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Chapter 12 - Dividend and share repurchase decisions. This chapter include objectives: Define ‘dividend policy’ and understand some institutional features of dividends and share repurchases, explain why dividend policy is irrelevant to shareholders’ wealth in a perfect capital market with no taxes, outline the imputation and capital gains tax systems and explain their effects on returns to investors,. | Chapter 12: Dividend and Share Repurchase Decisions 1 1 1 1 1 1 1 1 1 1 Learning Objectives Define ‘dividend policy’ and understand some institutional features of dividends and share repurchases. Explain why dividend policy is irrelevant to shareholders’ wealth in a perfect capital market with no taxes. Outline the imputation and capital gains tax systems and explain their effects on returns to investors. 2 2 2 2 2 2 2 2 2 2 Learning Objectives (cont.) Identify the factors that may cause dividend policy to be important. Be familiar with the nature of share buybacks, dividend reinvestment plans and dividend election schemes. Outline the main factors that influence companies’ dividend policies. 3 3 3 3 3 3 3 3 3 2 Dividend Policy Business Decisions Investment Financing Dividend Dividend Policy Determining how much of a company’s profit is to be paid to shareholders as dividends and how much is to be retained. 4 4 4 4 4 4 4 4 4 3 Is there an Optimal Dividend Policy? In a perfect capital | Chapter 12: Dividend and Share Repurchase Decisions 1 1 1 1 1 1 1 1 1 1 Learning Objectives Define ‘dividend policy’ and understand some institutional features of dividends and share repurchases. Explain why dividend policy is irrelevant to shareholders’ wealth in a perfect capital market with no taxes. Outline the imputation and capital gains tax systems and explain their effects on returns to investors. 2 2 2 2 2 2 2 2 2 2 Learning Objectives (cont.) Identify the factors that may cause dividend policy to be important. Be familiar with the nature of share buybacks, dividend reinvestment plans and dividend election schemes. Outline the main factors that influence companies’ dividend policies. 3 3 3 3 3 3 3 3 3 2 Dividend Policy Business Decisions Investment Financing Dividend Dividend Policy Determining how much of a company’s profit is to be paid to shareholders as dividends and how much is to be retained. 4 4 4 4 4 4 4 4 4 3 Is there an Optimal Dividend Policy? In a perfect capital market, dividend policy has no impact on shareholders’ wealth and is, therefore, irrelevant. Introducing capital market imperfections, the following views exist: Dividend policy does not matter. A high dividend policy is best. A low dividend policy is best. 5 5 5 5 5 5 5 5 5 4 Institutional Features of Dividends Dividend Declaration Procedures Interim and final In Australia, if dividends are paid, we typically find two sorts, a final dividend is paid after the end of the accounting or reporting year. An interim dividend can be paid any time before the final report is released, usually after the half-yearly accounts are released. Cum-dividend period Period during which the share purchaser is qualified to receive a previously announced dividend. Ex-dividend date Shares purchased on or after the ex-dividend date do not include a right to the forthcoming dividend payment. 7 7 7 7 7 7 7 7 7 6 Declaration Date Date board of directors pass a resolution to pay a dividend. Record (Books .
