Does Lintner's dividend model explain South African dividend payments?

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dc.contributor.author Wolmarans, H.P. (Hendrik Petrus)
dc.date.accessioned 2007-06-14T07:47:03Z
dc.date.available 2007-06-14T07:47:03Z
dc.date.issued 2003
dc.description.abstract It is generally accepted that the payment of dividends is the most important and most widely used instrument for the distribution of value to shareholders. Shareholders also prefer to receive regular dividends rather than irregular cash payments. A well-known model that attempts to explain dividend policy is that of Lintner (1956). This study investigates whether Lintner's model can be used to explain South African dividend payments and compares this model with another, less sophisticated, model, namely the "percentage model". Lintner's model does not have a very good fit, probably as a result of the small sample used. Nearly half of the 200 largest companies that are listed on the Johannesburg Securities Exchange were excluded from the study as they were not listed for a sufficiently long period. Other companies were excluded on the grounds of having maintained their dividends on the same level for at least two consecutive years. en
dc.format.extent 126038 bytes
dc.format.mimetype application/pdf
dc.identifier.citation Wolmarans, HP 2003, 'Does Lintner's dividend model explain South African dividend payments?', Meditari : Research Journal of the School of Accounting Sciences, vol. 11, pp. 243-254. [http://www.meditari.org.za] en
dc.identifier.issn 1022-2529
dc.identifier.uri http://hdl.handle.net/2263/2728
dc.language.iso en en
dc.publisher School of Accounting Sciences, UP en
dc.rights School of Accounting Sciences, UP en
dc.subject Dividend policy en
dc.subject Dividend decision en
dc.subject Lintner's dividend model en
dc.subject.lcsh Dividends -- South Africa
dc.title Does Lintner's dividend model explain South African dividend payments? en
dc.type Article en


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