ARCOM

Search or browse again.

Click on the titles below to expand the information about each abstract.
Viewing 8 results ...

Adesi, M, Owusu-Manu, D and Boateng, F (2019) Segmentation of quantity surveying professional services for focus strategy and diversification. Journal of Financial Management of Property and Construction , 24(03), 294–308.

Bayat, F, Noorzai, E and Golabchi, M (2019) Identifying the most important public–private partnership risks in Afghanistan’s infrastructure projects. Journal of Financial Management of Property and Construction , 24(03), 309–37.

Dithebe, K, Aigbavboa, C O, Thwala, W D and Oke, A E (2019) Factor analysis of critical success factors for water infrastructure projects delivered under public–private partnerships. Journal of Financial Management of Property and Construction , 24(03), 338–57.

Enshassi, A, Saleh, N and Mohamed, S (2019) Application level of lean construction techniques in reducing accidents in construction projects. Journal of Financial Management of Property and Construction , 24(03), 274–93.

Mollo, L G, Emuze, F and Smallwood, J (2019) Improving occupational health and safety (OHS) in construction using Training-Within-Industry method. Journal of Financial Management of Property and Construction , 24(03), 655–71.

Owusu-Manu, D, Jehuri, A B, Edwards, D J, Boateng, F and Asumadu, G (2019) The impact of infrastructure development on economic growth in sub-Saharan Africa with special focus on Ghana. Journal of Financial Management of Property and Construction , 24(03), 253–73.

Parchami Jalal, M and Shoar, S (2019) A hybrid framework to model factors affecting construction labour productivity. Journal of Financial Management of Property and Construction, 24(03), 630–54.

Sharma, R K and Bakshi, A (2019) An evident prescience of determinants of dividend policy of Indian real estate companies. Journal of Financial Management of Property and Construction , 24(03), 358–84.

• Type: Journal Article
• Keywords: Dividend payout ratio; Sargan test; Dynamic ordinary least square; Fully modified ordinary least square; GMM; G35; L20; C12; G30;
• ISBN/ISSN: 1366-4387
• URL: https://doi.org/10.1108/JFMPC-02-2019-0012
• Abstract:
  This paper aims to make an attempt to identify the determinants of dividend policy by analyzing 125 real estate companies, which are selected on the basis of consistent dividend distribution throughout the study period. Most of these companies either listed with Bombay Stock Exchange or National Stock Exchange.

  This paper applies three alternative methods to verify and validate the results obtained from each other method, namely, fully modified ordinary least square (FMOLS), dynamic ordinary least square and generalized method of moments (GMM). Data collected of the selected companies’ post-recession period i.e. 2009-2017. The selected companies have age either 5 years old or more when data are retrieved from the above-mentioned sources. Due to much volatility in the recession period in the real estate firms at the global level, no data have been taken of the firms before March 2009. Moreover, for arriving at good analysis and an adequate number of observations for the study more recent data have been taken.

  Empirical findings of this research paper depict that firm previous dividend, firm risk and liquidity are strong predictors of future dividend payout ratios (DPRs). The results indicate that firm risk as measured through price-earnings ratio (PE ratio) has a positive association with a DPR of selected real estate firms. Lagged DPR used in the GMM test as an exogenous variable is showing positive significant association with DPR. Firm’s growth is found significant in FMOLS and GMM techniques. On the other firm’s size is found significant according to cointegration techniques.

  The present study shall be useful to different stakeholders of real estate companies. Various significant determinants as identified can be used by management for designing optimum dividend policy and providing maximum benefits to existing shareholders. Similarly existing and prospective shareholders may predict the future payment of dividend and accordingly they may take investment decisions in these firms, as the future fund’s requirement of a firm depends upon dividend payment and retention ratio.

  As per the authors’ knowledge, there is no single study carried in the post-recession period to predict determinants of dividend policy of real estate sector using three alternatives of methods to verify and validate the results obtained from each other method. The study is carried out after exploring determinant from a diverse range of period of studies (oldest one to latest one).