Corporate Valuation and Dividends: UK Evidence from Panel Unit Root and Cointegration Tests |
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Authors: | Andros Gregoriou |
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Institution: | (1) Norwich Business School, University of East Anglia, Norwich, NR4 7TJ, UK |
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Abstract: | In this study we investigate the long run relationship between dividends and corporate valuation with the use of panel unit
root tests and panel cointegration analysis. The long run relationship is estimated using fully modified OLS for a panel consisting
of 479 firms listed on the London Stock Exchange over the time period 1984–2007. The empirical results provide clear support
for the hypothesis that there is a single equilibrium relation between market value, book value, earnings and dividends, and
that dividends have a positive impact on corporate valuation. |
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Keywords: | |
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