the effect of free cash flow on dividend policy with considering life cycle of corporations

Upload: hossein-parsian

Post on 18-Oct-2015

18 views

Category:

Documents


0 download

DESCRIPTION

Written by Hossein Parsian

TRANSCRIPT

  • -

    1

    . . 9831 2831 871

    . . ( 2991) 2

    .

    :

    1931/9/22: 1931/11/52: :

    [email protected] :liamE

  • 25

    .

    .

    . .

    . (.1102 3)

    .

    .

    .

    .

    (6891) 4

  • 351 .

    . .

    . (6791 5)

    . (2991 )

    .

    .

    .

    (4002) 6

    . .

    7 .

  • 45 ( 0002)

    .

    .

    ( 6891) . .

    . ( )

    .

    ( 6891) . . ( )

    . . (. 6891 )

    .

    (. 6891 )

  • 551

    . (. 6891 )

    .

    .

    .

    .

    . . .

    05 01 . .(9891 8)

    . (8991 9)

    .

    .

  • 65 .

    . (7891 01)

    . .

    (4891) 11

    .

    .

    (6891)

    .

    (.9991 21 ) 6291 ( 1002) 31

    . 9991

  • 751 . 9991 02/8 66/5 8791 )

    ( 1002) . ( .

    . ( ) ( )

    . ( 6002) 41 .

    .

    ( 6002) 51 . 8991-3002

    .

    . ( 7002) 61

    . 73 9728 )

    ( .

  • 85 ( 8002) 71

    0002-6002 .

    .

    ( 9002) 81 .

    .

    . ( 1102)

    . .

    .

    . ( 5831)

    .

    . .

  • 951 ( 6831) .

    .

    . ( 6831)

    .

    (7831) . .

    .

    . ( 8831) .

    59 . ( 8831)

    .

    .

  • 06

    : 9831 1831

    . 18 .1 . 9831 1831 .2 . 9831 1831 .3 . .4 .5

    . . .6 . .7

    .

    . 802

    ( 2991) .

    .

    : - .1

  • 161 .

    .2 (.3 2 1)

    (1) - .3 .

    .

    .4 1

    .

    . 871 802 : 1

    (EC)

    (GS) (RPD)

    74 3 1 3 (G) 27 2 2 2 (M) 95 1 3 1 (S)

    : (tiEC) (tiRPD) (tiGS)

    : (1) 1 S GS (2) SPESPD RPD

  • 26 (3) EG

    . 1-t t 1-tS tS . t SPE SPD 1-tVM t EPP

    . 1-t

    . : 1 . : 2 : 3 .

    : tiEZIS6tiAOR5tiFCF4tiRPD3tiEC2tiGS10tiYAPVID (4) titiVEL9tiBTM8tiRGA7

    : : FCF .

    . ( 5)

    (5) ) ( ]) - ([ =FCF

  • 361 . :AOR

    .

    . .

    . :EZIS

    . .

    t : RGA . 1-t

    : BTM BTM RGA ( 1002) .

    . . : VEL

    .

    . RPD: . : YAPVID

  • 46 .

    ) . : . F (

    H0: ( ) H1: ( )

    . F ( ) F :2

    0H 0H

    .

    .

    0/0000 (1) 0/0000 (2) 0/0000 (3)

    H H . ()

    . .

    3 . .

    0/000 .

    .

  • 561 ( ) H : 3

    0H 2

    0/0000 9 86/8281 (1)

    0H .

    .

    0/0000 9 37/9991 (2)

    0/0000 9 54/9981 (3)

    . 4 : 4

    DVI

    APY

    0/231

    0/182

    0/542

    2813

    0/

    4521

    0/

    0/452

    00020

    0/

    0/300

    0/100

    0/861

    0/701

    0/963

    673

    675

    274

    AG

    R

    0/572

    4/710

    0/881

    3/115

    6/465

    8/822

    -/783

    -/677

    -/024

    0/523

    98/099

    0/574

    673

    675

    274

    C7/879 E

    3/099

    1/439/119

    261

    /285831

    89/711

    -09/706

    -16/628

    -97/870

    12/179

    21/208

    11/428

    673

    675

    274

    ISEZ

    11/127

    11/372

    01/586

    71/140

    51/741

    41/774

    8/092

    6/975

    5/659

    1/995

    1/875

    1/724

    673

    675

    274

  • 66

    GS

    0/066

    0/213

    -0/064

    8/451

    3/528

    0/089

    -0/088

    -2/047

    -4/087

    3/579

    3/857

    06/330

    673

    675

    274

    RO

    A

    0/421

    0/061

    0/051

    0/035

    0/026

    0/006

    0/100

    0/200

    0/100

    0/246

    0/901

    0/421

    673

    675

    274

    MBT

    2/179

    5/873

    3/485

    55/070

    29/079

    36/949

    0/592

    0/042

    0/032

    61/924

    8/266

    6/916

    673

    675

    274

    ELV

    0/266

    0/036

    0/126

    0/379

    0/489

    0/319

    0/861

    0/100

    0/401

    0/831

    0/461

    0/361

    673

    675

    274

    CF0/050 F

    0/021

    0/421

    0/097

    0/049

    0/096

    -0/038

    -0/008

    -0/094

    0/951

    0/181

    0002

    0/

    673

    675

    274

    DRP

    0/285

    0/438

    0/37

    2/177

    4/266

    6/045

    1005

    0/

    0/900

    3009

    0/

    0/273

    98/099

    9/504

    673

    675

    274

    . - . -

    .

  • 761 1 : 5

    VEL BTM RGA EZIS AOR FCF RPD EC GS YAPVID p t

    0/8000 3/456763 - -0/761760 () 0/0000 6/770822 0/797000 (GS)

    0/7319 -0/984801 -0/238410 (EC) 0/0000 9/242486 0/23559 (RPD)

    0/9330 2/967921 0/32903000 (FCF) 0/0000 9/990079 0/875500 (AOR) 0/4400 2/143768 0/171400 (EZIS)

    0/3650 1/220519 0/92600 (RGA) 0/3400 2/550178 0/068000 (BTM)

    0/0303 -1/325130 -0/83510 (VEL) 1/98: 95/93: 06/44:

    0/0000 : 75/6298: F 06/44 5

    . 95/93

    . 0/32903000 1/98 .

    . .

    75/6298 F . ( 0/000)

  • 86

    . 2 :6

    VEL BTM RGA EZIS AOR FCF RPD EC GS YAPVID p t

    0/1000 0/756850 0/604441 () 0/0000 5/678104 0/566200 (GS)

    0/5570 1/177087 0/877000 (EC) 0/2480 1/678927 0/185200 (RPD)

    0/5600 -2/711037 -0/57280000 (FCF) 0/0000 4/387437 0/195300 (AOR) 0/7010 2/743955 0/12811 (EZIS)

    0/9310 2/631864 0/6008810 (RGA) 0/0000 01/35641 0/201410 (BTM)

    0/0000 -093217.6 -0/671592 (VEL) 1/78: 05/61: 05/49:

    0/0000: 78.56:F 05/49

    1/78 . 05/61

    F . .

    56/78 . H ( 0/000)

  • 961 0/280000

    . .

    .

    3 .7 VEL BTM RGA EZIS AOR FCF RPD EC GS YAPVID

    p t 0/0000 7/839051 0/888214 ()

    0/0000 -5/926516 -0/9945130 (GS) 0/8278 -0/051061 0/6550920 (EC)

    0/5253 0/528039 0/218000 (RPD) 0/0000 8/729601 0/0010000 (FCF) 0/0000 41/47199 0/401700 (AOR) 0/0000 -5/542925 0/895720 (EZIS)

    0/4984 0/81996 0/363210 (RGA) 0/0000 4/714420 0/551900 (BTM)

    0/0000 -5/251256 -0/473031 (VEL) 1/39= 54/09= 74=

    0/0000= 24/84:F 74 7

    . 54/09 0/0010000

    . .

  • 07 1/39

    . F .

    ( 0/000) 24/84 . H

    .

    . .

    .

    .

    .

    .

  • 171

    .

    )FCF(wolF hsaC eerF-1 itnagahC-01 hsemaR dna ynotnA-2 koorbretsaE-11 gnidroY-3 lluG dna nidreF-21 nesneJ-4 hcnerF dna amaF-31 gnilkceM-5 .la te ynorahA-41 .la te lemmiK-6 roba dna odimA-51 ytteP dna nitraM-7 yenaeH dna gnuorT-61 sezidA-8 roopak dna linA-71 kcalB-9 gnaW-81

    (. 7831)

    .381-002 7831 2

    (. 6831)

    . ( . 8831)

    .29-701 (. 5831)

    .

  • 72 )1386 .(

    21 219-201. )1388 .(

    51 213-187.

    Adizes I. (1989). Corporate life cycle: how and why corporation grow and die and what do about it . Englewood cliffs, NJ.

    Aharony J. H falk, and N yehuda (2006). Corporation life cycle and the value relevance of cash flow versus accrual financial information . School of economics and management, Italy, working paper, 34.

    Amido, Mohammed, and Joshua abor (2006). Determinants of dividend payout ratios in Ghana , the Journal of Risk Finance, vol. 7 no. 2 pp .136-145.

    Anil K. and S. kapoor (2008) Determinants of dividend payout ratios a study of Indian information technology sector , International Research Journal of Finance and Economics, vol.15 pp.63-71.

    Antony, J. H, ramesh (1992). Association between accounting performance measure and stock prices. Journal of Accounting and Economic15:pp. 203-227

    Black,E. fall(1998). Life-cycle impacts on incremental value-relevance of earnings and cash flows the Jornal of Financial Statement Analysis, v4 (1), pp. 40-56.

    Chaganti,R (1987). Small business strategies in different industry growth environments .Journal of Small Business Management 25; 61-65.

    Easterbrook, Frank H (1984). Two agency-cost explanations of Dividends . American Economic Review 74:pp. 650-59.

    Fama & French (2001). Are dividend changes a sign of firm maturity? Journal of Business75.

    Ferdin and A. Gull(1999), Analysis of joint effects of review of investment opportunity set, free cash flow and size on corporate debt policy , Quantitative Finance and Accounting.

    Jensen, M.(1986). Agency costs of free cash flow, corporation financial,

  • 173 and take over. American , Economic Review, 76,pp. 323-329.

    Kimmel , P.D , weygandi , J,J ,and Kieso ,D.E ,(2004) , Financial accounting tools for business decision making ,third edition , john wiley and sons ins.

    Martin,john D.j. William petty ,(2000) ,Value based management : the corporate response to the shareholder revolution .

    Meckling,w(1976).Managerial behavior , agency costs and ownership structure. Journal of Financial Economic3,pp. 305-360

    Thanatawee, Y. (2011). Life-cycle theory and free cash flow hypothesis : Evidence from dividend policy in Thailand . Journal of Business, Vol.34:pp. 411-433.

    Troung, T. and R. Heaney (2007). Largest shareholder and dividend policy around the world, The Quarterly Review of Economics and Finance, vol.47pp.667-687.

    Wang ming-hui, day- yang liu, (2009). Dividend policy and the life cycle hypothesis , www.ssrn.com.