Beruflich Dokumente
Kultur Dokumente
DIVIDEN
Dilema: Untuk apa sebaiknya
perusahaan menggunakan laba?
atau
Price =$10
Price =$9
Assume that
There are no transaction costs from
converting price appreciation into cash
Firms that pay too much in dividends can
issue stock that is fairly priced and do not face
transaction costs
The firm’s investment decision is not affected
by its dividend decision and operating cash
flows are the same in each period
Managers of firms that pay too little in
dividends do not waste excess cash
Two alternative views:
Dividends matter
Dividends are good
The clientele argument
Dividends as signals
Dividends may discipline managers
The capital gains tax was also reduced from 20% to 15%
“Signaling,” hypothesis?
Net
[( )( )]
Dividends = income –
Target
equity
ratio
Total
capital
budget
.
Data for SSC
Theory Implication
Irrelevance Any payout OK
Bird-in-the-hand Set high payout
Tax preference Set low payout