Publication:
Media coverage and corporate payout policy

dc.contributor.advisor Moshirian, Fariborz en_US
dc.contributor.advisor Bohui, Zhang en_US
dc.contributor.author Zhang, Xueting en_US
dc.date.accessioned 2022-03-15T10:49:39Z
dc.date.available 2022-03-15T10:49:39Z
dc.date.issued 2014 en_US
dc.description.abstract Using a sample combining various datasets over the period 2000 to 2012, this paper examines the relationship between media coverage and payout policy in US public firms. I find that media coverage is negatively associated with a firm’s likelihood of paying dividends and positively associated with the decisions to cut and omit dividends. Firms with high media coverage also have a lower level of dividend smoothing. These findings are based on a relatively representative sample and persist after accounting for contemporaneous repurchasing activities, different combinations of firm characteristic control variables, and industry, time and firm fixed effects. Moreover, I also find that investors react less negatively to the dividend cut announcements of high coverage firms. Overall, my results suggest that, as higher media coverage attracts more potential investors to a stock, managers become less conservative regarding dividend policy. en_US
dc.identifier.uri http://hdl.handle.net/1959.4/53799
dc.language English
dc.language.iso EN en_US
dc.publisher UNSW, Sydney en_US
dc.rights CC BY-NC-ND 3.0 en_US
dc.rights.uri https://creativecommons.org/licenses/by-nc-nd/3.0/au/ en_US
dc.subject.other Corporate finance en_US
dc.subject.other Media coverage en_US
dc.subject.other Dividend policy en_US
dc.title Media coverage and corporate payout policy en_US
dc.type Thesis en_US
dcterms.accessRights open access
dcterms.rightsHolder Zhang, Xueting
dspace.entity.type Publication en_US
unsw.accessRights.uri https://purl.org/coar/access_right/c_abf2
unsw.date.embargo 2015-09-30 en_US
unsw.description.embargoNote Embargoed until 2015-09-30
unsw.identifier.doi https://doi.org/10.26190/unsworks/2611
unsw.relation.faculty Business
unsw.relation.originalPublicationAffiliation Zhang, Xueting, Banking & Finance, Australian School of Business, UNSW en_US
unsw.relation.originalPublicationAffiliation Moshirian, Fariborz, Banking & Finance, Australian School of Business, UNSW en_US
unsw.relation.originalPublicationAffiliation Bohui, Zhang, Banking & Finance, Australian School of Business, UNSW en_US
unsw.relation.school School of Banking & Finance *
unsw.thesis.degreetype Masters Thesis en_US
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