Earnings response coefficient as a determinant of dividend policy: Testing free cash flow theory on non-financial dividend payingTesting free cash flow theory on non-financial dividend paying firms in the Pakistan Stock Exchangefirms in the Pakistan
This study tests Jensen’s free cash flow theory which states that managers overinvest retained earnings in negative NPV projects. A data set of 238 firms listed on the Pakistan Stock Exchange for the period 1999 to 2016 is used. The results of the panel regression model show a significant positive a...
| Main Authors: | , |
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| Format: | Article |
| Language: | English |
| Published: |
Institute of Business Administration
2019-06-01
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| Series: | Business Review |
| Subjects: | |
| Online Access: | https://ir.iba.edu.pk/businessreview/vol14/iss1/4/ |