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| Author: | Aivazian, V. Booth, L. Cleary, S. |
| Title: | Do emerging market firms follow a different dividend policies from U.S. firms? |
| Journal: | Journal of Financial Research
2003 : FALL, VOL. 26:3, p. 371-387 |
| Index terms: | Dividend policy Emerging markets USA |
| Language: | eng |
| Abstract: | It is found in this study that emerging market companies exhibit dividend behaviour similar to U.S. companies, in the sense that dividends are explained by profitability, debt and the market-to-book ratio. Nevertheless, empirical dividend policy equations are structurally different, indicating different sensitivities to these variables. In addition, emerging market companies seem to be more affected by asset mix, which seems to be due to their greater reliance on bank debt. |
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