Empirical relationship between the dividend and investment decision: do emerging market firms behave differently?

Saumitra Bhaduri and S. Raja Sethu Durai

Applied Financial Economics Letters, 2006, vol. 2, issue 3, 155-158

Abstract: This study provides an emerging economy perspective towards the Miller and Modigliani (1961) separation principle. Applying a panel Granger causality test proposed by Hurlin and Venet (2004) to the dividend and investment data of 265 Indian manufacturing firms for 1992–2004, the M–M hypothesis is rejected and evidence found in favour of the joint determination of financing and investment decisions.

Date: 2006
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DOI: 10.1080/17446540500426813

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