engleski

Firm-Level factor influence dividend policy: Cross country comparison

On the basis of previous empirical works profitability, stability of earnings, growth, debt level, ownership concentration and size are isolated as factors influencing dividend policy. Using cross section regression this paper shows their influence on level of dividends in 5 European countries, Australia, Japan and United States of America. We find profitability significant in each analyzed country with positive effect on dividend level. Stability of earnings is statistically significant in half of analyzed countries with negative sign. Similarly, we find negatively significant coefficients for growth variable in half of the analyzed countries. The impact of debt on dividend size is significant in 6 countries, but the signs of the coefficients are mixed. When it comes to ownership concentration regression analysis yielded 3 negatively significant coefficients. Size coefficient appears to be significant in half of the countries but its sign is inconsistent.

dividends; dividend policy; factors

nije evidentirano