Publication:
Yes, dividends are disappearing: worldwide evidence

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GRADUATE SCHOOL OF BUSINESS
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Fatemi, Ali

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Date

2012

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Journal Article

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Abstract

Thisstudyexaminesthepatternsinpayoutpoliciesworldwide.Utilizingdatafromasampleofmorethan 17,000companiesfrom33differentcountries,wefindevidenceinsupportofasignificantworldwide declineinthepropensitytopaydividends.Mostofthedeclineisduetothepayoutpoliciesofsmaller andlessprofitablefirmswithcomparativelymoreinvestmentopportunities.Wefindthat largerfirms, thosewithhigherprofitability, andfirmswithlowgrowthopportunitieshaveagreaterpropensityto paydividends.Theproportionofdividendpayersvariessubstantiallyacrossindustriesaswell.However, theproportionoffirmspayingdividendshasdeclinedovertime,evenafterfirms’ characteristicshave beencontrolledfor.Moreover, aggregatedividendsarehighlyconcentratedinthat theyarepaidonly byasmallgroupoffirms.Ourfindingsindicatethattherehasbeenasignificantdeclineintheaverage dividendpayoutratiosovertheyears.Thedeclineinthemeandividendpayoutratiosaswellastheproportionofpayersismuchmorepronouncedincivil lawcountries.

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Business, Finance, Economics

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Journal of Banking & Finance

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DOI

10.1016/j.jbankfin.2011.10.008

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https://doi.org/10.1016/j.jbankfin.2011.10.008
 https://hdl.handle.net/20.500.14288/6449

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