search query: @freeterm payout policy / total: 5
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| Author: | Fama, E. F. French, K. R. |
| Title: | Disappearing dividends: changing firm characteristics or lower propensity to pay? |
| Journal: | Journal of Financial Economics
2001 : APR, VOL. 60:1, p. 3-43 |
| Index terms: | Dividends Stock repurchases |
| Freeterms: | Payout policy Stock repurchases New listings |
| Language: | eng |
| Abstract: | The proportion of firms paying cash dividends falls from 66.5% in 1978 to 20.8% in 1999, due in part to the changing characteristics of publicly traded firms. Fed by new listings, the population of publicly traded firms tilts increasingly towards small firms with low profitability and strong growth opportunities - characteristics typical of firms that have never paid dividends. |
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