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Article

Richard Hauser and John H. Thornton Jr

The purpose of this paper is to investigate an empirical solution to dividend policy relevance.

Abstract

Purpose

The purpose of this paper is to investigate an empirical solution to dividend policy relevance.

Design/methodology/approach

The paper combines measures of firm maturity in a logit regression to define a comprehensive life-cycle model of the likelihood of dividend payment. The valuation of firms that conform to the model is compared to the valuation of firms that do not fit the model. Valuation is measured by the market to book (M/B) ratio.

Findings

The analysis indicates that dividend policy is related to firm value. Dividend-paying firms that fit the life-cycle model have a higher median valuation than dividend-paying firms that do not fit the life-cycle model. Similarly, non-paying firms that fit the life-cycle model have a higher median valuation than non-paying firms that do not fit the life-cycle model. The results also provide evidence that the disappearing dividend phenomenon is related to shifts in valuation.

Research limitations/implications

This paper focuses on the payment of dividends. Stock repurchases are not considered.

Practical implications

The results indicate that dividend policy is related to firm value. Approximately 15 percent of sample observations have a dividend policy counter to the life-cycle model.

Originality/value

This paper shows that the relation between a firm’s M/B ratio and dividend policy changes over the firm’s life-cycle. It also shows that the catering motive for dividends is strongest among firms that are outliers in the life-cycle model and firms of intermediate maturity.

Details

Managerial Finance, vol. 43 no. 6
Type: Research Article
ISSN: 0307-4358

Keywords

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Article

Scott A. Dellana and Richard D. Hauser

The purpose of this research is to further examine the relationship between organizational culture and a strategic approach to quality, as embodied in Malcolm Baldrige…

Abstract

The purpose of this research is to further examine the relationship between organizational culture and a strategic approach to quality, as embodied in Malcolm Baldrige Quality award criteria. To accomplish this, a questionnaire was developed for a postal survey. The questionnaire was based upon the Competing Values Model of Culture and the Baldrige Award criteria to define the position of the company in their strategic quality approach. This questionnaire was then sent to 1000 members of the American Society for Quality. A total of 219 usable responses were received and analyzed. The results indicate that higher Baldrige scores tend to be significantly related to the Adhocracy and Group cultural types.

Details

American Journal of Business, vol. 15 no. 1
Type: Research Article
ISSN: 1935-5181

Keywords

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Article

Richard Hauser

The purpose of this paper is to investigate whether corporate dividend policy changed during the financial crisis.

Abstract

Purpose

The purpose of this paper is to investigate whether corporate dividend policy changed during the financial crisis.

Design/methodology/approach

For this study, a life‐cycle model is used to predict the probability that a firm pays a dividend. The data sample for this research follows that of Fama and French and of DeAngelo et al., for the time period of 2006‐2009. The panel logistic regression analysis considers the firm cluster effects and the autoregressive correlation of the firm clusters.

Findings

This study shows evidence that the probability that a firm paid a dividend declined in 2008 and 2009, even after taking the firm's financial condition into account. Furthermore, the analysis also shows that dividend policy did shift during the financial crisis.

Originality/value

The results of this study show that dividend policy did shift during the financial crisis. The research provides evidence that firms placed additional emphasis on financial viability after the financial crisis.

Details

Managerial Finance, vol. 39 no. 6
Type: Research Article
ISSN: 0307-4358

Keywords

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Book part

Jürgen Faik and Uwe Fachinger

In the wake of the Stiglitz Commission, we assess German economic well-being by considering income, wealth and consumption. A decomposition approach is used to test for…

Abstract

In the wake of the Stiglitz Commission, we assess German economic well-being by considering income, wealth and consumption. A decomposition approach is used to test for corresponding inequality differences of these well-being dimensions. Total inequality is decomposed into within- and between-group inequality (via a normalised coefficient of variation). The decompositions are categorised into those that refer to socio-demographic characteristics (place of residence, age, household type) and those belonging to different well-being (sub-)categories (potential and net income, expenditure and wealth categories). The empirical analyses are performed for Germany using the 2008 German Sample Survey of Income and Expenditure. By decomposing German well-being inequality in great detail, we shed light on its dimensions. Our analyses illustrate that it is necessary to consider all well-being dimensions to make statements about the material well-being of private households or individuals.

Details

Economic Well-Being and Inequality: Papers from the Fifth ECINEQ Meeting
Type: Book
ISBN: 978-1-78350-556-2

Keywords

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Article

Thomas O. Nitsch

In previous efforts I have indicated that Social Catholicism, qua Roman‐Catholic Social Economycs or Économie politique chrétienne, is now at the one and a half century…

Abstract

In previous efforts I have indicated that Social Catholicism, qua Roman‐Catholic Social Economycs or Économie politique chrétienne, is now at the one and a half century mark, given its formal introduction with the publication of Charles de Coux's Essais d' économie politique at Paris/Lyon in 1832. This was soon to be followed by Alban de Villeneuve‐Bargemont's Christian Political Economy, or Inquiry into the Nature and Causes of Poverty in France and Europe, etc, (1837), the subsequent founding of the Société d'Economie Sociale in 1856 and publication — inter alia — of La réforme sociale (1864) and Exposition of Social Economics (1867) by P. G. Frédéric Le Play; and, contemporarily, by the separate but related efforts of a host of other “thinkers and doers” to both the left or more radical (“Catholic/Christian‐Socialist”) and the right or “individualist” (cum Christianised individuals!) of Le Play's more centrist‐traditional (and, hence, “reactionary”) position. All this was well prior to the promulgation of the first great social encyclical, Leo XIII's Rerum Novarum (RN), in 1891.

Details

International Journal of Social Economics, vol. 13 no. 9
Type: Research Article
ISSN: 0306-8293

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Article

Yannis Georgellis and Thomas Lange

The aim of the paper is to assess the determinants and impact of employer sponsored further training on wage growth in West Germany over the period 1992 to 2002.

Abstract

Purpose

The aim of the paper is to assess the determinants and impact of employer sponsored further training on wage growth in West Germany over the period 1992 to 2002.

Design/methodology/approach

Following a descriptive narrative on further training and wages in Germany, data derived from the West German sub‐sample of the German Socio‐Economic Panel is being utilised, which has the main advantage of providing detailed information about the respondents' labour market histories prior to and after 1992. The information provides powerful predictors, controlling for the endogeneity of the training participation decision when estimating a wage growth equation. To assess the impact of training on wages, Heckman selectivity corrected wage equations are used, with the selection being based on a probit model for the probability that an individual receives firm‐sponsored training.

Findings

The analysis provides details of significant gender differences in both, the incidence and earnings impact of further training. The results show that further training has a strong positive effect on wages. However, gender inequality issues remain a salient feature of the German training system, which further training only reinforces. The analysis also suggests that the economic conditions during Germany's post‐unification period may have mitigated some of the potential benefits of further training on wage growth.

Originality/value

Despite its growing importance, the determinants and earnings impact of employer‐sponsored, further training have attracted little attention in the empirical literature. Even less is known about the impact of further training during Germany's post‐unification period. This paper adds value by contributing to this fledgling field of investigation.

Details

International Journal of Manpower, vol. 28 no. 1
Type: Research Article
ISSN: 0143-7720

Keywords

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Article

Chandrasekara Mudiyanselage Kanchana Nishanthi Kumari Chandrasekara, K.D.N. Weerasinghe, Sumith Pathirana and Ranjana U.K. Piyadasa

The Hamilton canal in the western province of Sri Lanka is a man-made canal situated in an area with immense anthropogenic pressures. The purpose of this study is to…

Abstract

Purpose

The Hamilton canal in the western province of Sri Lanka is a man-made canal situated in an area with immense anthropogenic pressures. The purpose of this study is to identify the quality variations of the water in Hamilton canal and human perception about the present status of the water of the canal.

Design/methodology/approach

Sampling has been carried out in seven locations in the canal during dry and wet periods for water quality analysis. In situ field-testing and laboratory analysis have been conducted for physicochemical, heavy metal, oil and grease analysis of water. Only Pb, Cd, oil and grease were tested in the canal sediments. The samples were analyzed as per the standard methods of the American Public Health Association (APHA) Manual: 20th edition. A semi-structured questionnaire survey has been carried out to assess the human perception on the water of the canal.

Findings

The results revealed that average EC, Turbidity, Total Hardness, TDS, F, Fe2+, Cl, SO42− and PO43− of the canal water remained above the threshold limits of inland water standards. Concentrations of Pb and Cd were also above the standards in some locations. Oil and grease were in a very high level in water and sediments.

Originality/value

The water of the canal has been affected by nutrient, heavy metal and oil and grease pollution at present. Discharge of domestic, industrial, municipal wastes and sewage are the prominent reasons which have encouraged the deterioration of the quality of water in the canal.

Details

International Journal of Disaster Resilience in the Built Environment, vol. 9 no. 2
Type: Research Article
ISSN: 1759-5908

Keywords

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Article

Robert A. Gordon

Means, medians and SD for available socio‐economic status (SES) black‐white differences are here substituted for those of IQ in a between‐groups model published by the…

Abstract

Means, medians and SD for available socio‐economic status (SES) black‐white differences are here substituted for those of IQ in a between‐groups model published by the author over a decade ago. The goodness of fit of the SES variables used is compared with that for the earlier IQ data. Even when SES variables are relatively successful this can be viewed as additional evidence of the importance of IQ differences to black‐white differences in delinquency.

Details

International Journal of Sociology and Social Policy, vol. 7 no. 3
Type: Research Article
ISSN: 0144-333X

Keywords

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Article

Richard Cardinali

The author has observed that a common social background assists members of military organizations to develop as a cohesive unit. Similarities in previous social…

Abstract

The author has observed that a common social background assists members of military organizations to develop as a cohesive unit. Similarities in previous social experiences such as social class, regional origin and age appears to contribute toward solidification of the primary group. This paper briefly examines the factors which contribute to the development of socialization and cohesion in an organization. One vehicle to assist the reader in understanding the cohesion concept is the discussion of the German Wehrmacht model and its impact on the issue.

Details

Humanomics, vol. 11 no. 4
Type: Research Article
ISSN: 0828-8666

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Article

Kimberley Peters and Richard G. Rogers

Using data from the linked National Health Interview Survey National Death Index (NHIS‐NDI), a new and unique data set, we examine the interaction of age and self‐rated…

Abstract

Using data from the linked National Health Interview Survey National Death Index (NHIS‐NDI), a new and unique data set, we examine the interaction of age and self‐rated health as a predictor of overall and cause‐specific mortality. Proponents of wear and tear theories argue that as the body ages, it begins to degenerate, leaving the aged in poor health and vulnerable to their ultimate mortality. We find that although the majority of the elderly rate their health as good or better, low levels of education and income contribute to poor perceived health, and the effect of age on mortality varies by level of perceived health. While the oldest old who report the poorest health experience greater risks of mortality, elders who report good health experience much lower risks. As a larger share of our population survives into old age, it is important to emphasize preventive health care policy, as well as strong economic and health care safety nets, not only to promote health but also to lengthen life.

Details

International Journal of Sociology and Social Policy, vol. 17 no. 9/10
Type: Research Article
ISSN: 0144-333X

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