Article2012

Determinants of corporate dividend policy in Greece

Theophano Patra · Sunil S. Poshakwale · Kean Ow‐Yong

95 citations0/0 files storedApplied Financial Economics

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Corporate Finance and Governance Financial Markets and Investment Strategies Financial Analysis and Corporate Governance

Abstract

This article examines the determinants of corporate dividend policy of listed firms in Greece as a case study of an emerging market country. The analysis is based on 945 firm year observations of 63 nonfinancial firms which paid dividends annually from 1993 to 2007. The study uses the Generalized Method of Moments (GMM) to estimate the firm level factors that may determine why firms distribute dividends. We find that size, profitability and liquidity factors increase the probability to pay dividends. However, investment opportunities, financial leverage and business risk decrease the likelihood to pay dividends. On the whole, the findings lend support for the information asymmetry and agency cost theories. In addition, the factors that influence dividend policy in developed markets also appear to apply for this emerging market country.

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References

1976Theory of the firm: Managerial behavior, agency costs and ownership structure 1984Corporate financing and investment decisions when firms have information that investors do not have 1978Specification Tests in Econometrics 1986Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers 2003Testing for unit roots in heterogeneous panels 1981Biases in Dynamic Models with Fixed Effects 1984The Capital Structure Puzzle 1961Dividend Policy, Growth, and the Valuation of Shares

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