Dividend Smoothing Around the World: Legal and Cultural Effects in International Dividend Policy

2013 ◽  
Author(s):  
David Javakhadze
Keyword(s):  
Dividend Policy ◽  
Cultural Effects ◽  
The World ◽  
Dividend Smoothing

scholarly journals A body of evidence : ‘feeling in seeing’ predicts realness judgments for photojournalistic images.

2020 ◽  
Author(s):  
Ruben Azevedo ◽  
Raffaele Tucciarelli ◽  
Sophie De Beukelaer ◽  
Klaudia Ambroziak ◽  
Isla Jones ◽  
...  
Keyword(s):  
Visual Culture ◽  
Cognitive Processing ◽  
Crucial Role ◽  
Digital Age ◽  
Human Beings ◽  
Cognitive Mechanisms ◽  
Affective Arousal ◽  
Cultural Effects ◽  
Alternative Facts ◽  
The World

Photography and photojournalism frame our experience of the world, especially in a culture powered by images at an unprecedented level. Images in the digital age and the era of alternative facts mediate our relations to other human beings and make our negotiation between what is real or fake challenging. We investigated how our visceral responses, as the basis of subjective feelings, influence our relation and responses to the authenticity of photojournalistic images. Higher neurophysiological and affective arousal at the first perception of an image predicted the probability with which participants would judge that image as ‘real’ in a subsequent session. These findings highlight the crucial role that physiology plays in engaging us with imagery, beyond cognitive processing. ‘Feeling in seeing’ seems to be a salient signal that at least partly determines our beliefs in a culture powered by images. By considering at the same time the underlying neural, physiological and cognitive mechanisms that guide our responses to images as well as the contextual cultural effects on how these mechanisms are recruited, these findings contribute to long-standing but still timely and multidisciplinary debates in visual culture.

Syria

2017 ◽  
pp. 195-211
Author(s):  
Doğan Uysal
Keyword(s):  
Civil War ◽  
East Asia ◽  
Social Economic ◽  
Official Language ◽  
Current Regime ◽  
Cultural Effects ◽  
The World ◽  
Syrian Arab Republic ◽  
The Arab Spring ◽  
Affected Country

Officially known as the Syrian Arab Republic, Syria is a country in the East Asia. Its' capital is Damascus which is one of the oldest continuously inhabited cities in the World. Arabic is the official language of Syria. It has a population of approximately 19 million. This population has a diversity in terms of etnicity and religion. It has been governed by the Baas Party under the leadership of Bashar al-Assad and formerly his father Hafez Assad for over 50 years. With the Arab Spring, there has begun a desire for democracy and freedom among Syrian people. But as it is described by the American NGO Freedom House, current regime in Syria is away from democracy and freedom. Finally, a bloody civil war took place and unfortunately according to the statistics about 470.000 people have lost their lives in this civil war since 2011. In addition to its destructivity, the war has had social, economic, political and cultural effects on the country and neighbours. Undoubtedly, Turkey is the most affected country from the war in Syria.

The Globalisation of the Media

2015 ◽  
pp. 66-82
Author(s):  
Shefali Virkar
Keyword(s):  
Theoretical Background ◽  
Media Industry ◽  
Global Media ◽  
Global Culture ◽  
Cultural Convergence ◽  
Cultural Effects ◽  
The World ◽  
The Media ◽  
Share Information

This chapter explores the claim that the continuous globalisation of the media industry is leading unrelentingly towards a hegemony of global cultural homogeneity. Through a discussion of the phenomenon that is globalisation, and the theoretical background against which the cultural effects of the global media might be studied, the chapter critically examines the role of global commercial broadcasting in the creation of a so-called global culture and in the engendering of global cultural convergence. The past three decades have witnessed an explosion in the size and number of Transnational Corporations (TNCs), while advances in science and technology have revolutionised the way in which people around the world think, work, collaborate, and share information. The expansive growth in the size and number of TNCs and the rapid proliferation of the Internet and its associated technologies has led in recent times to profound changes in the global mass media industry.

scholarly journals Does ESG Affect the Stability of Dividend Policies in Europe?

2020 ◽  
Vol 12 (21) ◽  
pp. 8804
Author(s):  
Pedro Verga Matos ◽  
Victor Barros ◽  
Joaquim Miranda Sarmento
Keyword(s):  
Dividend Policy ◽  
Profit Sharing ◽  
Significant Issue ◽  
Dividend Payout ◽  
Dividend Policies ◽  
Thomson Reuters ◽  
The World ◽  
The Stability ◽  
The Relationship

Sustainability has become a significant issue for firms and investors throughout the world, although it cannot be attained if policies impact the stability of firms’ dividend policies. In this paper, we use data from the Stoxx Euro 600 firms from 2000 to 2019 and the ESG (environmental, social and governance) scores from Thomson Reuters to assess the relationship between ESG responsibility performances and the firm’s dividend policy. The results indicate that more sustainable firms exhibit a more stable dividend payout. This result is also valid when the ESG pillars are analysed, specifically, the environmental and governance pillars. The findings further suggest that higher ESG scores reveal better long-term alignment with shareholders and other stakeholders due to more proportionally stable profit sharing.

scholarly journals Generalization of the Modigliani–Miller Theory for the Case of Variable Profit

Mathematics ◽  
2021 ◽  
Vol 9 (11) ◽  
pp. 1286
Author(s):  
Peter Brusov ◽  
Tatiana Filatova ◽  
Natali Orekhova ◽  
Veniamin Kulik ◽  
She-I Chang ◽  
...  
Keyword(s):  
Corporate Finance ◽  
Tilt Angle ◽  
Dividend Policy ◽  
Cost Of Capital ◽  
Weighted Average ◽  
Discount Rates ◽  
Business Valuation ◽  
The World ◽  
Equity Cost ◽  
First Time

For the first time we have generalized the world-famous theory by Nobel Prize winners Modigliani and Miller for the case of variable profit, which significantly extends the application of the theory in practice, specifically in business valuation, ratings, corporate finance, etc. We demonstrate that all the theorems, statements and formulae of Modigliani and Miller are changed significantly. We combine theoretical and numerical (by MS Excel) considerations. The following results are obtained: (1) Discount rate for leverage company changes from the weighted average cost of capital, WACC, to WACC–g (where g is growing rate), for a financially independent company from k0 to k0–g. This means that WACC and k0 are no longer the discount rates as it takes place in case of classical Modigliani–Miller theory with constant profit. WACC grows with g, while real discount rates WACC–g and k0–g decrease with g. This leads to an increase of company capitalization with g. (2) The tilt angle of the equity cost ke(L) grows with g. This should change the dividend policy of the company, because the economically justified value of dividends is equal to equity cost. (3) A qualitatively new effect in corporate finance has been discovered: at rate g < g* the slope of the curve ke(L) turns out to be negative, which could significantly alter the principles of the company’s dividend policy.

scholarly journals What drives the dividend decisions in BRICS countries?

2021 ◽  
Vol 12 (3) ◽  
pp. 593-629
Author(s):  
Urszula Mrzygłód ◽  
Sabina Nowak ◽  
Magdalena Mosionek-Schweda ◽  
Jakub M. Kwiatkowski
Keyword(s):  
Dividend Policy ◽  
Value Added ◽  
Listed Companies ◽  
Stock Exchanges ◽  
Relevant Market ◽  
Firm Level ◽  
Brics Countries ◽  
Dividend Smoothing ◽  
The Individual ◽  
Retained Earnings

Research background: We examine the dividend payout policies across companies listed on the main stock exchanges in Brazil, Russia, India, China, and South Africa (BRICS). Unlike the highly developed capital markets, the literature regarding dividend policy on BRICS? stock exchanges is scarce.  Purpose of the article: The purpose of this paper is threefold: verification of the existence of dividend smoothing pattern; selection of the significant drivers that affect both dividend levels and dividend smoothing; examination of differences between dividend policy of cross- and single-listed companies. Methods: Based on a dataset of 564 companies that paid dividends for at least 11 consecutive years in the period of 1995?2015, we apply a GMM two-step estimator to assess the speed of dividend adjustment (SOA) coefficient. Further we employ the linear panel regression to indicate the individual and market determinants of the dividend levels and SOAs. In the latter case, we base on time series of the SOAs obtained from the rolling estimation technique. Finally, we conduct separate estimations for cross-listed companies. Findings & value added: We confirm a moderate level of dividend smoothing within BRICS countries. Among the firm-level characteristics affecting the SOA the most important are: ownership dispersion, age and size of a firm, retained earnings, leverage, long term debt, asset tangibility, liquidity risk ratio, and issuing the depositary receipts (DR). Two relevant market factors are found: market capitalisation and turnover in relation to GDP. Similar characteristics have a significant impact on dividends? levels in the entire sample, whereas in the subsample of cross-listed companies fewer variables are significant. Our paper is the first comprehensive attempt to investigate the dividend policy and determinants of dividend smoothing among BRICS countries.

Sign in / Sign up

Export Citation Format

Share Document