Effect of Agency Costs on the Relationship between Dividend Policy and Value of Firms Listed at the Nairobi Securities Excha

Q3 Economics, Econometrics and Finance Afro-Asian Journal of Finance and Accounting Pub Date : 2023-09-15 DOI:10.53819/81018102t2192
Maxwell Onyango
{"title":"Effect of Agency Costs on the Relationship between Dividend Policy and Value of Firms Listed at the Nairobi Securities Excha","authors":"Maxwell Onyango","doi":"10.53819/81018102t2192","DOIUrl":null,"url":null,"abstract":"How to cite this article : Onyango M., Nyamute W, & Wanjare J. (2023). Effect of Agency Costs on the Relationship between Dividend Policy and Value of Firms Listed at the Nairobi Securities Exchange","PeriodicalId":39488,"journal":{"name":"Afro-Asian Journal of Finance and Accounting","volume":null,"pages":null},"PeriodicalIF":0.0000,"publicationDate":"2023-09-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Afro-Asian Journal of Finance and Accounting","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.53819/81018102t2192","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"Economics, Econometrics and Finance","Score":null,"Total":0}
引用次数: 0

Abstract

How to cite this article : Onyango M., Nyamute W, & Wanjare J. (2023). Effect of Agency Costs on the Relationship between Dividend Policy and Value of Firms Listed at the Nairobi Securities Exchange
查看原文
分享 分享
微信好友 朋友圈 QQ好友 复制链接
本刊更多论文
代理成本对内罗毕证券交易所上市公司股利政策与价值关系的影响
公司价值是每个企业不可或缺的焦点,因为它描绘了股东的财富。股利政策被认为是公司价值的关键预测指标。尽管如此,支付政策仍然是一个有争议的话题。因此,本文的目的是研究在内罗毕证券交易所上市的公司的股息政策和价值之间的关系是如何中介的代理成本。平衡面板数据来自2011年至2020年间在印度证券交易所上市的52家公司。公司价值用托宾Q(市场价值与账面价值之比)来衡量。股息政策的代表是中期股息比率(股息支付频率)和股息支付比率(股息数量)的组合。代理成本用资产利用率来衡量。采用相关性和一般最小二乘(GLS)固定效应模型对数据进行分析。研究发现,代理成本在股利政策与公司价值之间起中介作用。这些发现通过证明支付政策和公司价值之间的关系是由代理成本中介的,从而有助于认识。因此,管理者应该从自由现金流中支付股息以降低代理成本,因为最小的代理成本可以提高公司价值。调查结果对内罗毕证券交易所和资本市场管理局在投资者培训和政策制定方面也很有价值。关键词:股利政策,股利相关性,股利不相关性
本文章由计算机程序翻译,如有差异,请以英文原文为准。
求助全文
约1分钟内获得全文 去求助
来源期刊
Afro-Asian Journal of Finance and Accounting
Afro-Asian Journal of Finance and Accounting Economics, Econometrics and Finance-Finance
CiteScore
0.70
自引率
0.00%
发文量
34
期刊介绍: Finance and accounting are seen as essential components for the successful implementation of market-based development policies supporting economic liberalisation in the rapidly emerging economies in Africa, the Middle-East and Asia. AAJFA aims to foster greater discussion and research of the development of the finance and accounting disciplines in these regions. A major feature of the journal will be to emphasise the implications of this development and the effects on businesses, academics and professionals. Topics covered include: -Asset pricing, corporate finance, banking; market microstructure -Behavioural and experimental finance; law and finance -Emerging economies: finance, audit committees, corporate governance -Islamic finance, accounting and auditing -Equity analysis and valuation, venture capital and IPOs -National GAAP and IASs compliance, harmonisation and strategies -Financial measurement/disclosure, and the quality of information reported -Accountability and social/ethical/environmental measurement/reporting -Cultural, political, institutional impact on financial measurement/disclosure -Accounting practices for intellectual capital and other intangible assets -Provision of non-audit services and impairment to auditor independence -Audit quality and auditor skills; internal control/auditing -Management accounting, control and /use of key performance indicators -Accounting education and professional development, accounting history -Public sector and not-for-profit accounting
期刊最新文献
Impact of Electronic Tax System Implementation on Efficient Revenue Collection in Rwanda; A Study of Rwanda Revenue Authority Gasabo District Forensic Accounting and Fraud Control in Auditing Firms in Kigali, Rwanda Integrated Macroeconomic Variables and Financial Growth of the Real Estate Sector in Kenya Internal Audit Operational Efficiency and Performance of Public Institutions in Rwanda: The Case of Ngoma District Audit Quality Control and Standards: A Case Study of Auditing Firms in Kigali, Rwanda
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
×
提示
您的信息不完整,为了账户安全,请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
现在去查看 取消
×
提示
确定
0
微信
客服QQ
Book学术公众号 扫码关注我们
反馈
×
意见反馈
请填写您的意见或建议
请填写您的手机或邮箱
已复制链接
已复制链接
快去分享给好友吧!
我知道了
×
扫码分享
扫码分享
Book学术官方微信
Book学术文献互助
Book学术文献互助群
群 号:481959085
Book学术
文献互助 智能选刊 最新文献 互助须知 联系我们:info@booksci.cn
Book学术提供免费学术资源搜索服务,方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。
Copyright © 2023 Book学术 All rights reserved.
ghs 京公网安备 11010802042870号 京ICP备2023020795号-1