Dividend policy in Hong Kong: an empirical analysis.

Tam Wai-man Grace.Thesis (M.Phil.)--Chinese University of Hong Kong, 2001.Includes bibliographical references (leaves 76-77).Abstracts in English and Chinese.Abstract --- p.ii序言 --- p.iiiAcknowledgement --- p.ivTable of Contents --- p.vChapter Chapter 1 --- Introduction --- p.1Chapter Chapter 2 --- Literature Review --- p.7Chapter 2.1 --- Dividend Irrelevance Theory --- p.8Chapter 2.2 --- Bird-in-the-hand Theory --- p.9Chapter 2.3 --- Clientele Effect Theory --- p.10Chapter 2.4 --- Signaling Theory --- p.11Chapter 2.5 --- Agency Cost TheoryChapter 2.5.1 --- Theoretical Models --- p.15Chapter 2.5.2 --- The Latest Agency Cost Model --- p.19Chapter 2.6 --- Residual Theory --- p.24Chapter 2.7 --- Other Studies on Dividend PolicyChapter 2.7.1 --- Low-Regular-Dividend-Plus-Extras Policy --- p.26Chapter 2.7.2 --- Comparison of the Dividend Policies of Japanese and U.S. Firms --- p.27Chapter Chapter 3 --- MethodologyChapter 3.1 --- Model --- p.28Chapter 3.2 --- Anti-Signaling Hypothesis --- p.29Chapter 3.3 --- Agency Cost Hypothesis --- p.30Chapter 3.4 --- Residual Hypothesis --- p.31Chapter 3.5 --- Investment Opportunities Hypothesis --- p.32Chapter 3.6 --- Industry Control --- p.33Chapter 3.7 --- The Four-Hypothesis Model --- p.34Chapter Chapter 4 --- Sample and Data DescriptionChapter 4.1 --- Sample Description --- p.35Chapter 4.2 --- Variable Description --- p.36Chapter 4.3 --- Limitations --- p.39Chapter 4.4 --- Descriptive Statistics --- p.41Chapter Chapter 5Chapter 5.1 --- Regression Results and Implications --- p.42Chapter 5.2 --- Alternative measurement for Agency Cost Hypothesis --- p.45Chapter 5.3 --- Comparison of the Dividend Policies of Hong Kong and the World --- p.47Chapter Chapter 6 --- Conclusion --- p.49TablesTable 1 Summary of the Four-Hypothesis Model --- p.50Table 2 Construction of Variables --- p.51Table 3 Dividend Payout Ratios of 83 Hong Kong Listed Firms from1992 to 1999 --- p.52Table 4 Earnings Growth Rate of 33 Hang Seng Index Constituents from 1996to 1999 --- p.54Table 5 Dividend Payout Ratio of 33 Hang Seng Index Constituents from 1996 to 1999 --- p.55Table 6 Regression Results for Raw Data --- p.55Table 7 Regression Results using Substantial Shareholders Concentration as Proxy for Agency Cost Hypothesis --- p.57Table 8 Summary of Regression Results --- p.58ChartsChart 1 Dividend Payout Ratios of 83 Hong Kong Listed Firms from1992 to 1999 --- p.59Chart 2 Earnings Growth Rate of 33 Hang Seng Index Constituents from 1996 to 1999 --- p.60Chart 3 Dividend Payout Ratio of 33 Hang Seng Index Constituents from 1996 to 1999 --- p.60AppendicesAppendix 1 The Complete Dataset --- p.61Appendix 2 Definition of Variables in Different Sectors --- p.63Appendix 3 Non-Nested Tests --- p.54Table A3.1 Non-Nested Tests Results --- p.65Table A3.2 Non-Nested Test Statistics and Choice Criteria - Anti-signaling Hypothesis vs Agency Cost Hypothesis --- p.66Table A3.3 Non-Nested Test Statistics and Choice Criteria - Anti-signaling Hypothesis vs Residual Hypothesis --- p.67Table A3.4 Non-Nested Test Statistics and Choice Criteria 一 Anti-signaling Hypothesis vs Investment Opportunity Hypothesis --- p.68Table A3.5 Non-Nested Test Statistics and Choice Criteria ´ؤ Residual Hypothesis vs Agency Cost Hypothesis --- p.69Table A3.6 Non-Nested Test Statistics and Choice Criteria ´ؤ Agency Cost Hypothesis vs Investment Opportunity Hypothesis --- p.70Table A3.7 Non-Nested Test Statistics and Choice Criteria ´ؤ Residual Hypothesis vs Investment Opportunity Hypothesis --- p.71Table A3.8 Non-Nested Test Statistics and Choice Criteria ´ؤ Agency Cost Hypothesis vs Anti-signaling Hypothesis --- p.72Table A3.9 Non-Nested Test Statistics and Choice Criteria ´ؤ Agency Cost Hypothesis vs Residual Hypothesis --- p.73Table A3.10 Non-Nested Test Statistics and Choice Criteria ´ؤ Agency Cost Hypothesis vs Investment Opportunity Hypothesis --- p.74Table A3.11 Non-Nested Test Statistics and Choice Criteria 一 Technology Industry Phenomenon vs Anti-signaling Hypothesis --- p.75Bibliography --- p.7