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Chapter 12: Dividend and Share Repurchase Decisions Copyright 2006 McGraw-Hill Australia Pty Ltd PPTs t/a Business Finance 9e by Peirson, Brown, Easton, Howard and Pinder 12–1 Prepared by Dr Buly Cardak Learning Objectives • Define ‘dividend policy’ and understand some institutional features of dividends and share repurchases. • Explain why dividend policy is irrelevant to shareholders’ wealth in a perfect capital market with no taxes. • Outline the imputation and capital gains tax systems and explain their effects on returns to investors. Copyright 2006 McGraw-Hill Australia Pty Ltd PPTs t/a Business Finance 9e by Peirson, Brown, Easton, Howard and Pinder 12–2 Prepared by Dr Buly Cardak Learning Objectives (cont.) • Identify the factors that may cause dividend policy to be important. • Be familiar with the nature of share buybacks, dividend reinvestment plans and dividend election schemes. • Outline the main factors that influence companies’ dividend policies. Copyright 2006 McGraw-Hill Australia Pty Ltd PPTs t/a Business Finance 9e by Peirson, Brown, Easton, Howard and Pinder 12–3 Prepared by Dr Buly Cardak Dividend Policy • Business Decisions – Investment – Financing – Dividend • Dividend Policy – Determining how much of a company’s profit is to be paid to shareholders as dividends and how much is to be retained. Copyright 2006 McGraw-Hill Australia Pty Ltd PPTs t/a Business Finance 9e by Peirson, Brown, Easton, Howard and Pinder 12–4 Prepared by Dr Buly Cardak Is there an Optimal Dividend Policy? • In a perfect capital market, dividend policy has no impact on shareholders’ wealth and is, therefore, irrelevant. • Introducing capital market imperfections, the following views exist: – Dividend policy does not matter. – A high dividend policy is best. – A low dividend policy is best. Copyright 2006 McGraw-Hill Australia Pty Ltd PPTs t/a Business Finance 9e by Peirson, Brown, Easton, Howard and Pinder 12–5 Prepared by Dr Buly Cardak ... - tailieumienphi.vn
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