期刊
APPLIED ECONOMICS LETTERS
卷 21, 期 7, 页码 505-508出版社
ROUTLEDGE JOURNALS, TAYLOR & FRANCIS LTD
DOI: 10.1080/13504851.2013.870648
关键词
dividend changes; profitability; difference GMM; endogeneity
类别
This research examines whether dividend changes convey information about future profitability. The difference GMM approach is employed to overcome the heterogeneity and endogeneity problems inherent in dynamic panel data models. Our evidence shows that previous abnormal earnings are a good predictor for subsequent abnormal earnings. Other than previous abnormal earnings, only dividend increases are strongly related to future profitability. Subsequent to dividend increases, profitability can last for four years. On the other hand, dividend decreases, initiations and omissions tend to reflect only concurrent profit performance. It is possible that previous abnormal earnings convey the most information about subsequent profitability, undermining the signalling of the dividend changes.
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