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| Tekijä: | Eije, H. von Megginson, W.L. |
| Otsikko: | Dividends and share repurchases in the European Union |
| Lehti: | Journal of Financial Economics
2008 : AUG, VOL. 89:2, p. 347-374 |
| Asiasana: | European Union companies international financial markets dividends policy shares |
| Vapaa asiasana: | repurchasing |
| Kieli: | eng |
| Tiivistelmä: | This paper explores cash dividends (henceforth as: c-dvds.) and share repurchases (here as: s-reps.) during the period of 1989-2005 in the 15 European Union (EU) member states (before May 2004). As in the United States (U.S.), the fraction of European firms paying dvds. declines, whereas total real paid dvds. increase and s-reps. boom. It is also shown that financial reporting frequency is related with higher payout (as: p-ot/s.), and that privatized companies (as: comps.) account for almost 1/4 of total c-dvds. and s-reps. The regression analyses indicate that increasing fractions of retained earnings to equity do not increase the likelihood of cash p-ot/s., while company age does. |
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