The impact of dividend payments on shareholders' wealth : evidence from the Vector Error Correction Model
| dc.contributor.author | De Wet, Johannes H.v.H. (Johannes Hendrik van Heerden) | |
| dc.contributor.author | Mpinda, Mvita Freddy | |
| dc.contributor.email | johannes.dewet@up.ac.za | en_US |
| dc.date.accessioned | 2014-07-08T08:02:21Z | |
| dc.date.available | 2014-07-08T08:02:21Z | |
| dc.date.issued | 2013-11 | |
| dc.description.abstract | To date, a vast body of research has been established on dividend policy. However, little research has been done on the impact of dividend payments on shareholders’ wealth while considering the short- and long-run effects. This study is based on a sample of 46 companies listed on the Johannesburg Securities Exchange (JSE) for the period 1995 to 2010. The Vector Error Correction Model (VECM) was used to describe the short-run and long-run dynamics or the adjustment of the co-integrated variables toward their equilibrium values. Results indicate that in the long run, dividend yield is positively related to market price per share, while earnings per share do not have a significant impact on the market price per share. | en_US |
| dc.description.librarian | am2014 | en_US |
| dc.description.uri | http://journals.cluteonline.com/index.php/IBER | en_US |
| dc.identifier.citation | De Wet, J & Mpinda, M 2013, 'The impact of dividend payments on shareholders' wealth : evidence from the Vector Error Correction Model', International Business and Economics Research Journal, vol. 12, no. 11, pp. 1451-1466. | en_US |
| dc.identifier.issn | 1535-0754 (print) | |
| dc.identifier.issn | 2157-9393 (online) | |
| dc.identifier.uri | http://hdl.handle.net/2263/40621 | |
| dc.language.iso | en | en_US |
| dc.publisher | Clute Institute for Academic Research | en_US |
| dc.rights | Clute Institute for Academic Research | en_US |
| dc.subject | Dividend payments | en_US |
| dc.subject | Market price per share | en_US |
| dc.subject | Shareholders’ wealth | en_US |
| dc.subject | Relevance and irrelevance theory | en_US |
| dc.subject | Granger causality model | en_US |
| dc.subject | Johansson co-integration test | en_US |
| dc.subject | Vector Error Correction Model (VECM) | en_US |
| dc.subject | Earnings per share (EPS) | en_US |
| dc.title | The impact of dividend payments on shareholders' wealth : evidence from the Vector Error Correction Model | en_US |
| dc.type | Article | en_US |