ORCID
- Olugbode, Moji: 0000-0003-2387-0036
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.
DOI
10.1016/j.intfin.2012.04.008
Publication Date
2012-10-01
Publication Title
Journal of International Financial Markets, Institutions and Money
Volume
22
Issue
4
ISSN
1042-4431
Organisational Unit
Plymouth Business School
Keywords
Dividend yield, Retention, Market-to-book value, Neural networks, Transportation
First Page
796
Last Page
813
Recommended Citation
El-Masry, A., Abdou, H., Pointon, J., Lister, R., & Olugbode, M. (2012) 'A variable impact neural network analysis of dividend policies and share prices of transportation and related companies', Journal of International Financial Markets, Institutions and Money, 22(4), pp. 796-813. Available at: https://doi.org/10.1016/j.intfin.2012.04.008
