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A variable impact neural network analysis of dividend policies and share prices of transportation and related companies

Abdou, HAH, Pointon, J, El-Masry, A, Olugbode, M and Lister, R 2012, 'A variable impact neural network analysis of dividend policies and share prices of transportation and related companies' , Journal of International Financial Markets Institutions & Money, 22 (4) , pp. 796-813.

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Abstract

The purpose of this research is to investigate dividend policy,including its impact on share prices of transportation providers and related service companies, by comparing generalized regression neural networks with conventional regressions. Our results using regressions reveal that for Europe and for the US and Canada the market-to-book-value, as a surrogate for growth opportunities,fulfils expectations of pressures on dividends leading to a negative association with dividend yields in accordance with the pecking order theory. Neural network analysis indicates a clear role for growth opportunities for the US and Canada pointing to an underlying confidence on the part of transportation companies in their own internal policies. Finally, risk is rewarded especially in Europe.

Item Type: Article
Themes: Memory, Text and Place
Schools: Schools > Salford Business School
Schools > Salford Business School > Business and Management Research Centre
Journal or Publication Title: Journal of International Financial Markets Institutions & Money
Publisher: Elsevier
Refereed: Yes
ISSN: 1042-4431
Related URLs:
Funders: Non funded research
Depositing User: Dr. Hussein A. Abdou
Date Deposited: 05 Mar 2013 09:40
Last Modified: 08 Nov 2015 23:04
URI: http://usir.salford.ac.uk/id/eprint/28446

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