Agency cost, market risk, investment opportunities and dividend policy - an international perspective

Article Abstract:

Keywords: Accounting research, Dividends, Stock ownership, Beta factor, Capital investment In this paper we examine the effects of agency cost, market risk, and investment opportunities on an international firm's dividend policy. We use institutional holdings, beta, and past growth and market-to-book value of stock, or its investment opportunity set, as proxies for agency cost, market risk, investment opportunities, respectively. The results support the earlier findings of negative effects of agency cost and market risk on dividend payouts, but do not support the negative relationship between dividend policy and investment opportunities. The results show an insignificant relationship between dividend policy and investment opportunities for the international firms in our sample.

United States, Research, Finance

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The gold standard: a critique of Friedman, Mundell, Hayek and Greenspan from the free enterprise perspective

Article Abstract:

An analysis of the views of free-market advocates Milton Friedman, Robert Mundell, Fredrich Hayek and Alan Greenspan reveals that not one of them has applied their economic theories to the examination of the effectiveness of the gold standard. Their silence of this key monetary issue is surprising since many economic theorists who work within the free-market model have studied and supported the use of the gold standard as an integral part of monetary policy.

Analysis, Economic policy, Greenspan, Alan, Free enterprise, Gold standard, Friedman, Milton, Mundell, Robert, Hayek, Fredrich

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