curEle = ele.parentNode; while (curEle.nodeName !== 'FORM' && curEle.nodeName !== 'BODY'){ curEle = curEle.parentNode; } return curEle.nodeName === 'FORM' ? curEle : null }; var eles = document.getElementsByClassName('g-recaptcha'); if (eles.length > 0) { var form = closestForm(eles[0]); if (form) { form.submit(); } } }; </script> <input type="submit" data-sitekey="6Lf3KHUUAAAAACggoMpmGJdQDtiyrjVlvGJ6BbAj" data-callback="invisibleRecaptchaSubmit" class="g-recaptcha btn btn-primary btn-block" value="Email me a link" value=""/> </form></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/collapse-45805421cf446ca5adf7aaa1935b08a3a8d1d9a6cc5d91a62a2a3a00b20b3e6a.js"], function() { // from javascript_helper.rb $("#login-modal-reset-password-container").on("shown.bs.collapse", function() { $(this).find("input[type=email]").focus(); }); }); </script> </div></div></div><div class="modal-footer"><div class="text-center"><small style="font-size: 12px;">Need an account? <a rel="nofollow" href="https://www.academia.edu/signup">Click here to sign up</a></small></div></div></div></div></div></div><script>// If we are on subdomain or non-bootstrapped page, redirect to login page instead of showing modal (function(){ if (typeof $ === 'undefined') return; var host = window.location.hostname; if ((host === $domain || host === "www."+$domain) && (typeof $().modal === 'function')) { $("#nav_log_in").click(function(e) { // Don't follow the link and open the modal e.preventDefault(); $("#login-modal").on('shown.bs.modal', function() { $(this).find("#login-modal-email-input").focus() }).modal('show'); }); } })()</script> <div class="bootstrap" id="footer"><div class="footer-content clearfix text-center padding-top-7x" style="width:100%;"><ul class="footer-links-secondary footer-links-wide list-inline margin-bottom-1x"><li><a href="https://www.academia.edu/about">About</a></li><li><a href="https://www.academia.edu/press">Press</a></li><li><a href="https://www.academia.edu/documents">Papers</a></li><li><a href="https://www.academia.edu/topics">Topics</a></li><li><a href="https://www.academia.edu/journals">Academia.edu Journals</a></li><li><a rel="nofollow" href="https://www.academia.edu/hiring"><svg style="width: 13px; height: 13px;" aria-hidden="true" focusable="false" data-prefix="fas" data-icon="briefcase" class="svg-inline--fa fa-briefcase fa-w-16" role="img" xmlns="http://www.w3.org/2000/svg" viewBox="0 0 512 512"><path fill="currentColor" d="M320 336c0 8.84-7.16 16-16 16h-96c-8.84 0-16-7.16-16-16v-48H0v144c0 25.6 22.4 48 48 48h416c25.6 0 48-22.4 48-48V288H320v48zm144-208h-80V80c0-25.6-22.4-48-48-48H176c-25.6 0-48 22.4-48 48v48H48c-25.6 0-48 22.4-48 48v80h512v-80c0-25.6-22.4-48-48-48zm-144 0H192V96h128v32z"></path></svg> <strong>We're Hiring!</strong></a></li><li><a rel="nofollow" href="https://support.academia.edu/hc/en-us"><svg style="width: 12px; height: 12px;" aria-hidden="true" focusable="false" data-prefix="fas" data-icon="question-circle" class="svg-inline--fa fa-question-circle fa-w-16" role="img" xmlns="http://www.w3.org/2000/svg" viewBox="0 0 512 512"><path fill="currentColor" d="M504 256c0 136.997-111.043 248-248 248S8 392.997 8 256C8 119.083 119.043 8 256 8s248 111.083 248 248zM262.655 90c-54.497 0-89.255 22.957-116.549 63.758-3.536 5.286-2.353 12.415 2.715 16.258l34.699 26.31c5.205 3.947 12.621 3.008 16.665-2.122 17.864-22.658 30.113-35.797 57.303-35.797 20.429 0 45.698 13.148 45.698 32.958 0 14.976-12.363 22.667-32.534 33.976C247.128 238.528 216 254.941 216 296v4c0 6.627 5.373 12 12 12h56c6.627 0 12-5.373 12-12v-1.333c0-28.462 83.186-29.647 83.186-106.667 0-58.002-60.165-102-116.531-102zM256 338c-25.365 0-46 20.635-46 46 0 25.364 20.635 46 46 46s46-20.636 46-46c0-25.365-20.635-46-46-46z"></path></svg> <strong>Help Center</strong></a></li></ul><ul class="footer-links-tertiary list-inline margin-bottom-1x"><li class="small">Find new research papers in:</li><li class="small"><a href="https://www.academia.edu/Documents/in/Physics">Physics</a></li><li class="small"><a href="https://www.academia.edu/Documents/in/Chemistry">Chemistry</a></li><li class="small"><a href="https://www.academia.edu/Documents/in/Biology">Biology</a></li><li class="small"><a href="https://www.academia.edu/Documents/in/Health_Sciences">Health Sciences</a></li><li class="small"><a href="https://www.academia.edu/Documents/in/Ecology">Ecology</a></li><li class="small"><a href="https://www.academia.edu/Documents/in/Earth_Sciences">Earth Sciences</a></li><li class="small"><a href="https://www.academia.edu/Documents/in/Cognitive_Science">Cognitive Science</a></li><li class="small"><a href="https://www.academia.edu/Documents/in/Mathematics">Mathematics</a></li><li class="small"><a href="https://www.academia.edu/Documents/in/Computer_Science">Computer Science</a></li></ul></div></div><div class="DesignSystem" id="credit" style="width:100%;"><ul class="u-pl0x footer-links-legal list-inline"><li><a rel="nofollow" href="https://www.academia.edu/terms">Terms</a></li><li><a rel="nofollow" href="https://www.academia.edu/privacy">Privacy</a></li><li><a rel="nofollow" href="https://www.academia.edu/copyright">Copyright</a></li><li>Academia ©2025</li></ul></div><script> //<![CDATA[ window.detect_gmtoffset = true; window.Academia && window.Academia.set_gmtoffset && Academia.set_gmtoffset('/gmtoffset'); //]]> </script> <div id='overlay_background'></div> <div id='bootstrap-modal-container' class='bootstrap'></div> <div id='ds-modal-container' class='bootstrap DesignSystem'></div> <div id='full-screen-modal'></div> </div> </body> </html>