The Impact of Stock Dividends Payments on Stock Return: Evidence from Life Cycle Hypothesis

• Main Authors: Chuang, Yung-Chieh, 莊詠婕
• Other Authors: Chang, Chun-Po
• Format: Others
• Language: zh-TW
• Published: 2018
• Online Access: http://ndltd.ncl.edu.tw/handle/m76g46

碩士 === 大葉大學 === 管理學院碩士在職專班 === 106 === The present study investigates the effect of stock dividends payments at different business life cycle stages. The sample of the study consists of public companies in Taiwan for the period from 2000 to 2016. Following Anthony and Ramesh (1992), we classify the life cycle stages: growth, maturity and decline by using firm age, capital spending rate, sales growth, and a composite score. My empirical results show: The cumulative abnormal returns of listed companies are positive reaction after the ex-right date, showing that price recovery patterns indeed exist. The cumulative abnormal returns are significantly positive of all stages in the life cycle after the ex-right date. The cumulative abnormal returns of growth stage are higher than maturity and decline stages.