IMPACT OF DIVIDEND POLICY ON SHAREHOLDER WEALTH IN

PAKISTAN (EVIDENCE TEXTILE INDUSTRY PERSPECTIVE)

1Wajid Alim, 1Arshad Ali, 1Nazim Ali, 2Bakhtiar Khan Khattak &
3Mohammad Imran Qureshi
1
Department of Management Studies, University of Malakand
2
Department of Business Administration, Gomal University D.I.Khan
3
Department of Commerce ,Gomal University Dera Ismail Khan.

ABSTRACT
This study examines the impact of dividend policy on shareholder wealth in the textile sector of
Pakistan during the period of 2001 to 2010. The study intends to provide thorough information to the
investors in the textile sector of Pakistan. A sample of fifty textile listed companies was selected from
Karachi Stock Exchange and statistical tools like mean, standard deviation and multiple regression
models were used by taking market price per share as dependent variable whereas dividend per share,
dividend payout, earning per share, price earning, lagged value of market price and lagged value of
price earning were used as independent variables. Market price per share is considered as proxy for
shareholder wealth. The results shows that all the independent variables used in the study have a direct
relation with the market price per share. Earnings per share, price earning, lagged value of price
earning and lagged market value have highly significant impact on market price per share, whereas
dividend per share and dividend payout have a significant impact at five percent on market price per
share. The findings also reveal that dividend policy of the firm has positive impact on stock price of the
firm. Therefore it is concluded that dividend policy has significant impact on shareholder wealth in the
textile sector of Pakistan. The paper provides sound practical implications for professionals regarding
dividend policies and attracts investors towards growing and attractive investment.
Keywords: Market price per share (MPS), Dividend per share (DPS), Dividend payout (DPO), Price
earning (PE), Earning per share (EPS).

INTRODUCTION researchers to know the impact of dividend

Dividend refers to the sum of money paid policy on shareholder wealth. There are
on a regular basis by a company to its different reasons offered in the support of
shareholders out of its profits or reserves dividend payment; these are addressing
(Baker, 2009) While dividend policy refers organization problems (Fluck, 1998),
to the practice of management making eliminating organization conflicts
payment decision or cash distributions (Grossman & Hart, 1980) and risk to
from profit to shareholders over time minority shareholders in the firms
(Lease, John, Kalay, Loewenstein, & Sarig, controlled by strategic stakeholders
2008).It is considered as a puzzle in the (Shleifer & Vishny, 1986).
field of finance since long ago and has been It has been thoroughly examined to
thoroughly examined by previous understand the relationship between
19 Alim et al. Impact of Dividend

dividend policy and shareholder wealth on dividend policy on stock price of the firm
national and international level. This study for a longer period (2001-2010). Investors
examines the impact of dividend policy on in the textile sector need thorough and
shareholder wealth in textile sector of accurate information, so this study will
Pakistan for longer period to provide provide thorough and accurate information
thorough information to the investor during to investors about the impact of dividend
the period from 2001 to 2010. The study policy. The period of the study is focused
intends to highlight the relationship because variation of export and its trading
between dividend policy and stock price of took place in the textile sector during this
the firm. Further, the study will provide a period up to a great extant. The textile
thorough information to investor related to sector showed its strength and boom
textile sector of Pakistan which will help investment during the period from 2003 to
them to increase investment in the textile 2007 but due to global economic and
sector of Pakistan. financial crises in 2007, affected the sector
Textile industries play an important1 role in very badly. As a result, the trading and
the economic development of the Pakistan export volume of textile companies
and are considered as the major export and decreased which effected the income and
are deemed that textile sector play vital role dividend payment of the textile companies.
in the growth of the country. As textile This study therefore, empirically analyzes
sector is the main contributor in the the impact of dividend policy on
economy of Pakistan, it is the main driver shareholder wealth in the textile sector of
of foreign currency earning and job Pakistan during the period from 2001 to
creation during the last 50 years. Its 2010.
contribution to the total GDP of Pakistan is
about 9 percent and provides employment LITERATURE– DIVIDEND POLICY
to 15 million people. Pakistan textile Dividend is a payment made by a firm to
industries have shown great effort during shareholder, usually from profits (Sullivan
2005 to 2007. But later it has shown 11.1 & Sheffrin, 2003) while dividend policy
percent decline in 2008 is due to financial refers to the decision making method of a
and economic meltdown. It is the major firm regarding dividend distribution. Both
export of Pakistan. Pakistan textile exports dividend and dividend policy are subjects
to the total world trade are 1.88% in 2001, of economic interests and are dubious
2.01% in 2004, 2.23% in 2005, 2.15% in subjects in corporate finance due to its
2006, 1.91% in 2007, and 1.81% in 2008. severe impact on internal and external
This study intends to determine the impact stakeholders. Black (1976) considers it is a
of dividend policy on shareholder wealth in puzzle like pieces of picture which does not
textile sector of Pakistan and impact of fit together. Brealey, Myers, and Myers
(2003) count dividend policy in top ten
1
puzzles in finance. Dividend policy is the
As textile sector is the main contributor in the
economy of Pakistan and it contributes 8.5% to the method and rule through which shareholder
total GDP of Pakistan.

Gomal University Journal of Research, 30(1) June 2014

20 Alim et al. Impact of Dividend

are paid. They argue three types of policies investment opportunities have no influence
for the payment of dividend to shareholder; on the stock price(K. I. Khan, 2012;
these are residual, stability and hybrid Murhadi, 2008).
method. Fracassi (2008) found that increase in
Dividend policy is relevant to some scholar dividend has positive impact on stock price
while it is irrelevant to some finance because increase in dividend signals that
scholar as well (Ref).The main argument agency problem is reduced and earning of
for the relevance and irrelevance of the firm will be high in future. According
dividend policy is the existence of perfect toMehr-un-Nisa (2011)the stock price are
and imperfect market. According to (Black greatly affected by the dividend payment
& Scholes, 1974; Miller & Modigliani, while the relation between retained
1961) dividend policy does not affect earnings and stock price is weak. (Akbar &
shareholder wealth in the perfect capital Baig, 2010) foundthat stock price is
market. The reason is that when positively affected by the dividend
shareholders are paid more dividends; they announcement either in the form of cash or
reinvest the extra cash and when they are stock. (Nazir, Nawaz, Anwar, & Ahmed,
paid less dividend then they can only fulfill 2010)found that stock price is significantly
their basic needs by selling extra shares. affected by the dividend yield and dividend
But the existence of perfect market is very payout. While (Dilawer, 2012;
rare. Due to unavailability of perfect Hashemijoo, Mahdavi Ardekani, &
markets dividend policy is given preference Younesi, 2012)argues the relationship
and is considered as much relevant. Gordon between share price volatility and two
(1963) argue that dividend is always given measurements were significant negative.
preference over capital gain as containing Chung, Elder, and Kim (2010) argues
risk for investor and is relevant and significant co-integration between dividend
important for the firm. and stock price.
On the other side Azhagaiah and Priya Nissim & Ziv (2001) argue that a firm
(2008)argues that dividend plays key role having more opportunities for investment
in terms of shareholder wealth because it presents a positive response to share price.
affects the shareholder wealth (Brav, Graham, Harvey, & Michaely, 2005;
positively.(Ahmed & Javid, 2008) found Kaleem & Salahuddin, 2006) also found
that increase in the size of initial payment positive relationship between dividend
lead to increase in excess return of the firm. policy and stock price. According to Ferris,
(Dilawer, 2012; Kaleem & Salahuddin, Sen, and Yui (2006) have impact on stock
2006;Nitta, 2006)also argue that dividend price. Ajinkya and Jain (1989) also found
payout boosts shareholder value. that after the payment of dividend the
According toCheong, Lim, Poon, Tan, and relationship between dividend yield and
Yap (2011) there is relevance of dividend stock return was significant. Dividend
policy in the stock price determining. payout was used as an independent variable
Dividend policy have positive while

Gomal University Journal of Research, 30(1) June 2014

21 Alim et al. Impact of Dividend

because it plays a key role in the increased by increasing dividend

determination of dividend policy. rate.Zhang, Farrell, and Brown
Waithaka, Ngugi, and Kirago (2012) (2008)foundhigher returns of dividend
argues that the Price Earnings ratio, paying companies as compared to non-
Earning per Share growth and sale growth dividend paying companies.
are positively related with dividend payout Corporate governance has impact on
while profitability and debt to equity are dividend policy; because good governance
negatively related with dividend payout. lead to firm prosperity and for that the firm
Farooq, Saoud, and Agnaou (2012) argue have to pay dividend to its
that stock price volatility and dividend shareholder(Butt, Hunjra, & Rehman,
payout ratio are negatively related while 2010; Kato, Loewenstein, & Tsay, 2002).
market adjusted return and dividend payout They argue positive and significant
ratio are positively related in the stable relationship between organizational
growth period. According toZhou and performance and financial management.
Ruland (2006) the relationship between Booth and Zhou (2008) argue that market
dividend payout policy and earning power has positive impact on dividend
management was negative. Waithaka et al. policy because more market power lead to
(2012) found that all independent variables pay more dividend which show better
relate negatively to the dividend payout performance in future and low risk.
policy. Campbell and Shiller According to Ouma (2012)dividend payout
(1988)supplied complete information of and the performance of the firm have a
dividend payout and dividend policies and strong positive relationship. Lang and
suggested researchers to develop new Litzenberger (1989) Investigated that if
theories or modify the existing views and dividend policy change can provide
proposed that maintaining the level of information about the firm future earning,
dividend on par with investment decision then dividend initiation have strong impact
after the investment spending repurchase on shareholder value.
are done out from the residual cash flows. Grullon, Michaely, and Swaminathan
Investors want to invest in those companies (2002) argue that dividend provide
which show better performance in the information about the alteration of the firm,
market and firm performance can be the result also present that it is the
measured through dividend payment of the indication of the firm maturity when the
firm to their shareholder. Both cash and firm is going to increase dividend. White
stock dividend are given preference by the (1996)focused two types of companies that
individual investor in Pakistan and is high growth companies and low growth
Greece(Maditinos, Sevic, Theriou, & companies, the companies having high
Tsinani, 2007). Dividend payment present growth have low dividend payout and debt
firm prosperity and performance, Sharma ratio while low growth companies have
(2001)argue that dividend initiation signals high dividend payout and debt ratio.Vieira
firm prosperity and firm prosperity can be (2008) found that change in dividend

Gomal University Journal of Research, 30(1) June 2014

22 Alim et al. Impact of Dividend

present signal to the market and face

adverse market reaction to dividend change ANALYSIS AND RESULT
announcement. There are a large number of To study the impact of dividend policy on
factor which affect decision of the firm shareholder wealth in the textile sector of
regarding dividend payment. More Pakistan, data of 50 listed companies in
investment opportunities, ownership Karachi stock exchange from textile sector
structure and shareholding inside in were selected. This data was empirically
majority are the determinant factor of analyzed through suited statistical tools like
dividend payout policy(Ahmed & Javid, mean, standard deviation and multiple
2008). The perception of management regression models, to find out the impact of
about the current and future earning level dividend policy on shareholder wealth.
and liquidating constraints like cash Table one give complete information about
availability and availability of project dependent and independents variable and
having positive NPV are the main also about their computation. Table two
determinant factor. Butt et al., (2010) explains descriptive statistics of dependent
argues that firm size, profitability, sale and independent variable while correlation
growth earning per share and dividend per between variables is explained in table
share are the main factors which determine three. The last table presents the result of
the decision of dividend policy in the empirical model.
engineering sector of Pakistan. Asifi, The result shows that four variables namely
Rasooll, and Kamal (2011)argues that price earning, earning per share, lagged
financial leverage affect dividend policy market value and lagged value of price
and have a negative relationship between earning are highly significant and two
them; it was also found that earning change variables dividend per share and dividend
does not affect dividend policy in Pakistani payout are significant at five percent to the
firms. According to the study of A. Khan, dependent variable. From analysis it is
Kaleem, and Nazir (2012)there exists a concluded that dividend policy have
relationship between market value and positive impact on shareholder wealth.
dividend policy of the firm. While Farsio, Increase in dividend of the firm will lead to
Geary, and Moser (2004)argue that increase the shareholder wealth of that firm
relationship between earnings and dividend and vise versa.
policy are not significant in long run.

Table 1: Variables used

Dependent variable Abbreviation Measurement
Closing price of the company share at the
1 Market price per share MPS
end of December annually
Independent variable
Total dividend divided by number of
1 Dividend per share DPS
shares outstanding

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23 Alim et al. Impact of Dividend

Market price per share divided by earning

2 Price earnings ratio PE
per share
Income after tax divided by number of
3 Earnings per share EPS
share outstanding
Cash dividend was taken as proxy for
4 Dividend payout ratio DPO
dividend payout ratio
5 Lagged market price MPSit-1 Taking log of market price per share
6 Lagged price earning Pet-1 Taking log of price earnings ratio

Table 02 gives the descriptive statistics of minimum value of 0.000000 percent

dependent and independent variables. The respectively, the dividend payout (DPO)
mean value of market price per share has standard deviation of 17.30549 and
(MPS) is 40.00779 million rupees having median of 5.000000 percent respectively.
maximum and minimum values 776.6400 Dividend per share (DPS) in column 5th
and 0.490000, respectively. The median show its mean value of 2.796569 million
and standard deviation of market price per rupees which has a maximum value of
share (MPS) are 15.5000 and 77.28417 281.2243 million rupees and minimum
respectively. Column 3rd represents the value of -0.525519 respectively, while the
earning per share (EPS) having mean value standard deviation and median of dividend
of 5.117699 million rupees with maximum per share (DPS) are 16.38281 million
and minimum values of 356.8712 and - rupees and 0.101054 million rupees
222.8280 respectively, the standard respectively. Column 6th which represent
deviation and median of the earning per the lagged market price per share (MPSit-1)
share (EPS) are 24.28940 million rupees has a mean value of 2.781349 million
and 1.669946 million rupees respectively. rupees which has a maximum and
The mean value of dividend payout (DPO) minimum values of 6.654977 million
in column 4th is 10.85155 percent which rupees and -0.713350 million rupees.
has a maximum value of 200.0000 and

Table 2

MPS EPS DPO DPS MPSit-1 PE PEt-1

Mean 40.00779 5.117699 10.85155 2.796569 2.781349 10.27130 1.455260

Median 15.50000 1.669946 5.000000 0.101054 2.740840 4.666919 1.511072
Maximum 776.6400 356.8712 200.0000 281.2243 6.654977 478.6315 6.170931

Minimum 0.490000 -222.828 0.000000 -.525519 -0.71335 -65.3709 -.417994

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24 Alim et al. Impact of Dividend

Std. Dev 77.28417 24.28940 17.30549 16.38281 1.360442 39.22639 1.416683

Skewness 5.423906 5.349758 4.086722 13.26989 0.010643 6.656154 0.211218

Kurtosis 42.03216 111.0993 34.82315 203.0200 2.814315 75.43091 3.172724

Respectively, the median value of market correlation between market price per share
price per share (MPSit-1) is 2.740840 (MPS) and its independent variables. For
million rupees while the standard deviation example, the correlation between market
of market price per share (MPSit-1) is price per share (MPS) and earnings per
1.360442 million rupees respectively. share (EPS) is 0.154749. Similarly column
The mean value of price earning (PE) is 3 shows the correlation between earning
10.27130 having maximum and minimum per share (EPS) and other variables. For
value of 478.6315 and -165.3709 million example, the correlation between earnings
rupees, while the standard deviation and per share (EPS) and dividend payout
median of price earning (PE) are 39.22639 (DPO) is 0.518846. dividend payout (DPO)
and 4.666919 million rupees respectively. in column 4th present the correlation
Lagged price earning (PEt-1) in column relationship between dividend payout
th
8 has a mean value is 1.455260 which has (DPO) and other variable like the
a maximum and minimum value of correlation between dividend payout
6.170931 million rupees and -3.417994 (DPO) and market price per share (MPS) is
million rupees, the standard deviation and 0.266131. Same is the case in column 5th
median of lagged price earning (PEt-1) are which show the correlation between
1.416683 and 1.511072 million rupees dividend per share (DPS) and other
respectively. variable, for example the correlation
Table 03 explains the correlation between between dividend per share (DPS) and
the variables. Column 2 gives the earnings per share (EPS) is 0.695560.
Table 3: Correlation Matrix
MPS EPS DPO DPS MPSit-1 PE PEt-1
MPS 1.000000 0.154749 0.266131 0.142161 0.678318 0.337557 0.297742
EPS 0.154749 1.000000 0.518846 0.695560 0.192978 -0.013249 -0.114722
DPO 0.266131 0.518846 1.000000 0.678270 0.413669 -0.029834 -0.070789
DPS 0.142161 0.695560 0.678270 1.000000 0.151153 -0.031837 -0.179831
MPSit-1 0.678318 0.192978 0.413669 0.151153 1.000000 0.157308 0.385888
PE 0.337557 -0.013249 -0.029834 -0.031837 0.157308 1.000000 0.602996
PEt-1 0.297742 -0.114722 -0.070789 -0.179831 0.385888 0.602996 1.000000
Lagged market price (MPSit-1) in column relationship between lagged market price
6th which explain the correlation (MPSit-1) and other variable like the

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25 Alim et al. Impact of Dividend

correlation between lagged market price lagged value of price earning (PEt-1) are
(MPSit-1) and price earning (PE) is significant to the dependent variable,
th
0.157308. . In the same case column 7 market price per share (MPS) is highly
present the correlation relationship between significant while dividend payout (DPO)
price earning (PE) and to the rest of and dividend per share (DPS) are
variable like the correlation between price significant to market price per share (MPS)
earning (PE) and market price per share at five per cent. Result of the empirical
(MPS) is 0.337557. The lagged value of model further shows that if earning per
th
price earning (PEt-1) in column 8 show share (EPS) is increased by one million
correlation relationship with other variable, rupees then the market price per share
for example the correlation between lagged (MPS) would be increased by 0.327444
value of price earning (PEt-1) and lagged million rupees by keeping other variable
value of market price per share (MPSit-1) is constant, similarly if one percent increase
0.385888 in dividend payout (DPO) take place then
Table 04 givesresults of the empirical the market price per share (MPS) will be
model. Four variables namely earning per increased by 0.436649 million rupees when
share (EPS), lagged value of market price other variable are kept fixed.
(MPSit-1), price earnings ratio (PE) and
Table 4: Results of empirical model (MPS is dependent variable)
Variable Coefficient Std. Err t-Statistic Probability
C -100.37 6.59038 -15.22977 0
EPS 0.327444* 0.13971 2.343674 0.0084
DPO 0.436649** 0.21231 2.056687 0.0113
DPS 0.437588** 0.24655 1.774852 0.0171
MPSit-1 40.55194* 2.2365 18.13185 0
PE 0.643322* 0.07825 8.221589 0

PEt-1 9.168740* 2.41268 3.800226 0.0002

Where; *, ** show significant at 1 percent and 5 per cent respectively.

R-squared 0.533167 Mean dependent var 40.00779
Adjusted R-squared 0.527307 S.D. dependent var 77.28417
S.E. of regression 53.13493 Akaike info criterion 10.79787
Sum squared resid 1349547. Schwarz criterion 10.85826
Log likelihood -2611.484 Hannan-Quinn criter. 10.82160
F-statistic 90.98679 Prob(F-statistic) 0.000000
The result further present that market price 0.437588 million rupees when dividend per
per share (MPS) will be increased by share (DPS) is increased by one million

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26 Alim et al. Impact of Dividend

rupees by keeping other variable constant, study for analysis. Theoretically all the
in the same way when one million rupees independent variables has positively related
increased are brought in Price earning (PE) to dependent variable.
then the market price per share (MPS) Through empirical evidence we found that
would be increased by 0.643322 million dividend policy have positive impact on
rupees when the rest of variable are held shareholder wealth. This result is consistent
unchanged. Result of the study further with the findings of (Asquith & Mullins Jr,
shows that all the independent variable 1983). The study also found that
namely dividend per share (DPS), dividend shareholder wealth can be increased
payout (DPO), price earning (PE), earning through dividend policy and found
per share (EPS), lagged value of price consistent with the findings of (Lopez de
earning (PEt-1) and lagged value of market Silanes, Vishny, & Shleifer, 2000; Zhou &
price per share (MPSit-1) relate positively to Ruland, 2006) while inconsistent with the
the dependent variable which market price findings of (Black & Scholes, 1974;
per share (MPS). Dewenter & Warther, 1998; Miller &
Modigliani, 1961). We found out that there
DISCUSSION is significant impact of dividend policy on
The company profit may either be kept in shareholder wealth in the textile sector of
the company as retained earnings or it may Pakistan during the period from 2001 to
be distributed among shareholder as 2010. Increase in dividend lead to increase
dividend. Dividend policy is the method the market price per share of the firm
and procedure through which shareholder which increase shareholder wealth while
are paid. Dividend policy plays an decrease in dividend lead to decrease in the
important and key role in the field of market price per share of the firm which
finance because it affects investor and decrease shareholder wealth. Therefore it is
claimholder within the organization. suggested to textile industries of Pakistan
Market price per share (MPS) has been to increase the dividend as it will increase
used as a proxy for the shareholder wealth market price per share and ultimately it will
and is considered as a dependent variable increase the wealth of investors. Thus it
for the study. Dividend per share (DPS), will attract more investors in the said firms.
dividend payout (DPO), earning per share The study further found that dividend
(EPS), price earning (PE), lagged value of policy affects the stock price of the firm
price earning (Peit) and lagged value of positively and the stock price of the
market price (MPSit) were used as dividend paying companies were found to
independent variable for the study. The be high as compare to the non-dividend
data used in the study are secondary and paying companies. This result is consistent
obtained from Karachi stock exchange. The with the findings of (Chung et al., 2010;
statistical tools like mean, standard Fracassi, 2008; K. I. Khan, 2012; Smith Jr
deviation and multiple regression models & Warner, 1979;Walter, 1963). The result
were found to be best fitted and used in the further showed that stock price of firm can

Gomal University Journal of Research, 30(1) June 2014

27 Alim et al. Impact of Dividend

be increased if the firm show better Annual cash dividend of the selected textile
performance in the market and firm companies were used as a proxy for the
performance can be measured through dividend payout (DPO) while earning per
dividend payment of the firm. Dividend share (EPS) is calculated as profit divide by
paying companies are found to perform outstanding share.
best in the market as compare to non Generally market value of the share
dividend paying companies. so for high increased whenever dividend of the
stock price the performance of industry is company are increased and when the
necessary. The result of our study are company dividend are decrease, the market
consistent with (Barclay & Smith, 1999; value of the share also decreased, dividend
Butt et al., 2010; Grullon et al., 2002; is the most important factor and it present
Sharma, 2001;Zhou & Ruland, 2006). information about the company
Dividend payment increase firms performance. Payment of the dividend
performance which ultimately increase shows that the company has the capacity of
investors for a firm and thus the price of earning, Shareholder like salaried
the stock increases. individual, retired pensioners and other
whose income are limited give preference
SUMMARY AND CONCLUSION to current dividend as compare to future
The research was conducted to find out the income.
relationship between dividend policy and From the analysis it is clear that the
shareholder wealth and also to find out the independent variable like earning per share
impact of dividend policy on shareholder (EPS), price earning (PE), lagged value of
wealth in the textile sector of Pakistan price earning (PEt-1) and lagged value of
during the period from 2001 to 2010. market price per share (MPSit-1) have
Textile sector was selected for the study significant impact on market price per
because it is the main contributor and play share (MPS) at one percent while dividend
a key role in the economy of Pakistan. So it per share (DPS) and dividend payout
was the keen desire to work on this sector (DPO) have the significant impact on
and to provide thorough information to market price per share at five percent. The
investors related to textile sector of result shows that there is significant impact
Pakistan. of dividend policy on shareholder wealth in
Market price per share (MPS) has been the textile sector of Pakistan during the
used as a dependent variable and is also period from 2001 to 2010.
considered as a proxy for measuring
shareholder wealth. Dividend payout LIMITATION OF THE STUDY
(DPO), dividend per share (DPS), earning The study has analyzed the impact of
per share (EPS), price earning (PE), lagged dividend policy on shareholder wealth in
value of market price (MPSit-1) and lagged the textile sector of Pakistan during the
value of price earning (PEt-1) were selected period of 2001 to 2010, so it is important to
as independent variable for the study. point out the limitations of the study.

Gomal University Journal of Research, 30(1) June 2014

28 Alim et al. Impact of Dividend

The findings of the study are restricted only Economics, 20, 180-187.
to time period of 2001-2010. So due to
global financial and economic crises the Baker, H. K. (2009). Dividends and
results may be prejudiced. Other limitation dividend policy (Vol. 1): John Wiley &
of the study is the sample size. For further Sons.
researchers are suggested to study said
phenomenon with great depth by taking Barclay, M. J., & Smith, C. W. (1999). The
large sample size and taking others capital structure puzzle: another look at the
variables as well. evidence. Journal of Applied Corporate
Finance, 12(1), 8-20.
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