January 2018
Beginner
976 pages
142h 14m
English
book
Principles of Managerial Finance, 15th Edition
by Scott B. Smart, Chad J. Zutter, Lawrence J. Gitman
Content preview from Principles of Managerial Finance, 15th Edition
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14.5 Types of Dividend Policies
LG4
The firm must formulate its dividend policy with two objectives in mind: providing for sufficient financing and maximizing the wealth of the firm’s owners. Three different dividend policies are described in the following sections. A particular firm’s dividend policy may incorporate elements of each.
Constant-Payout-Ratio Dividend Policy
One type of dividend policy involves the use of a constant payout ratio. The dividend payout ratio indicates the percentage of each dollar earned that the firm distributes to the owners in the form of cash. It equals the firm’s cash dividend per share divided by its earnings per share. With a constant-payout-ratio dividend policy, the firm pays a certain percentage of earnings ...
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