TAILIEUCHUNG - Distressed firms and dividend reductions

We are interested in the effects of dividend reduction decisions on the firms that make them. Research shows that dividends tend to follow earnings as earnings increase but are less likely to follow earnings down. We speculate that there must be a cost associated with dividend reductions that cause this reluctance to decrease dividends as earnings decline. We form several hypotheses related to potential costs. | http afr. Accounting and Finance Research Vol. 8 No. 1 2019 Distressed Firms and Dividend Reductions Steven C. Hall1 Vipin K. Agrawal2 Pushpa Agrawal1 1 Department of Accounting Finance and Economics University of Nebraska at Kearney USA 2 Department of Finance University of Texas at San Antonio USA Correspondence Steven C. Hall Department of Accounting Finance and Economics University of Nebraska at Kearney USA Received January 11 2019 Accepted February 20 2019 Online Published February 23 2019 doi URL https Abstract We are interested in the effects of dividend reduction decisions on the firms that make them. Research shows that dividends tend to follow earnings as earnings increase but are less likely to follow earnings down. We speculate that there must be a cost associated with dividend reductions that cause this reluctance to decrease dividends as earnings decline. We form several hypotheses related to potential costs. To test these hypotheses we examine changes in various financial ratios in each of the three years following a reduction in dividends. We also compare the changes in financial ratios of distressed dividend-reducing firms to those of distressed firms that did not reduce dividends and of non-distressed dividend-reducing firms to those of non-distressed firms that did not reduce dividends. Results do not indicate that there are costs but rather benefits of dividend reductions to both distressed and non-distressed firms. We find one cost of reducing dividends to non-distressed firms . a drop in the market value of the firm in the year following the dividend reduction. Keywords distressed firms dividend reduction 1. Introduction We are interested in the costs of dividend reductions on distressed and non-distressed firms. Research indicates that firms make dividend decisions to signal future earnings expectations and to distribute residual earnings or cash flows Aharony and Swary .

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