THE IMPACT OF DIVIDEND POLICY ON FIRM VALUE. A PANEL DATA ANALYSIS OF ROMANIAN LISTED FIRMS

Sorin Gabriel Anton

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Corporate Finance and Governance Financial Analysis and Corporate Governance Financial Reporting and Valuation Research

Abstract

The aim of the paper is to investigate the impact of dividend policy on firm value. Our sample consists of sixty-three non-financial firms listed on the Bucharest Stock Exchange over the period 2001-2011. Employing a fixed effects model, we found that dividend pay-out ratio positively influences firm value after controlling for other firm-specific variables. Furthermore, leverage and firm size were found to have a positive effect on firm value.

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1961Dividend Policy, Growth, and the Valuation of Shares 1956DISTRIBUTION OF INCOMES OF CORPORATIONS AMONG DIVIDENDS, RETAINED EARNINGS AND TAXES 2004A Catering Theory of Dividends 1963OPTIMAL INVESTMENT AND FINANCING POLICY*1983The Impact of Capital Structure Change on Firm Value: Some Estimates 1997On the measurement of Tobin's q 2011Corporate cash holding and firm value 2016Impact of Capital Structure and Dividend Policy on Firm Value

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