Dividend Changes and Future Earnings Performance： Evidence from UK Market  

作　　者：Gaoliang Tian Hanyue Zhang Yirong Cao 

机构地区：[1]Renmin University of China/Xi ＇an Jiaotong University [2]Xi ＇an Jiaotong University [3]University of Leeds

出　　处：《Journal of Modern Accounting and Auditing》2006年第2期40-47,共8页现代会计与审计（英文版）

基　　金：This paper is supported by National Natural Science Foundation of China （No. 7032053）, 2003 Key Research of the Humanities ＆ Social Science Program, Ministry of Education, P.R.C （No. 03JD630035）, and Education Department of Shaanxi Provice Scientific Research Program （No. 02JK011）.

摘　　要：This paper investigates the dividend signaling hypothesis, described here as the relationship between dividend changes and future earnings performance. We find that managers pursue different patterns in UK from that in US when making dividend policy. A positive and significant association between dividend changes and the growth of future earnings is observed in the immediately following year after dividend announced There isn＇t significant link in the longer future. These phenomena are caused by managers＇ near-eyesight in UK market. In addition, an interesting finding is that dividend decreases have larger negative influence on earnings growth than positive impact on earnings prospects of dividend increases. This is consistent with the infrequent occurrence of dividend reduction.

关 键 词：signal hypothesis cash dividend earnings performance behavioral finance 

分 类 号：F239[经济管理—会计学]