Externality in dividend signaling and firms' strategic behavior in dividend announcements

초록

We examine whether firms are strategic in their timing of dividend announcements when factors exist that commonly affect the values of firms in the same industry. We find significant and positive stock market reactions for other firms in the same industry when the first dividend announcement is made public. We also find that firms with lower profitability and smaller firm size tend to announce their dividends late. © 2017 Serials Publications Pvt. Ltd.

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