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| Tekijä: | Denis, D.J. Osobov, I. |
| Otsikko: | Why do firms pay dividends? International evidence on the determinants of dividend policy |
| Lehti: | Journal of Financial Economics
2008 : JUL, VOL. 89:1, p. 62-82 |
| Asiasana: | dividend policy international |
| Kieli: | eng |
| Tiivistelmä: | In the United States (U.S.), Canada, the United Kingdom (U.K.), Germany, France, and Japan, the propensity for paying dividends (here as: dds.) is higher among larger, more profitable firms, and those for which retained earnings comprise a large fraction of total equity. Despite of hints of reductions in the propensity to pay dds. during the 19942002 period, they are driven by a failure of newly listed firms to initiate dds. when expected to do so. Dds. abandonment and the failure to initiate by existing non-payers are economically unimportant, except in Japan. In addition, in each country, aggregate dds. have not declined and are concentrated among the largest, most profitable firms. Finally, outside of the U.S., there is little evidence of a systematic positive relation btw. relative prices of dds. paying and non-paying firms and the propensity to pay dds. |
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