Aziz Mirzabekov
In this chapter empirical, practical and theoretical background
of the chosen researchproblemoutlined and determined. The
background of the research question will beresult main goal of the
thesisquestion,
1.1
In 161661 the first dividends onpaying dividends on shares
continues in our timesmajor studies andStatespublished in 1956. In
his research he examined 28 US companies in the period from1947 to
1953 and identified the pattern according to which the studied
companies spentrelatively constquestion which is still relevant in
our times:the size, shapeby1961. Authors scrutinized the effects of
dividend paymentdividend puzzle is the finance concept in which
dividends do affectinvestors prefer dividend paying
companiesviewtried to explain this puzzle as a result of
uncertairelated matters
Even half a centuryfactors which determine the choice of
parameters ofstochastic influencethesis tries to explain the
effects of manager decisions on dividend policypoint the impact of
dividend payment decisions oncapital structure
Dynamically developingfurther development, expansion and
modernization of production, development of newtechnologies and
products. In order to attract new investments companies
shouldcontinue improving investment adividend policy plays a major
role in achieving this goal. Withoutthere cannotwhere
Aziz Mirzabekov
In this chapter empirical, practical and theoretical background
of the chosen researchproblemoutlined and determined. The
background of the research question will beresult main goal of the
thesisquestion,
1.1
In 161661 the first dividends onpaying dividends on shares
continues in our timesmajor studies andStatespublished in 1956. In
his research he examined 28 US companies in the period from1947 to
1953 and identified the pattern according to which the studied
companies spentrelatively constquestion which is still relevant in
our times:the size, shapeby Miller1961. Authors scrutinized the
effects of dividend paymentdividend puzzle is the finance concept
in which dividends do affectinvestors prefer dividend paying
companiesviewtried to explain this puzzle as a result of
uncertairelated matters
Even half a centuryfactors which determine the choice of
parameters ofstochastic influencethesis tries to explain the
effects of manager decisions on dividend policypoint the impact of
dividend payment decisions oncapital structure
Dynamically developingfurther development, expansion and
modernization of production, development of newtechnologies and
products. In order to attract new investments companies
shouldcontinue improving investment adividend policy plays a major
role in achieving this goal. Withoutthere cannotwhere
Aziz Mirzabekov
In this chapter empirical, practical and theoretical background
of the chosen researchproblemoutlined and determined. The
background of the research question will beresult main goal of the
thesisquestion,
1.1 Background
In 1613 the first joint1661 the first dividends onpaying
dividends on shares continues in our timesmajor studies andStates.
Intensive apublished in 1956. In his research he examined 28 US
companies in the period from1947 to 1953 and identified the pattern
according to which the studied companies spentrelatively
constquestion which is still relevant in our times:the size,
shape
Miller1961. Authors scrutinized the effects of dividend
paymentdividend puzzle is the finance concept in which dividends do
affectinvestors prefer dividend paying companiesview ittried to
explain this puzzle as a result of uncertairelated matters
Even half a centuryfactors which determine the choice of
parameters ofstochastic influencethesis tries to explain the
effects of manager decisions on dividend policypoint the impact of
dividend payment decisions oncapital structure
Dynamically developingfurther development, expansion and
modernization of production, development of newtechnologies and
products. In order to attract new investments companies
shouldcontinue improving investment adividend policy plays a major
role in achieving this goal. Withoutthere cannotwhere stable extra
dividends paid
Aziz Mirzabekov
In this chapter empirical, practical and theoretical background
of the chosen researchproblem woutlined and determined. The
background of the research question will beresult main goal of the
thesisquestion, limitations
Background
13 the first joint1661 the first dividends onpaying dividends on
shares continues in our timesmajor studies and
Intensive apublished in 1956. In his research he examined 28 US
companies in the period from1947 to 1953 and identified the pattern
according to which the studied companies spentrelatively
constquestion which is still relevant in our times:the size,
shape
Miller-Modigliani as a result dividend puzzle was introduced and
evolved in 19591961. Authors scrutinized the effects of dividend
paymentdividend puzzle is the finance concept in which dividends do
affectinvestors prefer dividend paying companies
it should not mattertried to explain this puzzle as a result of
uncertairelated matters
Even half a centuryfactors which determine the choice of
parameters ofstochastic influencethesis tries to explain the
effects of manager decisions on dividend policypoint the impact of
dividend payment decisions oncapital structure
Dynamically developingfurther development, expansion and
modernization of production, development of newtechnologies and
products. In order to attract new investments companies
shouldcontinue improving investment adividend policy plays a major
role in achieving this goal. Withoutthere cannot
stable extra dividends paid
Aziz Mirzabekov
In this chapter empirical, practical and theoretical background
of the chosen researchwill be introduced. As well as gaps in
understanding the problem will be
outlined and determined. The background of the research question
will beresult main goal of the thesis
limitations
Background
13 the first joint1661 the first dividends onpaying dividends on
shares continues in our timesmajor studies and
Intensive apublished in 1956. In his research he examined 28 US
companies in the period from1947 to 1953 and identified the pattern
according to which the studied companies spentrelatively
constquestion which is still relevant in our times:the size,
shape
Modigliani as a result dividend puzzle was introduced and
evolved in 19591961. Authors scrutinized the effects of dividend
paymentdividend puzzle is the finance concept in which dividends do
affectinvestors prefer dividend paying companies
should not mattertried to explain this puzzle as a result of
uncertairelated matters
Even half a centuryfactors which determine the choice of
parameters ofstochastic influencethesis tries to explain the
effects of manager decisions on dividend policypoint the impact of
dividend payment decisions oncapital structure
Dynamically developingfurther development, expansion and
modernization of production, development of newtechnologies and
products. In order to attract new investments companies
shouldcontinue improving investment adividend policy plays a major
role in achieving this goal. Withoutthere cannot be a reasonable
investment policy
stable extra dividends paid
Aziz Mirzabekov
In this chapter empirical, practical and theoretical background
of the chosen researchill be introduced. As well as gaps in
understanding the problem will be
outlined and determined. The background of the research question
will beresult main goal of the thesis
limitations
Background
13 the first joint1661 the first dividends onpaying dividends on
shares continues in our timesmajor studies and
Intensive apublished in 1956. In his research he examined 28 US
companies in the period from1947 to 1953 and identified the pattern
according to which the studied companies spentrelatively constant
share of the profits to pay dividends.question which is still
relevant in our times:the size, shape and timing of dividend
payments?
Modigliani as a result dividend puzzle was introduced and
evolved in 19591961. Authors scrutinized the effects of dividend
paymentdividend puzzle is the finance concept in which dividends do
affectinvestors prefer dividend paying companies
should not mattertried to explain this puzzle as a result of
uncertairelated matters.
Even half a centuryfactors which determine the choice of
parameters ofstochastic influencethesis tries to explain the
effects of manager decisions on dividend policypoint the impact of
dividend payment decisions oncapital structure
Dynamically developingfurther development, expansion and
modernization of production, development of newtechnologies and
products. In order to attract new investments companies
shouldcontinue improving investment adividend policy plays a major
role in achieving this goal. Without
be a reasonable investment policystable extra dividends paid
Aziz Mirzabekov
In this chapter empirical, practical and theoretical background
of the chosen researchill be introduced. As well as gaps in
understanding the problem will be
outlined and determined. The background of the research question
will beresult main goal of the thesis
limitations
Background
13 the first joint1661 the first dividends onpaying dividends on
shares continues in our timesmajor studies and
Intensive attempts to explain dividend policy began with the
study of D. Lintner,published in 1956. In his research he examined
28 US companies in the period from1947 to 1953 and identified the
pattern according to which the studied companies spent
ant share of the profits to pay dividends.question which is
still relevant in our times:
and timing of dividend payments?Modigliani as a result dividend
puzzle was introduced and evolved in 1959
1961. Authors scrutinized the effects of dividend
paymentdividend puzzle is the finance concept in which dividends do
affectinvestors prefer dividend paying companies
should not mattertried to explain this puzzle as a result of
uncertai
Even half a centuryfactors which determine the choice of
parameters ofstochastic influencethesis tries to explain the
effects of manager decisions on dividend policypoint the impact of
dividend payment decisions oncapital structure, market
liquidity
Dynamically developingfurther development, expansion and
modernization of production, development of newtechnologies and
products. In order to attract new investments companies
shouldcontinue improving investment adividend policy plays a major
role in achieving this goal. Without
be a reasonable investment policystable extra dividends paid
In this chapter empirical, practical and theoretical background
of the chosen researchill be introduced. As well as gaps in
understanding the problem will be
outlined and determined. The background of the research question
will beresult main goal of the thesis
limitations of the results and
Background
13 the first joint1661 the first dividends onpaying dividends on
shares continues in our times
formation of dividend policy rules were developed in the
Uttempts to explain dividend policy began with the study of D.
Lintner,
published in 1956. In his research he examined 28 US companies
in the period from1947 to 1953 and identified the pattern according
to which the studied companies spent
ant share of the profits to pay dividends.question which is
still relevant in our times:
and timing of dividend payments?Modigliani as a result dividend
puzzle was introduced and evolved in 1959
1961. Authors scrutinized the effects of dividend
paymentdividend puzzle is the finance concept in which dividends do
affectinvestors prefer dividend paying companies
should not mattertried to explain this puzzle as a result of
uncertai
Even half a century passed,factors which determine the choice of
parameters ofstochastic influence of dividends on the mthesis tries
to explain the effects of manager decisions on dividend policypoint
the impact of dividend payment decisions on
, market liquidity
Dynamically developingfurther development, expansion and
modernization of production, development of newtechnologies and
products. In order to attract new investments companies
shouldcontinue improving investment adividend policy plays a major
role in achieving this goal. Without
be a reasonable investment policystable extra dividends paid
In this chapter empirical, practical and theoretical background
of the chosen researchill be introduced. As well as gaps in
understanding the problem will be
outlined and determined. The background of the research question
will beresult main goal of the thesis
of the results and
13 the first joint-stock shares of British East India Company
were issued and in1661 the first dividends onpaying dividends on
shares continues in our times
formation of dividend policy rules were developed in the
Uttempts to explain dividend policy began with the study of D.
Lintner,
published in 1956. In his research he examined 28 US companies
in the period from1947 to 1953 and identified the pattern according
to which the studied companies spent
ant share of the profits to pay dividends.question which is
still relevant in our times:
and timing of dividend payments?Modigliani as a result dividend
puzzle was introduced and evolved in 1959
1961. Authors scrutinized the effects of dividend
paymentdividend puzzle is the finance concept in which dividends do
affectinvestors prefer dividend paying companies
should not mattertried to explain this puzzle as a result of
uncertai
passed,factors which determine the choice of parameters of
of dividends on the mthesis tries to explain the effects of
manager decisions on dividend policypoint the impact of dividend
payment decisions on
, market liquidity
Dynamically developingfurther development, expansion and
modernization of production, development of newtechnologies and
products. In order to attract new investments companies
shouldcontinue improving investment adividend policy plays a major
role in achieving this goal. Without
be a reasonable investment policystable extra dividends paid
In this chapter empirical, practical and theoretical background
of the chosen researchill be introduced. As well as gaps in
understanding the problem will be
outlined and determined. The background of the research question
will beresult main goal of the thesis
of the results and
stock shares of British East India Company were issued and
in1661 the first dividends onpaying dividends on shares continues
in our times
formation of dividend policy rules were developed in the
Uttempts to explain dividend policy began with the study of D.
Lintner,
published in 1956. In his research he examined 28 US companies
in the period from1947 to 1953 and identified the pattern according
to which the studied companies spent
ant share of the profits to pay dividends.question which is
still relevant in our times:
and timing of dividend payments?Modigliani as a result dividend
puzzle was introduced and evolved in 1959
1961. Authors scrutinized the effects of dividend
paymentdividend puzzle is the finance concept in which dividends do
affectinvestors prefer dividend paying companies
should not matter for investors (Cohen, 2002tried to explain
this puzzle as a result of uncertai
passed,factors which determine the choice of parameters of
of dividends on the mthesis tries to explain the effects of
manager decisions on dividend policypoint the impact of dividend
payment decisions on
, market liquidity
Dynamically developing companies require a constant inflow of
investments needed forfurther development, expansion and
modernization of production, development of newtechnologies and
products. In order to attract new investments companies
shouldcontinue improving investment adividend policy plays a major
role in achieving this goal. Without
be a reasonable investment policystable extra dividends paid
In this chapter empirical, practical and theoretical background
of the chosen researchill be introduced. As well as gaps in
understanding the problem will be
outlined and determined. The background of the research question
will beresult main goal of the thesis
of the results and
stock shares of British East India Company were issued and
in1661 the first dividends on these shares were declared. Once
begun, the tradition ofpaying dividends on shares continues in our
times
formation of dividend policy rules were developed in the
Uttempts to explain dividend policy began with the study of D.
Lintner,
published in 1956. In his research he examined 28 US companies
in the period from1947 to 1953 and identified the pattern according
to which the studied companies spent
ant share of the profits to pay dividends.question which is
still relevant in our times:
and timing of dividend payments?Modigliani as a result dividend
puzzle was introduced and evolved in 1959
1961. Authors scrutinized the effects of dividend
paymentdividend puzzle is the finance concept in which dividends do
affectinvestors prefer dividend paying companies
for investors (Cohen, 2002tried to explain this puzzle as a
result of uncertai
passed, the question remains acute because offactors which
determine the choice of parameters of
of dividends on the mthesis tries to explain the effects of
manager decisions on dividend policypoint the impact of dividend
payment decisions on
, market liquidity
companies require a constant inflow of investments needed
forfurther development, expansion and modernization of production,
development of newtechnologies and products. In order to attract
new investments companies shouldcontinue improving investment
adividend policy plays a major role in achieving this goal.
Without
be a reasonable investment policystable extra dividends paid
In this chapter empirical, practical and theoretical background
of the chosen researchill be introduced. As well as gaps in
understanding the problem will be
outlined and determined. The background of the research question
will beresult main goal of the thesis is going to be formulated
of the results and
stock shares of British East India Company were issued and
inthese shares were declared. Once begun, the tradition of
paying dividends on shares continues in our timesformation of
dividend policy rules were developed in the U
ttempts to explain dividend policy began with the study of D.
Lintner,published in 1956. In his research he examined 28 US
companies in the period from1947 to 1953 and identified the pattern
according to which the studied companies spent
ant share of the profits to pay dividends.question which is
still relevant in our times:
and timing of dividend payments?Modigliani as a result dividend
puzzle was introduced and evolved in 1959
1961. Authors scrutinized the effects of dividend
paymentdividend puzzle is the finance concept in which dividends do
affectinvestors prefer dividend paying companies
for investors (Cohen, 2002tried to explain this puzzle as a
result of uncertai
the question remains acute because offactors which determine the
choice of parameters of
of dividends on the mthesis tries to explain the effects of
manager decisions on dividend policypoint the impact of dividend
payment decisions on
, market liquidity
companies require a constant inflow of investments needed
forfurther development, expansion and modernization of production,
development of newtechnologies and products. In order to attract
new investments companies shouldcontinue improving investment
adividend policy plays a major role in achieving this goal.
Without
be a reasonable investment policystable extra dividends paid
like a puzzle with pieces that just dont fit together
In this chapter empirical, practical and theoretical background
of the chosen researchill be introduced. As well as gaps in
understanding the problem will be
outlined and determined. The background of the research question
will beis going to be formulated
of the results and
stock shares of British East India Company were issued and
inthese shares were declared. Once begun, the tradition of
paying dividends on shares continues in our timesformation of
dividend policy rules were developed in the U
ttempts to explain dividend policy began with the study of D.
Lintner,published in 1956. In his research he examined 28 US
companies in the period from1947 to 1953 and identified the pattern
according to which the studied companies spent
ant share of the profits to pay dividends.question which is
still relevant in our times:
and timing of dividend payments?Modigliani as a result dividend
puzzle was introduced and evolved in 1959
1961. Authors scrutinized the effects of dividend
paymentdividend puzzle is the finance concept in which dividends do
affectinvestors prefer dividend paying companies
for investors (Cohen, 2002tried to explain this puzzle as a
result of uncertai
the question remains acute because offactors which determine the
choice of parameters of
of dividends on the mthesis tries to explain the effects of
manager decisions on dividend policypoint the impact of dividend
payment decisions on
, market liquidity.
companies require a constant inflow of investments needed
forfurther development, expansion and modernization of production,
development of newtechnologies and products. In order to attract
new investments companies shouldcontinue improving investment
adividend policy plays a major role in achieving this goal.
Without
be a reasonable investment policystable extra dividends paid
The harder we look at the dividend picture, the more it
seemslike a puzzle with pieces that just dont fit together
In this chapter empirical, practical and theoretical background
of the chosen researchill be introduced. As well as gaps in
understanding the problem will be
outlined and determined. The background of the research question
will beis going to be formulated
of the results and
stock shares of British East India Company were issued and
inthese shares were declared. Once begun, the tradition of
paying dividends on shares continues in our timesformation of
dividend policy rules were developed in the U
ttempts to explain dividend policy began with the study of D.
Lintner,published in 1956. In his research he examined 28 US
companies in the period from1947 to 1953 and identified the pattern
according to which the studied companies spent
ant share of the profits to pay dividends.question which is
still relevant in our times:
and timing of dividend payments?Modigliani as a result dividend
puzzle was introduced and evolved in 1959
1961. Authors scrutinized the effects of dividend
paymentdividend puzzle is the finance concept in which dividends do
affectinvestors prefer dividend paying companies
for investors (Cohen, 2002tried to explain this puzzle as a
result of uncertai
the question remains acute because offactors which determine the
choice of parameters of
of dividends on the mthesis tries to explain the effects of
manager decisions on dividend policypoint the impact of dividend
payment decisions on
companies require a constant inflow of investments needed
forfurther development, expansion and modernization of production,
development of newtechnologies and products. In order to attract
new investments companies shouldcontinue improving investment
attractiveness.dividend policy plays a major role in achieving this
goal. Without
be a reasonable investment policystable extra dividends paid in
addition to
The harder we look at the dividend picture, the more it
seemslike a puzzle with pieces that just dont fit together
In this chapter empirical, practical and theoretical background
of the chosen researchill be introduced. As well as gaps in
understanding the problem will be
outlined and determined. The background of the research question
will beis going to be formulated
of the results and thesis disposition
stock shares of British East India Company were issued and
inthese shares were declared. Once begun, the tradition of
paying dividends on shares continues in our timesformation of
dividend policy rules were developed in the U
ttempts to explain dividend policy began with the study of D.
Lintner,published in 1956. In his research he examined 28 US
companies in the period from1947 to 1953 and identified the pattern
according to which the studied companies spent
ant share of the profits to pay dividends.question which is
still relevant in our times:
and timing of dividend payments?Modigliani as a result dividend
puzzle was introduced and evolved in 1959
1961. Authors scrutinized the effects of dividend
paymentdividend puzzle is the finance concept in which dividends do
affectinvestors prefer dividend paying companies
for investors (Cohen, 2002tried to explain this puzzle as a
result of uncertai
the question remains acute because offactors which determine the
choice of parameters of
of dividends on the mthesis tries to explain the effects of
manager decisions on dividend policypoint the impact of dividend
payment decisions on
companies require a constant inflow of investments needed
forfurther development, expansion and modernization of production,
development of newtechnologies and products. In order to attract
new investments companies should
ttractiveness.dividend policy plays a major role in achieving
this goal. Without
be a reasonable investment policyin addition to
The harder we look at the dividend picture, the more it
seemslike a puzzle with pieces that just dont fit together
In this chapter empirical, practical and theoretical background
of the chosen researchill be introduced. As well as gaps in
understanding the problem will be
outlined and determined. The background of the research question
will beis going to be formulated
thesis disposition
stock shares of British East India Company were issued and
inthese shares were declared. Once begun, the tradition of
paying dividends on shares continues in our timesformation of
dividend policy rules were developed in the U
ttempts to explain dividend policy began with the study of D.
Lintner,published in 1956. In his research he examined 28 US
companies in the period from1947 to 1953 and identified the pattern
according to which the studied companies spent
ant share of the profits to pay dividends.question which is
still relevant in our times:
and timing of dividend payments?Modigliani as a result dividend
puzzle was introduced and evolved in 1959
1961. Authors scrutinized the effects of dividend
paymentdividend puzzle is the finance concept in which dividends do
affectinvestors prefer dividend paying companies
for investors (Cohen, 2002tried to explain this puzzle as a
result of uncertai
the question remains acute because offactors which determine the
choice of parameters of
of dividends on the mthesis tries to explain the effects of
manager decisions on dividend policypoint the impact of dividend
payment decisions on
companies require a constant inflow of investments needed
forfurther development, expansion and modernization of production,
development of newtechnologies and products. In order to attract
new investments companies should
ttractiveness.dividend policy plays a major role in achieving
this goal. Without
be a reasonable investment policyin addition to
The harder we look at the dividend picture, the more it
seemslike a puzzle with pieces that just dont fit together
In this chapter empirical, practical and theoretical background
of the chosen researchill be introduced. As well as gaps in
understanding the problem will be
outlined and determined. The background of the research question
will beis going to be formulated
thesis disposition
stock shares of British East India Company were issued and
inthese shares were declared. Once begun, the tradition of
paying dividends on shares continues in our timesformation of
dividend policy rules were developed in the U
ttempts to explain dividend policy began with the study of D.
Lintner,published in 1956. In his research he examined 28 US
companies in the period from1947 to 1953 and identified the pattern
according to which the studied companies spent
ant share of the profits to pay dividends.question which is
still relevant in our times: what
and timing of dividend payments?Modigliani as a result dividend
puzzle was introduced and evolved in 1959
1961. Authors scrutinized the effects of dividend
paymentdividend puzzle is the finance concept in which dividends do
affectinvestors prefer dividend paying companies even though
for investors (Cohen, 2002tried to explain this puzzle as a
result of uncertai
the question remains acute because offactors which determine the
choice of parameters of
of dividends on the market capitalizationthesis tries to explain
the effects of manager decisions on dividend policypoint the impact
of dividend payment decisions on
companies require a constant inflow of investments needed
forfurther development, expansion and modernization of production,
development of newtechnologies and products. In order to attract
new investments companies should
ttractiveness.dividend policy plays a major role in achieving
this goal. Without
be a reasonable investment policyin addition to
The harder we look at the dividend picture, the more it
seemslike a puzzle with pieces that just dont fit together
In this chapter empirical, practical and theoretical background
of the chosen researchill be introduced. As well as gaps in
understanding the problem will be
outlined and determined. The background of the research question
will beis going to be formulated
thesis disposition
stock shares of British East India Company were issued and
inthese shares were declared. Once begun, the tradition of
paying dividends on shares continues in our timesformation of
dividend policy rules were developed in the U
ttempts to explain dividend policy began with the study of D.
Lintner,published in 1956. In his research he examined 28 US
companies in the period from1947 to 1953 and identified the pattern
according to which the studied companies spent
ant share of the profits to pay dividends.what
and timing of dividend payments?Modigliani as a result dividend
puzzle was introduced and evolved in 1959
1961. Authors scrutinized the effects of dividend
paymentdividend puzzle is the finance concept in which dividends do
affect
even thoughfor investors (Cohen, 2002
tried to explain this puzzle as a result of uncertai
the question remains acute because offactors which determine the
choice of parameters of
arket capitalizationthesis tries to explain the effects of
manager decisions on dividend policypoint the impact of dividend
payment decisions on
companies require a constant inflow of investments needed
forfurther development, expansion and modernization of production,
development of newtechnologies and products. In order to attract
new investments companies should
ttractiveness.dividend policy plays a major role in achieving
this goal. Without
be a reasonable investment policy; all isin addition to
The harder we look at the dividend picture, the more it
seemslike a puzzle with pieces that just dont fit together
In this chapter empirical, practical and theoretical background
of the chosen researchill be introduced. As well as gaps in
understanding the problem will be
outlined and determined. The background of the research question
will beis going to be formulated
thesis disposition
stock shares of British East India Company were issued and
inthese shares were declared. Once begun, the tradition of
paying dividends on shares continues in our times (Scott,
1formation of dividend policy rules were developed in the U
ttempts to explain dividend policy began with the study of D.
Lintner,published in 1956. In his research he examined 28 US
companies in the period from1947 to 1953 and identified the pattern
according to which the studied companies spent
ant share of the profits to pay dividends.what choices made by
managers do affect
and timing of dividend payments?Modigliani as a result dividend
puzzle was introduced and evolved in 1959
1961. Authors scrutinized the effects of dividend
paymentdividend puzzle is the finance concept in which dividends do
affect
even thoughfor investors (Cohen, 2002
tried to explain this puzzle as a result of uncertai
the question remains acute because offactors which determine the
choice of parameters of
arket capitalizationthesis tries to explain the effects of
manager decisions on dividend policypoint the impact of dividend
payment decisions on
companies require a constant inflow of investments needed
forfurther development, expansion and modernization of production,
development of newtechnologies and products. In order to attract
new investments companies should
I believe that odividend policy plays a major role in achieving
this goal. Without
all isin addition to the
The harder we look at the dividend picture, the more it
seemslike a puzzle with pieces that just dont fit together
In this chapter empirical, practical and theoretical background
of the chosen researchill be introduced. As well as gaps in
understanding the problem will be
outlined and determined. The background of the research question
will beis going to be formulated
thesis disposition
stock shares of British East India Company were issued and
inthese shares were declared. Once begun, the tradition of
(Scott, 1formation of dividend policy rules were developed in
the U
ttempts to explain dividend policy began with the study of D.
Lintner,published in 1956. In his research he examined 28 US
companies in the period from1947 to 1953 and identified the pattern
according to which the studied companies spent
ant share of the profits to pay dividends.choices made by
managers do affectLater analogous research was made
Modigliani as a result dividend puzzle was introduced and
evolved in 19591961. Authors scrutinized the effects of dividend
paymentdividend puzzle is the finance concept in which dividends do
affect
even thoughfor investors (Cohen, 2002, p. 93
tried to explain this puzzle as a result of uncertainties,
behavioural finance,
the question remains acute because offactors which determine the
choice of parameters of
arket capitalizationthesis tries to explain the effects of
manager decisions on dividend policypoint the impact of dividend
payment decisions on
companies require a constant inflow of investments needed
forfurther development, expansion and modernization of production,
development of newtechnologies and products. In order to attract
new investments companies should
I believe that odividend policy plays a major role in achieving
this goal. Without
all is equalthe
The harder we look at the dividend picture, the more it
seemslike a puzzle with pieces that just dont fit together
In this chapter empirical, practical and theoretical background
of the chosen researchill be introduced. As well as gaps in
understanding the problem will be
outlined and determined. The background of the research question
will beis going to be formulated. Reasons for choosing research
thesis disposition will be closing the chapter.
stock shares of British East India Company were issued and
inthese shares were declared. Once begun, the tradition of
(Scott, 1formation of dividend policy rules were developed in
the U
ttempts to explain dividend policy began with the study of D.
Lintner,published in 1956. In his research he examined 28 US
companies in the period from1947 to 1953 and identified the pattern
according to which the studied companies spent
ant share of the profits to pay dividends.choices made by
managers do affectLater analogous research was made
Modigliani as a result dividend puzzle was introduced and
evolved in 19591961. Authors scrutinized the effects of dividend
paymentdividend puzzle is the finance concept in which dividends do
affect
even thoughp. 93
nties, behavioural finance,
the question remains acute because offactors which determine the
choice of parameters of the
arket capitalizationthesis tries to explain the effects of
manager decisions on dividend policypoint the impact of dividend
payment decisions on companies
companies require a constant inflow of investments needed
forfurther development, expansion and modernization of production,
development of newtechnologies and products. In order to attract
new investments companies should
I believe that odividend policy plays a major role in achieving
this goal. Without
equalthe capital gains
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seemslike a puzzle with pieces that just dont fit together
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of the chosen researchill be introduced. As well as gaps in
understanding the problem will be
outlined and determined. The background of the research question
will beReasons for choosing researchwill be closing the
chapter.
stock shares of British East India Company were issued and
inthese shares were declared. Once begun, the tradition of
(Scott, 1951formation of dividend policy rules were developed in
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ttempts to explain dividend policy began with the study of D.
Lintner,published in 1956. In his research he examined 28 US
companies in the period from1947 to 1953 and identified the pattern
according to which the studied companies spent
ant share of the profits to pay dividends.choices made by
managers do affectLater analogous research was made
Modigliani as a result dividend puzzle was introduced and
evolved in 19591961. Authors scrutinized the effects of dividend
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concept in which dividends do affect
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nties, behavioural finance,
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arket capitalizationthesis tries to explain the effects of
manager decisions on dividend policy
companies
companies require a constant inflow of investments needed
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development of newtechnologies and products. In order to attract
new investments companies should
I believe that odividend policy plays a major role in achieving
this goal. Without
equal investor chooses a company,capital gains
The harder we look at the dividend picture, the more it
seemslike a puzzle with pieces that just dont fit together
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of the chosen researchill be introduced. As well as gaps in
understanding the problem will be
outlined and determined. The background of the research question
will beReasons for choosing researchwill be closing the
chapter.
stock shares of British East India Company were issued and
inthese shares were declared. Once begun, the tradition of
951formation of dividend policy rules were developed in the
U
ttempts to explain dividend policy began with the study of D.
Lintner,published in 1956. In his research he examined 28 US
companies in the period from1947 to 1953 and identified the pattern
according to which the studied companies spent
ant share of the profits to pay dividends. J. Lintner tried to
ask thechoices made by managers do affectLater analogous research
was made
Modigliani as a result dividend puzzle was introduced and
evolved in 1959on investors behaviour.
dividend puzzle is the finance concept in which dividends do
affectfrom the theoretical point of). A great deal
nties, behavioural finance,
the question remains acute because ofthe dividend policy, and
often
arket capitalizationthesis tries to explain the effects of
manager decisions on dividend policy
companies
companies require a constant inflow of investments needed
forfurther development, expansion and modernization of production,
development of newtechnologies and products. In order to attract
new investments companies should
I believe that odividend policy plays a major role in achieving
this goal. Without
investor chooses a company,capital gains
The harder we look at the dividend picture, the more it
seemslike a puzzle with pieces that just dont fit together
In this chapter empirical, practical and theoretical background
of the chosen researchill be introduced. As well as gaps in
understanding the problem will be
outlined and determined. The background of the research question
will beReasons for choosing researchwill be closing the
chapter.
stock shares of British East India Company were issued and
inthese shares were declared. Once begun, the tradition of
951, pformation of dividend policy rules were developed in the
U
ttempts to explain dividend policy began with the study of D.
Lintner,published in 1956. In his research he examined 28 US
companies in the period from1947 to 1953 and identified the pattern
according to which the studied companies spent
J. Lintner tried to ask thechoices made by managers do
affectLater analogous research was made
Modigliani as a result dividend puzzle was introduced and
evolved in 1959on investors behaviour.
dividend puzzle is the finance concept in which dividends do
affectfrom the theoretical point of
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the question remains acute because ofdividend policy, and
often
arket capitalization of the company.thesis tries to explain the
effects of manager decisions on dividend policy
companies
companies require a constant inflow of investments needed
forfurther development, expansion and modernization of production,
development of newtechnologies and products. In order to attract
new investments companies should
I believe that odividend policy plays a major role in achieving
this goal. Without
investor chooses a company,capital gains
Master Thesis, 15 hp
The harder we look at the dividend picture, the more it
seemslike a puzzle with pieces that just dont fit together
In this chapter empirical, practical and theoretical background
of the chosen researchill be introduced. As well as gaps in
understanding the problem will be
outlined and determined. The background of the research question
will beReasons for choosing researchwill be closing the
chapter.
stock shares of British East India Company were issued and
inthese shares were declared. Once begun, the tradition of
, pp. 130formation of dividend policy rules were developed in
the U
ttempts to explain dividend policy began with the study of D.
Lintner,published in 1956. In his research he examined 28 US
companies in the period from1947 to 1953 and identified the pattern
according to which the studied companies spent
J. Lintner tried to ask thechoices made by managers do
affectLater analogous research was made
Modigliani as a result dividend puzzle was introduced and
evolved in 1959on investors behaviour.
dividend puzzle is the finance concept in which dividends do
affectfrom the theoretical point of
A great dealnties, behavioural finance,
the question remains acute because ofdividend policy, and
often
of the company.thesis tries to explain the effects of manager
decisions on dividend policy
financial figures e.g.
companies require a constant inflow of investments needed
forfurther development, expansion and modernization of production,
development of newtechnologies and products. In order to attract
new investments companies should
I believe that optimization of thedividend policy plays a major
role in achieving this goal. Without clear
investor chooses a company,capital gains
Master Thesis, 15 hp
The harder we look at the dividend picture, the more it
seemslike a puzzle with pieces that just dont fit together
In this chapter empirical, practical and theoretical background
of the chosen researchill be introduced. As well as gaps in
understanding the problem will be
outlined and determined. The background of the research question
will beReasons for choosing researchwill be closing the
chapter.
stock shares of British East India Company were issued and
inthese shares were declared. Once begun, the tradition of
. 130formation of dividend policy rules were developed in the
U
ttempts to explain dividend policy began with the study of D.
Lintner,published in 1956. In his research he examined 28 US
companies in the period from1947 to 1953 and identified the pattern
according to which the studied companies spent
J. Lintner tried to ask thechoices made by managers do
affectLater analogous research was made
Modigliani as a result dividend puzzle was introduced and
evolved in 1959on investors behaviour.
dividend puzzle is the finance concept in which dividends do
affect on share price anfrom the theoretical point of
A great dealnties, behavioural finance,
the question remains acute because of adividend policy, and
often
of the company.thesis tries to explain the effects of manager
decisions on dividend policy
financial figures e.g.
companies require a constant inflow of investments needed
forfurther development, expansion and modernization of production,
development of newtechnologies and products. In order to attract
new investments companies should
ptimization of theclear
investor chooses a company,capital gains arising from
Master Thesis, 15 hp
The harder we look at the dividend picture, the more it
seemslike a puzzle with pieces that just dont fit together
In this chapter empirical, practical and theoretical background
of the chosen researchill be introduced. As well as gaps in
understanding the problem will be
outlined and determined. The background of the research question
will beReasons for choosing researchwill be closing the
chapter.
stock shares of British East India Company were issued and
inthese shares were declared. Once begun, the tradition of
. 130-132formation of dividend policy rules were developed in
the U
ttempts to explain dividend policy began with the study of D.
Lintner,published in 1956. In his research he examined 28 US
companies in the period from1947 to 1953 and identified the pattern
according to which the studied companies spent
J. Lintner tried to ask thechoices made by managers do
affectLater analogous research was made
Modigliani as a result dividend puzzle was introduced and
evolved in 1959on investors behaviour.
on share price anfrom the theoretical point of
A great dealnties, behavioural finance,
a large number ofdividend policy, and often
of the company.thesis tries to explain the effects of manager
decisions on dividend policy
financial figures e.g.
companies require a constant inflow of investments needed
forfurther development, expansion and modernization of production,
development of newtechnologies and products. In order to attract
new investments companies should
ptimization of theclear dividend policy
investor chooses a company,arising from
Master Thesis, 15 hp
The harder we look at the dividend picture, the more it
seemslike a puzzle with pieces that just dont fit together
In this chapter empirical, practical and theoretical background
of the chosen researchill be introduced. As well as gaps in
understanding the problem will be
outlined and determined. The background of the research question
will be reviled;Reasons for choosing researchwill be closing the
chapter.
stock shares of British East India Company were issued and
inthese shares were declared. Once begun, the tradition of
132)formation of dividend policy rules were developed in the
U
ttempts to explain dividend policy began with the study of D.
Lintner,published in 1956. In his research he examined 28 US
companies in the period from1947 to 1953 and identified the pattern
according to which the studied companies spent
J. Lintner tried to ask thechoices made by managers do
affectLater analogous research was made
Modigliani as a result dividend puzzle was introduced and
evolved in 1959on investors behaviour.
on share price anfrom the theoretical point of
of researchesnties, behavioural finance,
large number ofdividend policy, and often
of the company.thesis tries to explain the effects of manager
decisions on dividend policy and in some
financial figures e.g.
companies require a constant inflow of investments needed
forfurther development, expansion and modernization of production,
development of newtechnologies and products. In order to attract
new investments companies should
ptimization of thedividend policy
investor chooses a company,arising from
Master Thesis, 15 hp
The harder we look at the dividend picture, the more it seems
Black, 1976
In this chapter empirical, practical and theoretical background
of the chosen researchill be introduced. As well as gaps in
understanding the problem will be
reviled;Reasons for choosing researchwill be closing the
chapter.
stock shares of British East India Company were issued and
inthese shares were declared. Once begun, the tradition of
). Howeverformation of dividend policy rules were developed in
the U
ttempts to explain dividend policy began with the study of D.
Lintner,published in 1956. In his research he examined 28 US
companies in the period from1947 to 1953 and identified the pattern
according to which the studied companies spent
J. Lintner tried to ask thechoices made by managers do
affectLater analogous research was made
Modigliani as a result dividend puzzle was introduced and
evolved in 1959on investors behaviour.
on share price anfrom the theoretical point of
of researchesnties, behavioural finance,
large number ofdividend policy, and often
of the company.and in some
financial figures e.g.
companies require a constant inflow of investments needed
forfurther development, expansion and modernization of production,
development of newtechnologies and products. In order to attract
new investments companies should
ptimization of thedividend policy
investor chooses a company,arising from
Master Thesis, 15 hp
The harder we look at the dividend picture, the more it
seemsBlack, 1976
In this chapter empirical, practical and theoretical background
of the chosen researchill be introduced. As well as gaps in
understanding the problem will be
reviled;Reasons for choosing researchwill be closing the
chapter.
stock shares of British East India Company were issued and
inthese shares were declared. Once begun, the tradition of
Howeverformation of dividend policy rules were developed in the
U
ttempts to explain dividend policy began with the study of D.
Lintner,published in 1956. In his research he examined 28 US
companies in the period from1947 to 1953 and identified the pattern
according to which the studied companies spent
J. Lintner tried to ask thechoices made by managers do
affectLater analogous research was made
Modigliani as a result dividend puzzle was introduced and
evolved in 1959on investors behaviour.
on share price anfrom the theoretical point of
of researchesnties, behavioural finance, and tax
large number ofdividend policy, and often
of the company.and in some
financial figures e.g.
companies require a constant inflow of investments needed
forfurther development, expansion and modernization of production,
development of newtechnologies and products. In order to attract
new investments companies should
ptimization of thedividend policy
investor chooses a company,arising from
Master Thesis, 15 hp
The harder we look at the dividend picture, the more it
seemsBlack, 1976
In this chapter empirical, practical and theoretical background
of the chosen researchill be introduced. As well as gaps in
understanding the problem will be
reviled; as aReasons for choosing researchwill be closing the
chapter.
stock shares of British East India Company were issued and
inthese shares were declared. Once begun, the tradition of
Howeverformation of dividend policy rules were developed in the
United
ttempts to explain dividend policy began with the study of D.
Lintner,published in 1956. In his research he examined 28 US
companies in the period from1947 to 1953 and identified the pattern
according to which the studied companies spent
J. Lintner tried to ask thechoices made by managers do
affectLater analogous research was made
Modigliani as a result dividend puzzle was introduced and
evolved in 1959on investors behaviour. The
on share price anfrom the theoretical point of
of researchesand tax
large number ofdividend policy, and often
Thisand in some
financial figures e.g.
companies require a constant inflow of investments needed
forfurther development, expansion and modernization of production,
development of newtechnologies and products. In order to attract
new investments companies should
ptimization of thedividend policy
investor chooses a company,price
Master Thesis, 15 hp
1
The harder we look at the dividend picture, the more it
seemsBlack, 1976
In this chapter empirical, practical and theoretical background
of the chosen researchill be introduced. As well as gaps in
understanding the problem will be
as aReasons for choosing research
stock shares of British East India Company were issued and
inthese shares were declared. Once begun, the tradition of
Howevernited
ttempts to explain dividend policy began with the study of D.
Lintner,published in 1956. In his research he examined 28 US
companies in the period from1947 to 1953 and identified the pattern
according to which the studied companies spent
J. Lintner tried to ask thechoices made by managers do
affectLater analogous research was made
Modigliani as a result dividend puzzle was introduced and
evolved in 1959-The
on share price andfrom the theoretical point of
of researchesand tax
large number ofdividend policy, and often
Thisand in some
financial figures e.g.
companies require a constant inflow of investments needed
forfurther development, expansion and modernization of production,
development of newtechnologies and products. In order to attract
new investments companies should
ptimization of thedividend policy
investor chooses a company,price
The harder we look at the dividend picture, the more it
seems
In this chapter empirical, practical and theoretical background
of the chosen researchill be introduced. As well as gaps in
understanding the problem will be
as aReasons for choosing research
stock shares of British East India Company were issued and
inthese shares were declared. Once begun, the tradition of
Howevernited
ttempts to explain dividend policy began with the study of D.
Lintner,published in 1956. In his research he examined 28 US
companies in the period from1947 to 1953 and identified the pattern
according to which the studied companies spent
J. Lintner tried to ask thechoices made by managers do
affectLater analogous research was made
Thed
from the theoretical point ofof researches
large number ofdividend policy, and often
Thisand in some
financial figures e.g.
companies require a constant inflow of investments needed
forfurther development, expansion and modernization of production,
development of newtechnologies and products. In order to attract
new investments companies should
ptimization of thedividend policy
investor chooses a company,price
Aziz Mirzabekov
differences of the shares.be conducted in close connection with
the dividend policy.
The object ofcompanys activities, dimensions, shape, nature and
its determinants.research object is relevant because management of
capital structure has a significantimpact on the company's
capiDividendsof the company.involves two key questions
Most practitioners consider the problem of optimizing the
dividend policyimportant. However,depindividual needsof selecting
the optimal dividend policy
These tasks are the keystone in the consideration of all the
mpolicy
All important factors mentioned above determined the research
question of the thesis.Thesis intends to describe the influence of
dividend payments on other key elements ofbusiness of the coif
dividend payments somehow determine the capital structure of the
company.choice of the theme of this study was influenced by the
increased interest in theproblems of formation an
In order to study the effects of dividend policyresults could
differ for various industries,industry, and results Iconsidered as
one of the world largest IT spending countries thus IT Market
isinteresting to examine (Researchresearches madedividends
thdividend payments (period without recessionary impact.
After reading number of articles, discussions and books on
dividend policy and howcompany should establish payout ratio, I
have discovered that most of the studiesconcentrate on single
effect of
Aziz Mirzabekov
differences of the shares.be conducted in close connection with
the dividend policy.
The object ofcompanys activities, dimensions, shape, nature and
its determinants.research object is relevant because management of
capital structure has a significantimpact on the company's
capiDividendsof the company.involves two key questions
Most practitioners consider the problem of optimizing the
dividend policyimportant. However,depends on many factors.
Thereforeindividual needsof selecting the optimal dividend
policy
These tasks are the keystone in the consideration of all the
mpolicy
All important factors mentioned above determined the research
question of the thesis.Thesis intends to describe the influence of
dividend payments on other key elements ofbusiness of the coif
dividend payments somehow determine the capital structure of the
company.choice of the theme of this study was influenced by the
increased interest in theproblems of formation an
In order to study the effects of dividend policyresults could
differ for various industries,industry, and results Iconsidered as
one of the world largest IT spending countries thus IT Market
isinteresting to examine (Researchresearches madedividends
thdividend payments (period without recessionary impact.
After reading number of articles, discussions and books on
dividend policy and howcompany should establish payout ratio, I
have discovered that most of the studiesconcentrate on single
effect of
Aziz Mirzabekov
differences of the shares.be conducted in close connection with
the dividend policy.
The object ofcompanys activities, dimensions, shape, nature and
its determinants.research object is relevant because management of
capital structure has a significantimpact on the company's
capiDividendsof the company.involves two key questions
Does the magnitude of dividendshareholders?
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Most practitioners consider the problem of optimizing the
dividend policyimportant. However,
ends on many factors. Thereforeindividual needsof selecting the
optimal dividend policy
These tasks are the keystone in the consideration of all the
mpolicy, e.g.
All important factors mentioned above determined the research
question of the thesis.Thesis intends to describe the influence of
dividend payments on other key elements ofbusiness of the coif
dividend payments somehow determine the capital structure of the
company.choice of the theme of this study was influenced by the
increased interest in theproblems of formation an
In order to study the effects of dividend policyresults could
differ for various industries,industry, and results Iconsidered as
one of the world largest IT spending countries thus IT Market
isinteresting to examine (Researchresearches madedividends
thdividend payments (period without recessionary impact.
After reading number of articles, discussions and books on
dividend policy and howcompany should establish payout ratio, I
have discovered that most of the studiesconcentrate on single
effect of
Aziz Mirzabekov
differences of the shares.be conducted in close connection with
the dividend policy.
The object ofcompanys activities, dimensions, shape, nature and
its determinants.research object is relevant because management of
capital structure has a significantimpact on the company's
capiDividendsof the company.involves two key questions
Does the magnitude of dividendshareholders?
If yes,dividends
Most practitioners consider the problem of optimizing the
dividend policyimportant. However,
ends on many factors. Thereforeindividual needsof selecting the
optimal dividend policy
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Sufficiently finance investment projects
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question of the thesis.Thesis intends to describe the influence of
dividend payments on other key elements ofbusiness of the coif
dividend payments somehow determine the capital structure of the
company.choice of the theme of this study was influenced by the
increased interest in theproblems of formation an
In order to study the effects of dividend policyresults could
differ for various industries,industry, and results Iconsidered as
one of the world largest IT spending countries thus IT Market
isinteresting to examine (Researchresearches madedividends
thdividend payments (period without recessionary impact.
After reading number of articles, discussions and books on
dividend policy and howcompany should establish payout ratio, I
have discovered that most of the studiesconcentrate on single
effect of
Aziz Mirzabekov
differences of the shares.be conducted in close connection with
the dividend policy.
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its determinants.research object is relevant because management of
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question of the thesis.Thesis intends to describe the influence of
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dividend payments somehow determine the capital structure of the
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increased interest in theproblems of formation an
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differ for various industries,industry, and results Iconsidered as
one of the world largest IT spending countries thus IT Market
isinteresting to examine (Researchresearches madedividends
thdividend payments (period without recessionary impact.
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dividend policy and howcompany should establish payout ratio, I
have discovered that most of the studiesconcentrate on single
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question of the thesis.Thesis intends to describe the influence of
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