BANK DIVIDEND POLICY: EXPLANATORY FACTORS

N D Ross · Michael Casey

128 citations0/0 files storedQuarterly journal of business and economics

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Corporate Finance and Governance Banking stability, regulation, efficiency Financial Analysis and Corporate Governance

Abstract

This study identifies factors that explain bank dividend policy by adapting the Barclay, Smith, and Watts (1995) model. Our model uses investment opportunities, capital adequacy, size, signaling, ownership, dividend history, and risk to explain dividend payments. Empirical analysis suggests a negative relationship between dividend payments and investment opportunities, signaling, ownership, and risk and a positive relationship to size and dividend history. Our results lead to five guidelines for making dividend payout decisions.

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References

1976Theory of the firm: Managerial behavior, agency costs and ownership structure 1977The Determination of Financial Structure: The Incentive-Signalling Approach 1985Dividend Policy under Asymmetric Information 1956DISTRIBUTION OF INCOMES OF CORPORATIONS AMONG DIVIDENDS, RETAINED EARNINGS AND TAXES 1984Two Agency-Cost Explanations of Dividends 1979Imperfect Information, Dividend Policy, and "The Bird in the Hand" Fallacy 1982GROWTH, BETA AND AGENCY COSTS AS DETERMINANTS OF DIVIDEND PAYOUT RATIOS 1968Dividend Policy: An Empirical Analysis

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