Cash dividends, return on equity and earnings persistence

References

• Adhikari, B. K., & Agrawal, A. (2018). Peer influence on payout policies. Journal of Corporate Finance, 48, 615–637. https://doi.org/10.1016/j.jcorpfin.2017.12.010
   Web of Science ®Google Scholar
• Baginski, S. P., Lorek, K. S., Willinger, G. L., & Branson, B. C. (1999). The relationship between economic characteristics and alternative annual earnings persistence measures. The Accounting Review, 74(1), 105–120. https://doi.org/10.2308/accr.1999.74.1.105
   Web of Science ®Google Scholar
• Ball, R., & Brown, P. (1968). An empirical evaluation of accounting income numbers. Journal of Accounting Research, 6(2), 159–178. https://doi.org/10.2307/2490232
   Web of Science ®Google Scholar
• Beaver, W. H., Lambert, R. A., & Ryan, S. G. (1987). The information content of security prices: A second look. Journal of Accounting and Economics, 9(2), 139–157. https://doi.org/10.1016/0165-4101(87)90003-6
   Web of Science ®Google Scholar
• Bernard, V. L. (1994). Accounting based valuation methods, determinants of market-to-book rations, and implications for financial analysis [Working paper]. University of Michigan.
   Google Scholar
• Bernard, V. L., Merton, R. C., & Palepu, K. G. (1995). Mark-to-Market accounting for banks and thrifts: lessons from the danish experience. Journal of Accounting Research, 33, 1–32. https://doi.org/10.2307/2491290
   Google Scholar
• Blaylock, B., Shevlin, T., & Wilson, R. J. (2012). Tax avoidance, large positive temporary book-tax differences, and earnings persistence. The Accounting Review, 87(1), 91–120. https://doi.org/10.2308/accr-10158
   Web of Science ®Google Scholar
• Call, A. C., Hewitt, M., Shevlin, T., & Yohn, T. L. (2016). Firm-specific estimates of differential persistence and their incremental usefulness for forecasting and valuation. The Accounting Review, 91(3), 811–833. https://doi.org/10.2308/accr-51233
   Web of Science ®Google Scholar
• Chang, K., Kang, E., & Li, Y. (2016). Effect of institutional ownership on dividends: An agency-theory-based analysis. Journal of Business Research, 69(7), 2551–2559. https://doi.org/10.1016/j.jbusres.2015.10.088
   Web of Science ®Google Scholar
• DeAngelo, H., DeAngelo, L., & Skinner, D. J. (2000). Special dividends and the evolution of dividend signaling. Journal of Financial Economics, 57(3), 309–354. https://doi.org/10.1016/S0304-405X(00)00060-X
   Web of Science ®Google Scholar
• Dechow, P. M., Ge, W., & Schrand, C. (2010). Understanding earnings quality: A review of the proxies, their determinants and their consequences. Journal of Accounting and Economics, 50(2-3), 344–401. https://doi.org/10.1016/j.jacceco.2010.09.001
   Web of Science ®Google Scholar
• Denes, M. R., Karpoff, J. M., & McWilliams, V. B. (2017). Thirty years of shareholder activism: A survey of empirical research. Journal of Corporate Finance, 44, 405–424. https://doi.org/10.1016/j.jcorpfin.2016.03.005
   Web of Science ®Google Scholar
• Eesterbrook, F. H. (1984). Two agency-cost explanations of dividends. American Economic Review, 74(4), 650–659. https://doi.org/10.2307/1805130
   Web of Science ®Google Scholar
• Flavin, M. A. (1981). The adjustment of consumption to changing expectation about future income. Journal of Political Economy, 89(5), 974–1008. https://doi.org/10.1086/261016
   Web of Science ®Google Scholar
• Frankel, R., & Litov, L. (2009). Earnings persistence. Journal of Accounting and Economics, 47(1-2), 182–190. https://doi.org/10.1016/j.jacceco.2008.11.008
   Web of Science ®Google Scholar
• Gong, Y., Yan, Y., & Yang, N. (2021). Does internal control quality improve earnings persistence? Evidence from China’s a-share market. Finance Research Letters, 42, 101890. https://doi.org/10.1016/j.frl.2020.101890
   Web of Science ®Google Scholar
• Grennan, J. (2019). Dividend payments as a response to peer influence. Journal of Financial Economics, 131(3), 549–570. https://doi.org/10.1016/j.jfineco.2018.01.012
   Web of Science ®Google Scholar
• Jacobsen, R. (1988). The persistence of abnormal returns. Strategic Management Journal, 9(5), 415–430. https://doi.org/10.1002/smj.4250090503
   Web of Science ®Google Scholar
• Jenson, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. The American Economic Review, 76(2), 323–329. https://doi.org/10.2139/ssrn.99580
   Web of Science ®Google Scholar
• Jiraporn, P., Kim, J. C., & Kim, Y. S. (2011). Dividend payouts and corporate governance quality: An empirical investigation. Financial Review, 46(2), 251–279. https://doi.org/10.1111/j.1540-6288.2011.00299.x
   Google Scholar
• Klein, A., & Zur, E. (2009). Entrepreneurial shareholder activism: Hedge funds and other private investors. The Journal of Finance, 64(1), 187–229. https://doi.org/10.1111/j.1540-6261.2008.01432.x
   Web of Science ®Google Scholar
• Kormendi, R., & Lipe, R. (1987). Earnings innovations, earnings persistence, and stock returns. The Journal of Business, 60(3), 323–345. https://doi.org/10.1086/296400
   Web of Science ®Google Scholar
• Harakeh, M. (2020). Dividend policy and corporate investment under information shocks. Journal of International Financial Markets, Institutions & Money, 65, 101184. https://doi.org/10.1016/j.intfin.2020.101184
   Web of Science ®Google Scholar
• La Porta, R., Lopez, D. F., Shleifer, A., & Vishny, R. W. (2000). Agency problems and dividend policies around the world. The Journal of Finance, 55(1), 1–33. https://doi.org/10.1111/0022-1082.00199
   Web of Science ®Google Scholar
• Lipe, R. C. (1990). The relation between stock returns and accounting earnings given alternative information. The Accounting Review, 65(1), 49–71.
   Web of Science ®Google Scholar
• Mahdzan, N. S., Zainudin, R., & Shahri, N. K. (2016). Interindustry dividend policy determinants in the context of an emerging market. Economic Research-Ekonomska Istraživanja, 29(1), 250–262. https://doi.org/10.1080/1331677X.2016.1169704
   Web of Science ®Google Scholar
• McCahery, J., Sautner, A., & Starks, L. T. (2016). Behind the scenes: The corporate governance preferences of institutional investors. The Journal of Finance, 71(6), 2905–2932. https://doi.org/10.1111/jofi.12393
   Web of Science ®Google Scholar
• Miller, M. H., & Modigliani, F. (1961). Dividend policy, growth and valuation of shares. Journal of Business, 34, 411–435. https://doi.org/10.1086/29444
   Google Scholar
• Modigliani, F., & Miller, M. H. (1958). The cost of capital, corporation finance and the theory of investment. American Economic Review, 48(3), 261–297. https://doi.org/10.1080/00346765900000019
   Google Scholar
• Mueller, D. C. (1977). The persistence of profits above the norm. Economica, 44(176), 369–380. https://doi.org/10.2307/2553570
   Web of Science ®Google Scholar
• Ohlson, J. A. (1995). Earnings, book value, and dividends in equity valuation. Contemporary Accounting Research, 11(2), 661–687. https://doi.org/10.1111/j.1911-3846.1995.tb00461.x
   Google Scholar
• Penman, S. H. (1991). An evaluation of accounting rate of return. Journal of Accounting, Auditing & Finance, 6(2), 233–255. https://doi.org/10.1177/0148558X9100600204
   Google Scholar
• Rozeff, M. S. (1982). Growth, beta and agency costs as determinants of dividend payout ratios. Journal of Financial Research, 5(3), 249–259. https://doi.org/10.1111/j.1475-6803.1982.tb00299.x
   Google Scholar