198 AJBMR • Doi Publications
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  • A Theoretical Model for Dividend Policy
    ►Jun Jiang

     10.52283/NSWRCA.AJBMR.20120211A07

    ABSTRACT
    Interactive determinations, featured in the corporation’s investing, financing and operating activities, explicitly lead firm’s decision ambiguity of payout policy as the result of benefit pursuit and competing among investors, agencies, and firm’s decision making. The study initiates and develops theoretical decision model through consolidating the segmented optimal decisions of, shareholders, agencies, and firms, recognizing the capital structure, tax effects, cash flows allocation effects, and executives’ utility optimality. It results the constructive implications for the implementation of payout policy, which consist of, equity capital turnover rate, taxes, cost of capital, and sustainable growth rate, and so on.
    Keywords: Payout Policy, Capital Structure, Agency Problem, Tax Effects

    Pages:74-85 :: Download-View
 
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