Model of Deferred Advantage or Disadvantage from Reinvestment - Methodical Problems

Model odložené výhody resp. nevýhody z reinvestování - metodické problémy

Petr Marek

Český finanční a účetní časopis, 2008, vol. 2008, issue 3, 20-26

Abstract: The article deals with methodical problems connected with model of deferred advantage (or disadvantage) from reinvestment. The advantage shall be understood as a difference in shareholder's wealth resulting from the situation when the corporate profits are ploughed back into business operations rather than distributed among shareholders in form of dividends. If negative figures are the case, it is dealt with deferred disadvantage. Main methodical problems represent a) form of shareholder's income (dividend payment versus capital gains), b) number of periods, c) fixed versus proportional return on capital, and d) tax aspects. On base of Masulis and Trueman paper (1988) optimal dividend payout ratio was also proposed.

Keywords: Dividend; Dividend policy; Model of deferred advantage or disadvantage from reinvestment; Dividenda; Dividendová politika; Model odložené výhody resp. nevýhody z reinvestování (search for similar items in EconPapers)
JEL-codes: G35 (search for similar items in EconPapers)
Date: 2008
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DOI: 10.18267/j.cfuc.277

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