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CEO reputations and dividend payouts

by Danai Likitratcharoen

Title:

CEO reputations and dividend payouts

Author(s):

Danai Likitratcharoen

Advisor:

Tatchawan Kanitpong, advisor

Degree name:

Doctor of Philosophy

Degree level:

Doctoral

Degree discipline:

Finance

Degree department:

School of Business Administration

Degree grantor:

National Institute of Development Administration

Issued date:

2011

Digital Object Identifier (DOI):

10.14457/NIDA.the.2011.21

Publisher:

National Institute of Development Administration

Abstract:

Over the past decades, there have been numerous discussions about the influence of dividend policy and the value of firms. In many of the literature in this field, frameworks have been developed to show that dividend policy has implications for firms’ value in the imperfect and inefficient capital markets. If dividend policy has an influence on the firm’s value, then it is worth exploring the factors that have an influence on dividend policy. Past literature has found a large number of firm-specific variables as the determinants of dividend policy. The purpose of this research is to test the association between CEO reputation and the dividend payments of corporations while controlling for firm size, market-to-book ratio, leverage, R&D spending, capital expenditures, CEO tenure, year dummies, and industry dummies. Using press coverage (media counts) to proxy for CEO reputation, this study conducts empirical tests and finds that firms with reputable CEOs tend to make more investment in R&D and tend to pay lower dividends. The logistic regression shows that firms with more reputable CEOs are less likely to payout dividends.

Description:

Thesis (Ph.D. (Finance))--National Institute of Development Administration, 2011

Subject(s):

Dividends
Corporations -- Valuation
Executive ability

Resource type:

Dissertation

Extent:

vi, 86 leaves ; 30 cm.

Type:

Text

File type:

application/pdf

Language:

eng

Rights:

This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.

URI:

http://repository.nida.ac.th/handle/662723737/571
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ทรัพยากรสารสนเทศทั้งหมดในคลังปัญญา ใช้เพื่อประโยชน์ทางการเรียนการสอนและการค้นคว้าเท่านั้น และต้องมีการอ้างอิงแหล่งที่มาทุกครั้งที่นำไปใช้ ห้ามดัดแปลงเนื้อหา และทำสำเนาต่อ รวมถึงไม่ให้อนุญาตนำไปใช้ประโยชน์เพื่อการค้า ไม่ว่ากรณีใด ๆ ทั้งสิ้น



This item appears in the following Collection(s)

  • GSBA: Dissertations [30]

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Except where otherwise noted, content on this site is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International license.

Copyright © National Institute of Development Administration | สถาบันบัณฑิตพัฒนบริหารศาสตร์
Library and Information Center | สำนักบรรณสารการพัฒนา
Email: NIDAWR@nida.ac.th    Chat: Facebook Messenger    Facebook: NIDAWisdomRepository
 

 

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