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1、文献出处:OumaOP.Therelationshipbetweendividendpolicyandfirmperformance,areview[J].Europeanscientificjournal,2010,8(9):57-63.标题:Therelationshipbetweendividendpolicyandfirmperformanee,areview作者:OchuodhoPeterOuma期刊名称：Europeanscientificjournal发表时间：2010外文原文Therelationshipbetweendividendpolicyandfirmperfo
2、rmance,areviewKatherineRenAbstractThisarticleisareviewofthestatusofrelationshipbetweendividendpolicyandcorporateperformaneebetweenarereviewed.Theirresearchfoundthatmanyfactorsaffectthelistedcompanies1dividenddistributionpolicy,butalsoontherelationshipbetweenthedividendpolicyandcorporateperforman
3、ceweremulti-regionalmulti-sectorverification,theveryrichresearchresults・Keywords:Dividendpolicy,Corporateperformance,Review1.SummaryofFactorsAffectingDividendPolicyHiggins(1972)preseneeofatargetcompanyinordertoimplementtheremainingcapitalstructureanddividendpolicyasapreconditiontoestablishadivid
4、endmodel,foundthatinvestmentandprofitsaffectdividend,thatdividenddistributionduringtheperiodduetothedifferencesindifferentinvestmentandprofitrequirements.Fama(1974)conclusionsandHigginsonthecontrary,hebelievesthatthedividendpolicyandinvestmentdecisionsareindependentofeachother,tosupportitsconclu
5、sionsMillerandModiglianidividendsandinvestmentindependentpointofview・Jensen(1976)researchindicatesthatgrowthopportunitieswiththecashdividendpayoutratiowasanegativecorrelation,namely:Ifthecompan/srelativelyhighgrowthopportunities,lesscashflowatitsdisposal,atthistimecashdividendpaymentshareholders
6、tolerableraterelativelylow.EmpiricalStudyfactorsonthe1000listedcompanies1dividenddistributionpolicycarriedoutandfoundthat:inthe1974-1980period,thecompan/sseniormanagement,theproportionofsharesheldbythesizeofthepaymentofcashdividendsnegativecorrelationrelationshipandthedegreeofdispersionanddivide
7、ndpayoutratioofthecompany'sequitywaspositivelycorrelated,thatisahigherdegreeofdispersiononahighlevelofdividendpayments(Rozeff,1982).BakerandEdelman(1985),thefinancialdirectoroftheNewYorkStockExchangelisted318companiesconduct
