Explain the Information Effect of Stock Liquidity on Dividend

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Kordlouie Hamireza; EBRAHIMI MEHRNOOSH

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Journal: MANAGEMENT ACCOUNTING Year:2019 | Volume:12 | Issue:41 Page(s): 53-67

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Title

Explain the Information Effect of Stock Liquidity on Dividend

Author(s)

Kordlouie Hamireza | EBRAHIMI MEHRNOOSH | Issue Writer Certificate

Keywords

dividendQ1

liquidityQ2

information disclosure qualityQ1

information asymmetryQ2

logit panelQ1

Abstract

In the current study, the information effect of liquidity on the dividend payouts was investigated in the companies listed on the Tehran Stock Exchang., that from the data on 102 companies for the years 2006-2015 were used and the model was estimated in Stata15 software by using panel logit (tobit) method. The study explores the relationships by using the moderating variables of information disclosure quality, free float and information asymmetry. Moreover, different liquidity measures (Amihud-Corwin and Schultz-the proportion of zeroreturns) were used to generalize the results for other cases. The results indicate that various liquidity factors have significant effects on profit sharing. When the liquidity index is the proportion of zero returns, the effect of moderating variables on the profit sharing is greater than the other variables. Moreover, according to the results of the moderating variables, when the float is the moderating variable, it leads to an increase in the liquidity index effect. According to the results, the liquidity and moderating variables have greater impacts on the cash dividend ranked by the cash flow from the operating activities (DVC) compared with that of the dependent variable of cash dividend ranked by earnings (DVE). It should be noted that the DVC, DVE, and liquidity variables were not endogenous. Therefore, it is confirmed that there is a one-way causality from liquidity towards DVC and DVE.

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APA: Copy

Kordlouie, Hamireza, & EBRAHIMI, MEHRNOOSH. (2019). Explain the Information Effect of Stock Liquidity on Dividend. MANAGEMENT ACCOUNTING, 12(41 ), 53-67. SID. https://sid.ir/paper/198849/en

Vancouver: Copy

Kordlouie Hamireza, EBRAHIMI MEHRNOOSH. Explain the Information Effect of Stock Liquidity on Dividend. MANAGEMENT ACCOUNTING[Internet]. 2019;12(41 ):53-67. Available from: https://sid.ir/paper/198849/en

IEEE: Copy

Hamireza Kordlouie, and MEHRNOOSH EBRAHIMI, “Explain the Information Effect of Stock Liquidity on Dividend,” MANAGEMENT ACCOUNTING, vol. 12, no. 41 , pp. 53–67, 2019, [Online]. Available: https://sid.ir/paper/198849/en

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