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Corporate Finance Assignment m

by | Jun 23, 2022 | Finance

 

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Corporate Finance
Assignment m The
word limit for this assignment is 2,000 which does not include
referencing. Harvard referencing required.
1.
The aim of the assignment is to encourage you to think about the extent to
which a company’s dividend policy is affected by external and internal factors
(e.g. industry, operating and financing decisions, past dividend policy). For
this purpose, you are required to use Halma plc (https://www.halma.com/) as a
target
company.. Halma plc is a group of technology companies that make products for hazard
detection and life protection. It is listed on the London Stock Exchange and is
a constituent of the FTSE 100
Index. Required: a.
Using the latest company’s annual report as well as other relevant information
(company’s website, press releases, announcements and other sources),
critically appraise the extent to which the following factors affect the company’s
dividend policy: . •The industry in which the company operates (compare and contrast Halma’s
dividend payout with another company which operates in the same industry. You
could use any financial database (e.g., Refinitiv) in identifying Halma’s
competitor.). • The company’s operating strategies and capital structure. • The company’s past dividend policy Please support your discussion with
relevant graphical evidence and/or tables.
Link
to Halma’s 2021 annual report:
https://www.halma.com/investors/annual-report-2021
Link to Halma’s key financial
information:
https://www.halma.com/investors/key-financial-information
[suggested word count for
this section: 1000
words] b. Using extant literature, critically discuss theories that explore the extent
to which dividend policy affects firm value. Explain whether Halma’s dividend
policy for the past five years is consistent with any dividend policy theories.
[Please refer to below papers on theories and prior empirical evidence of
dividend policy, they are available on Blackboard] [suggested word count for
this section: 1000 words] (50 marks) List of papers on dividend policies: Aggrawal, R. & Kyaw, N. A. (2010).
Capital structure, dividend policy and
multinationality: Theory versus empirical evidence. International Review of Financial Analysis,
19 140-150. Bhattacharyya, N.
(2007) Dividend policy: a review. Managerial Finance 33 (1) 4-13. Booth, L & Zhou,
J. (2017). Dividend
policy: A selective review of results from around the world. Global Finance
Journal 34, 1-15. Frankfurter, G. M. & Wood Jr., B.
(2002) Dividend policy theories and their empirical tests. International Review of
Financial Analysis 11, 111-138 Tran, D. V. & Ashraf, B. N.
(2018). Dividend policy and bank opacity. International Journal of Finance &
Economics, 23,
186-204.

 

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