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dc.contributor.advisorPereira, Raynoldeeng
dc.contributor.advisorKhurana, Inder K. (Inder Krishan)eng
dc.contributor.authorHuang, Xiaochuan, 1979-eng
dc.date.issued2009eng
dc.date.submitted2009 Springeng
dc.descriptionTitle from PDF of title page (University of Missouri--Columbia, viewed on Feb 15, 2010).eng
dc.descriptionThe entire thesis text is included in the research.pdf file; the official abstract appears in the short.pdf file; a non-technical public abstract appears in the public.pdf file.eng
dc.descriptionDissertation advisor: Dr. Inder Khurana and Dr. Raynolde Pereiraeng
dc.descriptionVita.eng
dc.descriptionPh. D. University of Missouri--Columbia 2009.eng
dc.description.abstract[ACCESS RESTRICTED TO THE UNIVERSITY OF MISSOURI AT REQUEST OF AUTHOR.] My dissertation examines the relation between firm disclosure and dividend policy. It draws on recent research which contends that firm disclosure policy plays a governance role in that it improves the flow of firm-specific information and hence allows for greater external monitoring. This governance perspective offers two competing views on the impact of disclosure on dividend policy. The "outcome view" suggests that an expanded disclosure policy will induce firms to disgorge their cash flows in the form of dividends. The alternative "substitution view" suggests that disclosure and dividend policies are substitute mechanisms for creating reputational bonding with outside investors. As such, it anticipates a negative association between disclosure and dividend policies. In evaluating these competing views, my dissertation presents evidence of a positive disclosure-dividend relation. This is consistent with the outcome view that disclosure limits diversion of firm resources by inducing managers to distribute a firm's cash flows. I find this relation to hold across multiple measures of disclosure policy. My results are also robust after taking into account the endogeneity of disclosure policy. To further distinguish between the competing views, I examine the impact of disclosure on the investment opportunities-dividend relation. The outcome view suggests that disclosure would induce firms to distribute cash in excess of their investment opportunities. However, the substitution view does not provide a prediction on this issue because it anticipates firms to distribute dividends, irrespective of investment opportunities, to create a reputational bonding. My evidence provides affirmative support of the outcome view.eng
dc.description.bibrefIncludes bibliographical referenceseng
dc.format.extentxi, 90 pageseng
dc.identifier.oclc554912383eng
dc.identifier.urihttps://doi.org/10.32469/10355/6779eng
dc.identifier.urihttps://hdl.handle.net/10355/6779
dc.languageEnglisheng
dc.publisherUniversity of Missouri--Columbiaeng
dc.relation.ispartofcommunityUniversity of Missouri--Columbia. Graduate School. Theses and Dissertationseng
dc.rightsAccess is limited to the campuses of the University of Missouri.eng
dc.subject.lcshDisclosure in accountingeng
dc.subject.lcshDividends -- Taxationeng
dc.subject.lcshCash floweng
dc.titleDisclosure and dividend policyeng
dc.typeThesiseng
thesis.degree.disciplineAccountancy (MU)eng
thesis.degree.grantorUniversity of Missouri--Columbiaeng
thesis.degree.levelDoctoraleng
thesis.degree.namePh. D.eng


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