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Dividend payout and future earnings growth : a South African study

dc.contributor.authorVermeulen, M.en_ZA
dc.contributor.authorSmit, E. v d M.en_ZA
dc.date.accessioned2012-01-18T08:06:22Z
dc.date.available2012-01-18T08:06:22Z
dc.date.issued2011
dc.identifier.citationVermeulen, M. & Smit, E. v d M. 2011. Dividend payout and future earnings growth : a South African study. South African Journal of Business Management, 42(4):a503, doi:10.4102/sajbm.v42i4.503.
dc.identifier.issn2078-5976 (online)
dc.identifier.issn2078-5585 (print)
dc.identifier.otherdoi:10.4102/sajbm.v42i4.503
dc.identifier.urihttp://hdl.handle.net/10019.1/18876
dc.descriptionCITATION: Vermeulen, M. & Smit, E. v d M. 2011. Dividend payout and future earnings growth : a South African study. South African Journal of Business Management, 42(4):a503, doi:10.4102/sajbm.v42i4.503.
dc.descriptionThe original publication is available at https://sajbm.org
dc.description.abstractConventional wisdom posits that the payment of dividends will decrease the funds available to finance growth, and will therefore lead to lower future earnings growth. This belief was challenged in recent years with research that tested the relationship between dividend payout and future earnings growth, both on the individual company level and aggregate market level in different countries. Recent results contradict popular belief, and show that companies with high payout ratios tend to realise stronger future earnings growth. This study investigated the same relationship in South Africa, as an example of a developing country, using a large sample of 12,669 company-years over the period 1973 to 2009. The results fully support recent findings that dividend payouts precede higher future earnings growth.
dc.description.urihttps://sajbm.org/index.php/sajbm/article/view/503
dc.format.extent14 pages
dc.language.isoen
dc.publisherAOSIS
dc.subjectDividends -- South Africaen_ZA
dc.titleDividend payout and future earnings growth : a South African studyen_ZA
dc.typeArticle
dc.description.versionPublisher's version
dc.rights.holderAuthors retain copyright


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