Testing Trade-Off and Pecking Order Predictions about Dividends and Debt

By Keith H. Black. 2002

2,685 citations recorded by the source corpus.

Subfields: Finance

View Paper: https://www.semanticscholar.org/paper/0f1f53f3ef3b32c9cfa85cdeafc7cf950923a32e

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Citations in the corpus

Variation sur le thème:"À la recherche de nouvelles fondations pour la finance et la gouvernance d'entreprise" (2002, background): “Par ailleurs, si on associe l’autofinancement à la politique de dividendes, ce qui n’est que partiellement fondé, les travaux de Fama et French (2001) révèlent qu’aux États-Unis la proportion de firmes cotées qui distribuent des dividendes en liquide est tombée de 66,5% en 1978 à 20,8% en 2001, ce q”
Do Tests of Capital Structure Theory Mean What They Say (2007, neutral): “15 See, for example, Titman and Wessels (1988), Fama and French (2002), and Baker and Wurgler (2002).”
Corporate Finance Policies and Social Networks (2017, methodology): “Appendix Definition of the Variables Used in the Paper Most of the definitions for the financial variables follow the measures used in Fama and French (2002) and are considered standard in the literature.”
The Effect of Auditor Quality on Financing Decisions (2009, methodology): “As an additional robustness check, similar to Fama and French (2002) and Flannery and Rangan (2006), we estimate a target adjustment model to investigate whether auditor quality also has a direct effect on a company’s capital structure by regressing the leverage ratio at time t on its lagged value, ”
Do Family Firms Use Dividend Policy as a Governance Mechanism? Evidence from the Euro Zone (2012, neutral): “Second, with our dividend measure we avoid the influential observation problem that arises when earnings are near zero (see Fama & French, 2002).”
Influence of bank concentration and institutions on capital structure: New international evidence (2008, methodology): “6 While Shyam-Sunder and Myers (1999) and Fama and French (2002) obtain results that are consistent with the predominance of the POT in the US, Flannery and Rangan (2006) suggest the TOT is more valid. Frank and Goyal (2003) and Leary and Roberts (2005) obtain evidence that supports both theories.”
The impact of firm and industry characteristics on small firms’ capital structure (2010, methodology): “Studies using large-company data find a negative relationship between debt and profitability (Titman and Wessels 1988; Van Dijk 1997; Fama and French 2002).”
Financial Flexibility and Capital Structure Decision (2011, methodology): “Our findings also answers why most equity issuances occur when firms have sufficient debt capacity (Fama and French (2002) and Leary and Roberts (2005a)), “without any apparent risk of entering financial distress from issuing debt.”
Control Structures and Payout Policy (2007, neutral): “Some investments are hardly deferrable and even a temporary lack of available resources may force a firm to forego an attractive project (Fama and French, 2002).”