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

Sorin Gabriel Anton

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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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What this paper is about

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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OpenAlex reports 61 citations for this work. Citation counts describe recorded attention and do not establish research quality.

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Available 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.

Key concepts: Romanian, Dividend policy, Panel data, Enterprise value, Business, Value (mathematics), Dividend, Accounting

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