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The article presents the results of 47 mergers and acquisitions research. In the scope of the research the author analyzed the life cycle stages of the reorganized companies, the goals of mergers and acquisitions, changes of profit, stock price and dividends of the reorganized companies before and after integration. The results of the research allow to conclude that the most appropriate stages for integration are «youth» and «maturity». When planning the integration process it is necessary to consider life cycle stages of the participating companies, as they have a significant impact on the result of the integration.

This research explores the influence of the debt policy, profitability, and size of asset toward company's dividend policy on oil palm plantation companies listed with the Indonesia Stock Exchange for the years 2011-2015. The secondary data used in this research were obtained directly from the company website and the Indonesia Stock Exchange (IDX). The data collection was conducted by direct observation upon the research object. The data were analyzed using path analysis and logistical regression model. The result showed that profitability has a significant and negative effect on the debt ratio. Size of asset does not have a significant and positive effect on the debt ratio. Profitability and size of assets have significant and positive effects on dividend policy, which proves that the larger profitability and the size of assets, the greater the probabilty of paying dividends. Debt ratio does not have a significant and positive effect on dividend policy. Debt ratio has a significant positively partial mediating effect toward the influence of profitability on dividend policy. Otherwise, debt ratio does not have a significant negatively mediating effect toward the positive effect of size of asset on dividend policy. BAHASA INDONESIA ABSTRAK: Penelitian ini mengeksplorasi engaruh kebijakan utang, kemampulabaan dan ukuran aktiva terhadap kebijakan dividen perusahaan perkebunan kelapa sawit yang terdaftar di Bursa Efek Indonesia periode tahun 2011-2015. Data yang digunakan adalah data sekunder yang diperoleh secara langsung dari website perusahaan dan Bursa Efek Indonesia. Pengumpulan data dilakukan dengan observasi tidak langsung terhadap objek penelitian yaitu perusahaan kelapa sawit. Data dianalisis dengan menggunakan path analysis dan model regresi logistik. Temuan penelitian ini menunjukkan bukti bahwa kemampulabaan signifikan berpengaruh negatif terhadap rasio utang. Ukuran aktiva tidak signifikan berpengaruh positif terhadap rasio utang. Kemampulabaan signifikan berpengaruh positif terhadap kebijakan dividen, yang menunjukkan bukti bahwa semakin besar kemampulabaan maka semakin besar probabilitas perusahaan membayarkan dividen. Ukuran aktiva signifikan berpengaruh positif terhadap kebijakan dividen yang berarti semakin besar ukuran aktiva maka semakin besar probabilitas perusahaan membayar dividen. Rasio utang tidak signifikan berpengaruh positif terhadap kebijakan dividen. Kebijakan dividen tidak dipengaruhi oleh leverage perusahaan. Rasio utang signifikan memediasi positif secara parsial pengaruh positif kemampulabaan terhadap kebijakan dividen. Namun, rasio utang tidak signifikan memediasi negatif pengaruh positif ukuran aktiva terhadap kebijakan dividen.

This study aims to investigate the influence perception of Capital Gains and Dividends on Stock Purchase Intention in Indonesian companies. Variables used in this research are the capital, profit and dividends (independent variables) and Stock Purchase Intention (dependent variable) and to show their relationship, it was used multiple linear regression. This research included Manufacturing Companies listed on the Indonesia Stock Exchange and there were taken into account a number of 38 societies Data of this research are secondary data, obtained from the financial statements of the investigated companies published in the Indonesia Stock Exchange. The results showed that simultaneous independent variables have a significant influence on the capital structure, while partially effect on the Capital Shares Purchase Intentions. It was also shown that Profit and Dividends do not affect the Stock Purchase Intention.

Companies are classified in two separate groups. One is the so-called personal type of companies, the other is the capital type. Companies of capital are those whose essence is joining of capital. Unlike companies of capital, where for the work of the company it is important to raise capital from various sources, regardless of the fact who the persons giving it are, the personal type of companies are based on persons who make up that company. Out of the companies provided by the laws on companies only two are pure types of companies of capital, i.e. companies of persons without any qualities that are attributed to the other type of companies. A joint stock company has, solely, the characteristics of a company of capital. The prototype of a personal company type is the public trade company. A company is, in fact, a union of those persons. In the company of persons each partner agrees to participate in the company, valuing the personality of the other stakeholders (intuitively person).

In theory, the stock price is correlated with the movement of the price of goods on the market. In inflationary conditions or circumstances that inflation predicts growing demand for the shares, as the shares are considered to be protected from inflation because they believe that stock prices and dividends following the growth in commodity prices. Thus, inflation affects the increase in the share price. A similar movement and the impact of exchange rate of the domestic currency. Actions are the best known and most significant owner of the capital market financial instrument. Possession of action means having part ownership of the company. The value of shares when its broadcast called face value. It serves to express its owner's proportionate share of the total capital and is the only accounting category. The market value of stocks is almost always different from the nominal value and the book value of the market value of the stock. The value of shares in the company on the market (market value of the shares) changes daily trading on the stock exchange and the business depends on the fate of the company, current business and prospects that it has, but also by market factors on which the company has no influence. Price action is not only a simple level of prices in the financial markets, but also indicates the quality and efficiency of business management company that issued the shares. Otherwise, mass actions represent securities issued in a number of several thousand copies, in proportion to the capital of the company, ie, certain enterprises. Since stock prices virtually talking about business quality, effectiveness and efficient management of the company, it is clear that this is a complex parameter. For investment decisions is developed larger number of mathematical models. The model has two parts, the function of the criteria and system limitations. Function criterion represents a special way, the aim sought to be achieved by solving problems. Since it expresses the quality of the individual solutions, it serves as a measure of comparison in choosing the best solution. The system consists of a quantitative restriction limiting factors expressed in the functioning of the economic system. These restrictions are a result of limited resources or other characteristics of the system. The system limits determine the scope of permissible solutions rešavanog problems. Mathematical models represent an important and useful tool in determining the price of shares in the context of investment decisions.

The Author of the article presents the results of research devoted to the forms of transfer of profit to shareholders of the companies quoted at Warsaw Stock Exchange in the period 2009–2013. The Author concluded that there are features in the group of dividend companies and another group – that of dividend companies which additionally execute share redemption and cancellation – which make them different.

Penelitian ini menguji Pengaruh manipulasi aktivitas riil terhadap dividen perusahaan LQ 45 di Bursa Efek Indonesia. Untuk menyelidiki masalah ini, studi ini menggunakan data-data dari Bursa Efek Indonesia. Sampel penelitian ini adalah perusahaan LQ 45 dari tahun 2010 hingga 2013. Berdasarkan data 2010-2013 terdapat 92 sampel perusahaan yang terdaftar secara konsisten dalam kelompok LQ 45. Untuk menguji hipotesis menggunakan uji deskriptif program SPSS. Hasil penelitian ini membuktikan bahwa terdapat sampel melakukan manipulasi aktivitas riil melalui arus kas operasi, karena sampel arus kas operasi abnormal. Tidak terdapat pengaruh manipulasi aktivitas riil terhadap dividen perusahaan LQ 45. Perusahaan yang melakukan manipulasi aktivitas riil menunjukan dividen yang lebih tinggi dibandingkan dengan dividen perusahaan yang tidak melakukan manipulasi aktivitas riil. Manipulasi aktivitas riil dipergunakan untuk menstabilkan dividen atau mencapai target profitabilitas tertentu atau menghindari laporan keuangan perusahaan yang merugi.

The financial decision is rotated around the dividend decision. The objective is to identify the dividend pattern and the management’ views of dividend policy for revealing the present scenario of dividend practices in the capital market of Bangladesh. The parametric test, non-parametric test and percentile are used for inferring the result. In the manufacturing sector, the miscellaneous sector provides the highest payout. The DPS, EPS, MPS of the large size firm is better than small and medium size firms. The payout of the older firms is more than the newly listed firms. The highest payouts are in medium leveraged firm, low risk’s firm, medium PE ratio’s firm. The survey results reveal that the both shareholders and companies prefer the cash dividend most because of majority shareholders’ expectation. The most of the companies pay cash dividend with stable payout. The majority companies follow increasing trend in dividend payment but there is no satisfactory research to justify the investors’ preference. The capital market related stakeholders should follow these findings.

The article analyses inter-dependencies between dividend, capital structure, and cost of capital, factoring the ownership structure of listed firms in India, using 3SLS system approach. The study finds that family firms are dominant with concentrated ownership. Dividend, leverage, and average cost of capital are inter-linked. However, family firms pay lower dividends, consistent with family owners extracting rent from external minority shareholders. Additionally, these firms have high leverage and lower cost of capital, suggesting that family control (reputation) provides intangible value to the firms. Ownership structure plays a critical role in understanding the policy decisions in emerging markets.

In Eurasia, Turkey has a “crony” capitalist system with majority control and business groups (BGs) in the hands of a few families. These business groups are often organised around a holding company. We analyse the dividend payouts of family controlled Borsa Istanbul companies, which are affiliated to holding and non-holding BGs. We investigate and quantify the effects of several control-enhancing mechanisms (CEMs) on dividend payouts. We use precise quantitative proxies for CEMs to measure the divergence between control and ownership rights. Supporting the rent extraction hypothesis, holding business group companies have lower dividend payouts as the divergence between control and ownership rights widens and the pyramid wedge increases. However, controlling foreign-family coalitions in holding business group companies curb the rent extraction problem by having a positive effect on the dividend payouts. Overall, for family controlled holding BG companies, the effects of company-specific financial control variables on dividend payouts are stronger than the effects of CEMs. For family controlled non-holding BG companies, there is no empirical support for either the rent extraction or the reputation building hypotheses. The company-specific financial control variables are the main determinants of dividend payouts for family controlled non-holding BG companies.

Using the data of A-share listed companies from 2011 to 2016 in Shanghai and Shenzhen, we establish a panel threshold model which the threshold variable is internal control, and analyse the nonlinearity relationship between dividend and agency cost. The result shows:There exist threshold effects between dividend and agency cost based on internal control. Cash dividend can reduce agency cost when internal control quality is higher than the threshold, otherwise, cash dividend will no longer have any effect. That means, a valid internal control is the foundation of dividend governance function. Furthermore, the descriptive statistics result implies that, companies with higher internal control quality than threshold are popular. This paper proofs that agency theory is effective in Chinese market, and higher internal control quality higher propensity to pay. So we disagree with the previous hypothesis of "result" and "substitution" between internal control and dividend. [ABSTRACT FROM AUTHOR]

This study aims to examine the tendency of prioritizing management companies listed on Indonesia Stock Exchange (IDX) allocate free cash flow. Respondents there were 23 companies listed on IDX who has a wealth of at least the IDR 1.2 trillions. Questionnaires were sent based on four economic situation, namely: the situation is stable or normal, getting better, getting worse, and the uncertain economic situation. The fourth economic situation is faced with five options for allocating free cash flow, namely: payment of cash dividends, buy back stock, make acquisitions, purchase of financial assets, and distribute it to other areas of investment, such as option's Mutual Funds. Incidentally Indonesia's economic situation was observed 2015 - 2016 is the worsening situation in which the rupiah exchange rate against the USD around IDR 14,500. Similar to the economic situation in 1997/ 1998. The results show that the worsening economic situation the management of companies listed on IDX prefers: the purchase of shares and investments in other business fields, followed by The purchase of financial assets and acquisitions, and payment of cash dividends in the final choice. [ABSTRACT FROM AUTHOR]

Purpose -- Investors label high (low) book-to-market (B/M) firms as value (growth) companies. The conventional wisdom supports that growth stocks grow faster than the value ones, creating greater shareholder value. The Purpose of this paper is to analyze how stocks of growth and value companies create value for their shareholders in Brazil, compared to the USA market. For this, the authors analyze three dimensions of return. Design/methodology/approach -- First, the authors perform portfolios to analyze the growth rates of shareholders' return. Then, the authors perform regressions to study the explanatory power of the B/M in growth. The data come from Thomson Reuters Eikon database and the Brazilian Institute of Geography and Statistics. The authors select all non-financial firms with available data from 1997 to 2017. Findings -- The profitability of growth firms is higher than the value ones, in almost every year after the portfolios' formation, with little variation. Contrary to the findings for the US market, growth companies in Brazil show higher dividend growth than value companies. Research limitations/implications -- It is possible that the database does not contain complete and entirely reliable accounting data, which may partially affect the results. Practical implications -- The findings contradict those exposed in the USA. The implications are the inverse of the US study: the duration-based explanation could be a vital factor for the value premium in the Brazilian stock market. Also, the findings support the standard valuation techniques and help the growth rates estimation in the valuation process (top-down approach). Originality/value -- This study is the first to compare the profitability and dividend growth of growth/value stocks in the Brazilian market. Overall, growth stocks have considerable profitability, and dividend growth compared to value stocks. [ABSTRACT FROM AUTHOR]

By considering the supreme-utilities among fuzzy sets and the weights among participants simultaneously, we introduce the supreme-weighted value on fuzzy transferable-utility games. Further, we provide some equivalent relations to characterize the family of all solutions that admit a potential on weights. We also propose the dividend approach to provide alternative viewpoint for the potential approach. Based on these equivalent relations, several axiomatic results are also proposed to present the rationality for the supreme-weighted value. [ABSTRACT FROM AUTHOR]

This article studies a risk process with constant dividend barrier where the delayed claims are considered, and two types of individual claims, main claims and by-claims, are defined. Each by-claim is induced by a main claim and may be delayed with a certain probability. Both the expected discounted penalty functions and the moment generating functions of the total dividend payments until ruin are derived. The moments of the total dividend payments until ruin and the dividends-penalty identity are given. Finally, numerical examples are provided to illustrate the applicability of the results and the effects of the delay probabilities on the expectations of the total dividend payments until ruin. [ABSTRACT FROM AUTHOR]

The article analyses inter-dependencies between dividend, capital structure, and cost of capital, factoring the ownership structure of listed firms in India, using 3SLS system approach. The study finds that family firms are dominant with concentrated ownership. Dividend, leverage, and average cost of capital are inter-linked. However, family firms pay lower dividends, consistent with family owners extracting rent from external minority shareholders. Additionally, these firms have high leverage and lower cost of capital, suggesting that family control (reputation) provides intangible value to the firms. Ownership structure plays a critical role in understanding the policy decisions in emerging markets. [ABSTRACT FROM AUTHOR]

We examine the relationship between managerial optimism and debt conservatism (i.e., the low‐leverage puzzle). Our analysis demonstrates that optimistic tone, our time‐varying optimism measure, significantly decreases leverage. This evidence supports the proposition that optimistic managers who consider external financing as unduly costly use debt conservatively. This reduced reliance on external financing can be explained by further evidence that optimistic tone significantly increases cash holdings and decreases dividend payment. The negative tone–leverage relation is stronger in the presence of high insider purchase of own stocks, which confirms that optimistic tone reflects managerial optimism. This study suggests that managerial optimism can help explain the low‐leverage puzzle. [ABSTRACT FROM AUTHOR]

We consider a class of regular-singular stochastic differential games arising in the optimal investment and dividend problem of an insurer under model uncertainty. The information available to the two players is asymmetric partial information and the control variable of each player consists of two components: regular control and singular control. We establish the necessary and sufficient optimality conditions for the saddle point of the zero-sum game. Then, as an application, these conditions are applied to an optimal investment and dividend problem of an insurer under model uncertainty. Furthermore, we generalize our results to the nonzero-sum regular-singular game with asymmetric information, and then the Nash equilibrium point is characterized. [ABSTRACT FROM AUTHOR]

In the context of an insurance portfolio which provides dividend income for the insurance company’s shareholders, an important problem in risk theory is how the premium income will be paid to the shareholders as dividends according to a barrier strategy until the next claim occurs whenever the surplus attains the level of ‘barrier’. In this paper, we are concerned with the estimation of optimal dividend barrier, defined as the level of the barrier that maximizes the expected discounted dividends until ruin, under the widely used compound Poisson model as the aggregate claims process. We propose a semi-parametric statistical procedure for estimation of the optimal dividend barrier, which is critically needed in applications. We first construct a consistent estimator of the objective function that is complexly related to the expected discounted dividends and then the estimated optimal dividend barrier as the minimizer of the estimated objective function. In theory, we show that the constructed estimator of the optimal dividend barrier is statistically consistent. Numerical experiments by both simulated and real data analyses demonstrate that the proposed estimators work reasonably well with an appropriate size of samples. [ABSTRACT FROM AUTHOR]

Objective - This research aims to determine the presence of partial effects on gender-diversity and financial performance variables on the cash holding of family firms on the Indonesian Stock Exchange included in the Kompas100 index. Methodology/Technique - The approach used in this research was causal associative testing using a panel data regression with a General Least Square (GLS) method using six independent variables: size, growth opportunity, dividend, return on assets, leverage, and gender diversity. Meanwhile, cash holding acts as a dependent variable. Findings - The results of the research show that the independent variables of leverage have significantly negative relationships on cash holding on the Kompas100 index of Indonesia in the period of 2013-2016. Contrary to this, return on asset has a significantly positive relationship with cash holding. Novelty - Gender diversity is an important variable of boardroom; this paper reveals the impact of gender diversity and performance on family holding firms. These results can be used to assess the performance and fundamentals of a firm. Type of Paper: Empirical. [ABSTRACT FROM AUTHOR]