通过动态面板回归分析强大的股息支付政策:将调整半衰期的速度应用到半衰期
Kittisak Jangphanish1, Wachira Boonyanet2,3, Supa Tongkong4
1Faculty of Science and Technology, Rajamangala University of Technology Rattanakosin, Nakhon Pathom, Thailand.
PloS one
|January 15, 2025
概括
这项研究研究了金融指标,GDP增长和公司年龄如何影响股息支付政策. 从长远来看,GDP增长会对支付产生负面影响,而从短期来看,诸如过去的股息和债务与股权比率等因素会产生不同的影响.
科学领域:
- 企业金融公司财务
- 金融经济学 金融经济学
- 计量经济学 计量经济学
背景情况:
- 股息支付政策是企业金融的一个关键方面,影响投资者决策和公司估值.
- 了解股息政策的决定因素对于金融市场的学者和从业者来说都是必不可少的.
- 之前的研究已经探讨了各种因素,但通常缺乏跨不同产业部门和时间范围的全面分析.
研究的目的:
- 调查金融指标,自由浮动股东,GDP增长和公司年龄对股息支付政策的短期和长期影响.
- 分析这些影响在泰国股票市场的各种工业部门.
- 确定影响股息支付决策及其动态调整的关键驱动因素.
主要方法:
- 动态面板回归模型,包括时间序列数据的自回归集成移动平均线 (ARIMA).
- 权重最小方程 (WLS) 来解决自相关性和异质性.
- 分析泰国证券交易所上市公司 (2013-2023) 的数据.
主要成果:
- 长期:GDP增长与所有工业部门的股息支付政策存在负面关系.
- 短期:以前的股息支付,债务与股权比率,公司年龄和自由现金流显著影响股息支付政策,与特定部门的变化.
- 还确定了影响短期调整动态和半衰期的因素.
结论:
- 股息支付政策受到宏观经济因素 (GDP增长) 和特定公司特征 (金融指标,年龄,现金流) 的组合的影响.
- 这些决定因素的影响在短期和长期前景之间以及不同工业部门之间有很大差异.
- 这些发现为优化股息策略和了解新兴经济体市场行为提供了宝贵的见解.
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