Refine your search
Collections
Co-Authors
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z All
Majumdar, Ayan
- Empirical Modeling of Corporate Dividend Policy:A Study on Nifty 50 Companies
Abstract Views :198 |
PDF Views:0
Authors
Affiliations
1 Dept. of Management and Business Administration, Aliah University, Kolkata, IN
1 Dept. of Management and Business Administration, Aliah University, Kolkata, IN
Source
Asian Journal of Management, Vol 8, No 3 (2017), Pagination: 718-722Abstract
Dividend decision is one of the most important decisions in modern corporate finance. The formulation of dividend policy depends on the type of dividend policy which different financial manager decides to pursue. There are many complex factors which determine the dividend policy of a concern. The cardinal objective of the current study is to explore those factors which determine the corporate dividend decision of Nifty 50 Indexed companies. This paper studies the impact of profitability, liquidity, leverage, size, growth, free cash flow, life cycle and past dividend on dividend payout of Nifty 50 Index companies for the financial year 2005-06 to 2014- 15. The present study seeks to explore how far these factors determine the dividend payment of India by using pooled and panel data regression analysis. The statistical test suggests the use of 'fixed effect' model. The empirical result reveals that profitability and past divided are positively and liquidity, free cash flow and growth are negatively affecting the dividend payout ratio. Leverage, Firm Size and Life Cycle failed to have any impact on the dividend payment during the study period. The findings from the study throw light on the role of several factors in designing of the dividend policy of Indian companies.Keywords
Dividend, Dividend Policy, Dividend Payout Ratio, Fixed Effect Model, Nifty.
References
- Al-Kuwari, D. Determinants of the dividend policy in emerging stock exchanges: The case of GCC countries. Global Economy and Finance Journal. 2009, 2(2), 38–63.
- Amidu, M. and Abor, J. Determinants of Dividend Payout Ratios in Ghana. The Journal of Risk Finance. 2006, 7(2), 136-145.
- Anil, K. and Kapoor, S. Determinants of Dividend Payout Ratios-A Study of Indian Information Technology Sector. International Research Journal of Finance and Economics. 2008, Issue 15, 63-71.
- Brittain, John A.. Corporate Dividend Policy. Washington, D.C.: The Brooking Institution. 1966.
- Dhemeja, N. L. Corporate Dividend Behaviour with Special Emphasis on Growth and Controlled Companies. (Unpublished Doctoral Dissertation). IIM, Ahmedabad, India. 1976.
- Fama, E. F., and French, K. R. . Disappearing dividends: Changing firm characteristics or lower propensity to pay? Journal of Financial economics. 2001,60(1), 3–43.
- Garg, M.C., Nagpal, S. and Verma, H.L. Factors Determining Dividend Payments in Textile Industry in India. Journal of Accounting and Finance. 1996, Spring, 144-156.
- Higgins, R. C. The corporate dividend-saving decision. Journal of Financial and Quantitative Analysis. 1972, 7(2), 1527–1541.
- Labhane, N.B. and Mahakud, J. Determinants of Dividend Policy of Indian Companies: A Panel Data Analysis. Paradigm. 2016, 20(1) 36–55.
- Lintner, J. Distribution of Incomes of Corporations among Dividends, Retained Earnings and Taxes. American Economic Review. 1956, 46(2), 97-113.
- Lloyd, W., J. Jahera and D. Page, 1985, Agency Costs and Dividend Payout Ratios., Quarterly Journal of Business and Economics 24, 19-29.
- Mahakud, J. Shareholding patterns and dividend policy: Evidence from Indian corporate sector. The ICFAI Journal of Applied Finance. 2005, 11(9), 40–54.
- Majumdar, A. Validity of Lintner’s Model in Indian FMCG Sector: An Empirical Analysis. Indian Journal of Applied Research. 2016, Vol.6, Issue 10, 180-182,
- Maladjian, C. and Khoury, R.E. Determinants of the Dividend Policy: An Empirical Study on the Lebanese Listed Banks. International Journal of Economics and Finance. 2014, Vol. 6, No. 4, 240-256.
- Mazumdar, H.K. Business savings in India: An Estimate and an Analysis in Relation to Profitability and the Growth of the National Saving Rate. Holland: J.B. Walters Publishing Company. 1959.
- Mueller, D. C. A life cycle theory of the firm. The Journal of Industrial Economics, 1972, 20(3), 199–219.
- Pandey, I. M. Corporate Dividend Policy and Behaviour: The Malaysian Experience. IIMA Working Paper No. 2001-11-01.
- Rafique, M. Factors Affecting Dividend Payout: Evidence From Listed Non-Financial Firms of Karachi Stock Exchange. Business Management Dynamics. 2012, Vol.1, No.11, 76-92.
- Rozeff, M. S. Growth, beta and agency costs as determinants of dividend payout ratios. Journal of financial Research. 1982, 5(3), 249–259.
- Singhania, M. and Gupta, A. Determinants of Corporate Dividend Policy: A Tobit Model Approach. Vision. 2012, 16(3), 153-162.
- Smith C. W., and Watts, R. L. The investment opportunity set and corporate financing, dividend, and compensation policies. Journal of financial Economics. 1992, 32(3), 263–292.
- Sur, D., and Majumdar, A. Dividend policy of Indian corporate sector: A study of select companies during the post-liberalisation regime. Asia-Pacific Journal of Management Research and Innovation. 2012, 8(2), 173–191.
- Cash Flow Ratios under Growth Approach as an Indicator for Evaluation of Business Performance
Abstract Views :267 |
PDF Views:1
Authors
Affiliations
1 Assistant Professor, Dept. of Management & Business Administration, Aliah University, Kolkata, West Bengal, IN
2 Ex-Reader & Head, Dept. of Commerce Ranaghat College, Ranaghat, Nadia, West Bengal, IN
1 Assistant Professor, Dept. of Management & Business Administration, Aliah University, Kolkata, West Bengal, IN
2 Ex-Reader & Head, Dept. of Commerce Ranaghat College, Ranaghat, Nadia, West Bengal, IN
Source
Journal of Commerce and Accounting Research, Vol 9, No 1 (2020), Pagination: 13-24Abstract
For smooth functioning of key business activities, sufficient amount of cash is needed to meet an obligation when it becomes due or to meet an unanticipated expense. In India, cash flow is prepared as per the guidelines of Ind AS 7 - Statement of Cash Flows. The main objective of this standard is to provide information about the “historical changes in cash and cash equivalents” through the statement of cash flows. The financial analysis of different entities largely depends on accounting ratios, particularly in the areas of return on assets and sales to income. But, it is interesting to note that Ind AS 7 does not suggest any such set of ratios at all. Though cash flow statement can be treated as an integral part of financial statement, it is hardly found that authors of accounting have developed any set of cash flow ratios in order to evaluate the performance of a business. This paper attempts to use a set of cash flow ratios suggested by some renowned authors. The primary objective of this paper is to find out the usefulness of the ratios relating to cash flow statement in today’s business scenario. The paper discusses about the use of cash flow statement for the purpose of determining liquidity and flexibility of financial activities. It also has a significant role to play in the area of adoption of investment or credit decisions by the investors or creditors and it is equally applicable in the area of taking financial decisions by the corporate managers.Keywords
Cash Flow Statement, Cash Flow Ratio, Ind AS, Growth.References
- Athma, P., & Rajyalaxmi, N. (2013). Accounting standards in India: Adoption of IFRS. Journal of Commerce and Accounting Research, 2(2), 39-45.
- Barua, S., & Saha, A. T. (2015). Traditional ratios vs. cash flow based ratios: Which one is better performance indicator? Advances in Economics and Business, 3(6), 232-251.
- Carslaw, C. A., & Mills, J. R. (1991). Developing ratios for effective cash flow statement analysis. Journal of Accountancy, 172(5), 63-70.
- Das, S. (2015). Cash management in IT sector - A study. Journal of Commerce and Accounting Research, 4(3&4), 27-39.
- Das, S. (2017). Measuring the performance through cash flow ratios - A study on CMC. Journal of Commerce and Accounting Research, 6(4), 1-9.
- Esin, F. (2015). Liquidity and financial flexibility using the cash flow statement. The 2015 WEI International Academic Conference Proceedings (pp. 109-113).
- Giacomino, D. E., & Mielke, D. E. (1993). Cash flow: Another approach to ratio analysis. Journal of Accountancy, 55-58.
- Gombola, M. J., & Ketz, J. E. (1983). A note on cash flow and classification patterns of financial ratios. The Accounting Review, 58, 105-114.
- Higgins, R. C. (1977). How much growth can a firm afford. Financial Management, 6(3), 7-16.
- Kajananthan, R., & Velnampy, T. (2014). Liquidity, solvency and profitability analysis using cash flow ratios and traditional ratios: The telecommunication sector in Sri Lanka. Research Journal of Finance and Accounting, 5(23), 163-170.
- Majumdar, A. (2015). Interest and operating cash flow. Business Innovations (pp. 89-95). Research India Publication, New Delhi.
- Majumdar, D. (1986). Investment allowance reserve in an age of changing prices. The Chartered Accountant, Journal of ICA, India, 644-650.
- Narwal, K. P., & Jindal, S. (2018). Working capital management impact on corporate profitability relation with corporate governance: Evidence from Indian manufacturing sector. Journal of Commerce and Accounting Research, 7(3), 8-12.
- Rai, A., & Prakash, A. R. (2019). A comparative study on financial performance of power generating companies in India. Journal of Commerce and Accounting Research, 8(4), 12-27.