Understanding corporate payouts and asymmetric cost behavior:
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Abschlussarbeit Buch |
| Sprache: | English |
| Veröffentlicht: |
Köln
[2021]
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| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis Inhaltsverzeichnis |
| Beschreibung: | Literaturverzeichnis: Seite 112-120 |
| Beschreibung: | XIV, 120 Seiten Diagramme |
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| 245 | 1 | 0 | |a Understanding corporate payouts and asymmetric cost behavior |c vorgelegt von M.Sc. Roman Schick |
| 264 | 1 | |a Köln |c [2021] | |
| 300 | |a XIV, 120 Seiten |b Diagramme | ||
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| 502 | |b Dissertation |c Universität zu Köln |d 2021 | ||
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Datensatz im Suchindex
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|---|---|
| adam_text | TABLE
OF
CONTENTS
LIST
OF
TABLES
...........................................................................................................................
VII
LIST
OF
FIGURES
.......................................................................................................................
VIII
LIST
OF
ABBREVIATIONS
...............................................................................................................
IX
LIST
OF
SYMBOLS
.........................................................................................................................
XI
1
INTRODUCTION
.............................................................................................................................
1
2
COMPLEMENTARITY
OR
SUBSTITUTION:
TIME-VARIANT
IMPLICATIONS
OF
DIVIDENDS
AND
STOCK
REPURCHASES
-
AN
EXPLORATIVE
STUDY
......................................................................................
9
2.1
INTRODUCTION
........................................................................................................................
9
2.2
LITERATURE
REVIEW
AND
MOTIVATION
...................................................................................
13
2.3
EMPIRICAL
RESULTS
..............................................................................................................
15
2.3.1
DATA
............................................................................................................................
15
2.3.2
DESCRIPTIVE
STATISTICS
..................................................................................................
15
2.3.2.1
PAYOUT
PROPENSITY,
PAYOUT
RATIO,
AND
INITIATION
RATIO
.......................................
15
2.3.2.2
FIRM
CHARACTERISTICS
...........................................................................................
25
2.3.3
MODIFIED
EAMINGS
PERSISTENCE
MODEL
BASED
ON
DECHOW,
RICHARDSON,
AND
SLOAN
(2008)
..................................................................................................................................
27
2.3.3.1
FULL
SAMPLE
REGRESSIONS
...................................................................................
27
2.3.3.2
ANNUALIZED
REGRESSIONS
....................................................................................
31
2.3.4
SKINNER
AND
SOLTES
(2011)
MODEL
.............................................................................
35
2.4
ADDITIONAL
TESTS
...............................................................................................................
38
2.4.1
MARKET
REACTIONS
......................................................................................................
38
2.4.2
OPERATING
AND
NON-OPERATING
INCOME
ACROSS
PAYER
GROUPS
..................................
42
2.4.3
SIGNALING
VS.
AGENCY
COST
OF
FREE
CASH
FLOW
.........................................................
44
2.5
CONCLUSION
........................................................................................................................
49
3
HOW
ASYMMETRIC
COST
BEHAVIOR
RELATES
TO
PAYOUT
POLICY
...............................................
51
3.1
INTRODUCTION
......................................................................................................................
51
3.2
LITERATURE
REVIEW
AND
HYPOTHESIS
DEVELOPMENT
............................................................
55
3.2.1
ASYMMETRIC
COST
BEHAVIOR
.......................................................................................
55
3.2.2
PAYOUT
POLICY
.............................................................................................................
56
3.3
DATA
AND
METHODOLOGY
....................................................................................................
58
3.3.1
MODEL
SPECIFICATION
AND
VARIABLE
MEASUREMENT
......................................................
58
3.3.2
DATA
............................................................................................................................
60
3
.4
EMPIRICAL
RESULTS
..............................................................................................................
60
V
3.4.1
THE
EFFECT
OF
PAYOUT
POLICY
ON
COST
STICKINESS
.......................................................
60
3.4.2
TRENDS
OVER
TIME
........................................................................................................
64
3.5
SENSITIVITY
ANALYSES
..........................................................................................................
73
3.5.1
COST
TYPES
AND
INDUSTRY
AFFDIATION
..........................................................................
73
3.5.3
REVERSED
CAUSALITY
......................................................................................................
76
3.6
CONCLUSION
.........................................................................................................................
79
4
THE
EFFECTS
OF
ASYMMETRIC
COST
BEHAVIOR
ON
THE
COST
OF
EQUITY
....................................
81
4.1
INTRODUCTION
.......................................................................................................................
81
4.2
RELATED
LITERATURE
AND
HYPOTHESIS
DEVELOPMENT
.............................................................
84
4.3
DATA
AND
METHODOLOGY
......................................................................................................
87
4.3.1
MODEL
SPECIFICATION
AND
VARIABLE
MEASUREMENT
......................................................
87
4.3.2
DATA
SAMPLE
................................................................................................................
88
4.4
EMPIRICAL
RESULTS
...............................................................................................................
90
4.4.1
THE
EFFECT
OF
ASYMMETRIC
COST
BEHAVIOR
ON
THE
ICC
..............................................
90
4.4.2
THE
INTERACTION
EFFECT
OF
RATIONAL
BEHAVIOR
..............................................................
92
4.5
ADDITIONAL
TESTS
.................................................................................................................
97
4.5.1
SENSITIVITY
ANALYSES
....................................................................................................
97
4.5.2
TIME
PERIOD
ANALYSIS
................................................................................................
101
4.6
CONCLUSION
........................................................................................................................
101
5
CONCLUDING
REMARKS
............................................................................................................
105
5.1
SUMMARY
AND
IMPLICATIONS
OF
MAIN
FINDINGS
................................................................
105
5.2
LIMITATIONS
AND
SUGGESTIONS
FOR
FUTURE
RESEARCH
..........................................................
106
APPENDIX
...................................................................................................................................
109
REFERENCES
.................................................................................................................................
112
VI
|
| adam_txt |
TABLE
OF
CONTENTS
LIST
OF
TABLES
.
VII
LIST
OF
FIGURES
.
VIII
LIST
OF
ABBREVIATIONS
.
IX
LIST
OF
SYMBOLS
.
XI
1
INTRODUCTION
.
1
2
COMPLEMENTARITY
OR
SUBSTITUTION:
TIME-VARIANT
IMPLICATIONS
OF
DIVIDENDS
AND
STOCK
REPURCHASES
-
AN
EXPLORATIVE
STUDY
.
9
2.1
INTRODUCTION
.
9
2.2
LITERATURE
REVIEW
AND
MOTIVATION
.
13
2.3
EMPIRICAL
RESULTS
.
15
2.3.1
DATA
.
15
2.3.2
DESCRIPTIVE
STATISTICS
.
15
2.3.2.1
PAYOUT
PROPENSITY,
PAYOUT
RATIO,
AND
INITIATION
RATIO
.
15
2.3.2.2
FIRM
CHARACTERISTICS
.
25
2.3.3
MODIFIED
EAMINGS
PERSISTENCE
MODEL
BASED
ON
DECHOW,
RICHARDSON,
AND
SLOAN
(2008)
.
27
2.3.3.1
FULL
SAMPLE
REGRESSIONS
.
27
2.3.3.2
ANNUALIZED
REGRESSIONS
.
31
2.3.4
SKINNER
AND
SOLTES
(2011)
MODEL
.
35
2.4
ADDITIONAL
TESTS
.
38
2.4.1
MARKET
REACTIONS
.
38
2.4.2
OPERATING
AND
NON-OPERATING
INCOME
ACROSS
PAYER
GROUPS
.
42
2.4.3
SIGNALING
VS.
AGENCY
COST
OF
FREE
CASH
FLOW
.
44
2.5
CONCLUSION
.
49
3
HOW
ASYMMETRIC
COST
BEHAVIOR
RELATES
TO
PAYOUT
POLICY
.
51
3.1
INTRODUCTION
.
51
3.2
LITERATURE
REVIEW
AND
HYPOTHESIS
DEVELOPMENT
.
55
3.2.1
ASYMMETRIC
COST
BEHAVIOR
.
55
3.2.2
PAYOUT
POLICY
.
56
3.3
DATA
AND
METHODOLOGY
.
58
3.3.1
MODEL
SPECIFICATION
AND
VARIABLE
MEASUREMENT
.
58
3.3.2
DATA
.
60
3
.4
EMPIRICAL
RESULTS
.
60
V
3.4.1
THE
EFFECT
OF
PAYOUT
POLICY
ON
COST
STICKINESS
.
60
3.4.2
TRENDS
OVER
TIME
.
64
3.5
SENSITIVITY
ANALYSES
.
73
3.5.1
COST
TYPES
AND
INDUSTRY
AFFDIATION
.
73
3.5.3
REVERSED
CAUSALITY
.
76
3.6
CONCLUSION
.
79
4
THE
EFFECTS
OF
ASYMMETRIC
COST
BEHAVIOR
ON
THE
COST
OF
EQUITY
.
81
4.1
INTRODUCTION
.
81
4.2
RELATED
LITERATURE
AND
HYPOTHESIS
DEVELOPMENT
.
84
4.3
DATA
AND
METHODOLOGY
.
87
4.3.1
MODEL
SPECIFICATION
AND
VARIABLE
MEASUREMENT
.
87
4.3.2
DATA
SAMPLE
.
88
4.4
EMPIRICAL
RESULTS
.
90
4.4.1
THE
EFFECT
OF
ASYMMETRIC
COST
BEHAVIOR
ON
THE
ICC
.
90
4.4.2
THE
INTERACTION
EFFECT
OF
RATIONAL
BEHAVIOR
.
92
4.5
ADDITIONAL
TESTS
.
97
4.5.1
SENSITIVITY
ANALYSES
.
97
4.5.2
TIME
PERIOD
ANALYSIS
.
101
4.6
CONCLUSION
.
101
5
CONCLUDING
REMARKS
.
105
5.1
SUMMARY
AND
IMPLICATIONS
OF
MAIN
FINDINGS
.
105
5.2
LIMITATIONS
AND
SUGGESTIONS
FOR
FUTURE
RESEARCH
.
106
APPENDIX
.
109
REFERENCES
.
112
VI |
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| spelling | Schick, Roman Verfasser (DE-588)1240726589 aut Understanding corporate payouts and asymmetric cost behavior vorgelegt von M.Sc. Roman Schick Köln [2021] XIV, 120 Seiten Diagramme txt rdacontent n rdamedia nc rdacarrier Literaturverzeichnis: Seite 112-120 Dissertation Universität zu Köln 2021 (DE-588)4113937-9 Hochschulschrift gnd-content Universität zu Köln (DE-588)2024231-1 dgg B:DE-101 application/pdf https://d-nb.info/1248246101/04 Inhaltsverzeichnis DNB Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=033248542&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Schick, Roman Understanding corporate payouts and asymmetric cost behavior |
| subject_GND | (DE-588)4113937-9 |
| title | Understanding corporate payouts and asymmetric cost behavior |
| title_auth | Understanding corporate payouts and asymmetric cost behavior |
| title_exact_search | Understanding corporate payouts and asymmetric cost behavior |
| title_exact_search_txtP | Understanding corporate payouts and asymmetric cost behavior |
| title_full | Understanding corporate payouts and asymmetric cost behavior vorgelegt von M.Sc. Roman Schick |
| title_fullStr | Understanding corporate payouts and asymmetric cost behavior vorgelegt von M.Sc. Roman Schick |
| title_full_unstemmed | Understanding corporate payouts and asymmetric cost behavior vorgelegt von M.Sc. Roman Schick |
| title_short | Understanding corporate payouts and asymmetric cost behavior |
| title_sort | understanding corporate payouts and asymmetric cost behavior |
| topic_facet | Hochschulschrift |
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