公司-银行关系对公司股利政策的影响——来自对巴基斯坦的研究
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摘要
人们总是很好奇公司的股利政策,因为它体现了公司的财务健康状况,吸引着投资者的注意力。关于这方面的许多决定因素先前已经有了一些研究。研究旨在探究公司股利政策和它的银行关系之间的显著联系,这是尚待解决的一个关键问题。试图解释公司-银行关系及其对客户公司的股利支付的影响。针对上述原因,收集了在卡拉奇证券交易所上市的公司2008-2013年的数据。对于银行-公司的关系,使用了两个变量:一个虚拟变量用于银行关系(1,如果银行关系的数量超过0,否则为5),第二个变量是公司与银行保持的关系的实际数。对这些变量进行回归分析,大部分变量主要作为控制变量决定股利支付。结果发现,尽管系数低,但银行-公司关系采用的两个变量在5%的显著水平上显著。政策制定者和投资者可以考虑这些关系,作为他们决策的一个重要因素。这些研究也为以后的研究提供新思路。
Firms are always very curious about their dividend policy as it shows the strength of the firm's financial health and attracts or distract the investors. Many determinants in this regards are studied in the past.This research aimed to find the link between the firm dividend policy and its banking relationships which is quite significant as this is a less addressed issue in these terms. This paper attempts to explain the firm-bank relationship and its impact on the dividend payout of the client firm. For the said cause the data of listed companies in Karachi Stock Exchange is collected for 2008-2013. For the bank-firm relationships, two proxies were used. A dummy variable is used for bank relations(1 if number of bank relations is more than 5 otherwise 0)and the second variable is actual number of relations a firm is maintaining with banks. We have regressed these variables among some of largely used determinants of dividend payout as control variables and found that, though the coefficients are low but both proxies taken for bank-firm relationship are significant at 5%. It concludes that the policy makers and investors may also consider these relationship for their decision making as a significant factor and also draw attention for future researches in this horizon.
Firms are always very curious about their dividend policy as it shows the strength of the firm's financial health and attracts or distract the investors. Many determinants in this regards are studied in the past.This research aimed to find the link between the firm dividend policy and its banking relationships which is quite significant as this is a less addressed issue in these terms. This paper attempts to explain the firm-bank relationship and its impact on the dividend payout of the client firm. For the said cause the data of listed companies in Karachi Stock Exchange is collected for 2008-2013. For the bank-firm relationships, two proxies were used. A dummy variable is used for bank relations(1 if number of bank relations is more than 5 otherwise 0)and the second variable is actual number of relations a firm is maintaining with banks. We have regressed these variables among some of largely used determinants of dividend payout as control variables and found that, though the coefficients are low but both proxies taken for bank-firm relationship are significant at 5%. It concludes that the policy makers and investors may also consider these relationship for their decision making as a significant factor and also draw attention for future researches in this horizon.
引文
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23 THANH V H,HA N M.The Effect of Banking Relationship on Firm Performance in Vietnam[J].International Journal of Economics and Finance,2013(5)
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2 AIVAZIAN V A,BOOTH L,CLEARY S.Dividend Smoothing and Debt Ratings[J].Journal of Financial and Quantitative Analysis,2006(2)
3 ARISTEI D,GALLO M.The Determinants of Firm-bank Relationships in Italy:Bank Ownership Type,Diversification and Multiple Banking Relationships[J].The European Journal of Finance,2016(1)
4 BERGER A N,GOULDING W,RICE T.Do Small Businesses Still Prefer Community Banks[J].Journal of Banking&Finance,2014(1)
5 BHARADWAJ A,SHIVDASANI A.Valuation Effects of Bank Financing in Acquisitions[J].Journal of Financial Economics,2003(1)
6 BHARATH S,DAHIYA S,SAUNDERS A,et al.So What do I Get?The Bank's View of Lending Relationships[J].Journal of financial economics,2007(2)
7 BHAUMIK S K,PIESSE J.Does Lending Behaviour of Banks in Emerging Economies Vary by Ownership?Evidence from the Indian Banking Sector[J].Economic Systems,2008(2)
8 BOLTON P,FREIXAS X.Equity,Bonds,and Bank Debt:Capital Structure and Financial Market Equilibrium Under Asymmetric Information[J].Journal of Political Economy,2000(2)
9 BORGES FORTI C A,PEIXOTO F M.Determinant Factors of Dividend Payments in Brazil[J].Revista Contabilidade&Financias-USP,2015(68)
10 CAMPBELL T S.Optimal investment Financing Decisions and the Value of Confidentiality[J].Journal of Financial and Quantitative Analysis,1979(5)
11 CENNI S,MONFERR魥S,SALOTTI V,et al.Credit Rationing and Relationship Lending.Does Firm Size Matter[J].Journal of Banking&Finance,2015(1)
12 CHEN Z,LI Y,ZHANG J.The Bankfirm Relationship:Helping or Grabbing[J].International Review of Economics&Finance,2016(1)
13 ELMI M A,MUTURI W M.Effects of Profitability on Dividend Payout by Commercial and Services Firms Listed in the Nairobi Securities Exchange[J].European Journal of Business and Social Sciences,2016(2)
14 FAMA E F,BABIAK H.Dividend Policy:An Empirical Analysis[J].Journal of the American Statistical Association,1968(324)
15 HOUSTON J,JAMES C.Bank Information Monopolies and the Mix of Private and Public Debt Claims[J].Journal of Finance,1996(5)
16 KANG J-K,SHIVDASANI A.Corporate Restructuring During Performance Declines in Japan[J].Journal of Financial Economics,1997(1)
17 KAPLAN S N,Steven N.Kaplan[J].Journal of Political Economy,1994(3)
18 KAPLAN S N,MINTON B A.Appointments of Outsiders to Japanese boards:Determinants and Implications for Managers[J].Journal of Financial Economics,1994(2)
19 LINTNER J.Distribution of Incomes of Corporations Among Dividends,Retained Earnings,and Taxes[J].The American Economic Review,1956(2)
20 MILLER M H,MODIGLIANI F.Dividend Policy,Growth,and the Valuation of Shares[J].The Journal of Business,1961(4)
21 ROSENFELD C M.The effect of Banking Relationships on the Future of Financially Distressed Firms[J].Journal of Corporate Finance,2014(1)
22 TAHIR S H,SOHAIL S,QAYYAM I,et al.Effect of Corporate Governance Index on Dividend Policy:An Investigation of Textile Industry of Pakistan[J].Journal of Economic and Social Development,2016(1)
23 THANH V H,HA N M.The Effect of Banking Relationship on Firm Performance in Vietnam[J].International Journal of Economics and Finance,2013(5)
24 YU H-C,SOPRANZETTI B J,LEE C-F.Multiple Banking Relationships,Managerial Ownership Concentration and Firm Value:A Simultaneous Equations Approach[J].The Quarterly Review of Economics and Finance,2012(3)