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Did dividend policy change during the financial crisis?
16 references·11 citing·31 second hop
Did dividend policy change during the financial crisis? (2013)Did dividend policy change during the fin…Determinants of Dividend Smoothing: Empirical Evidence (2011)Determinants of Dividend Smoo…Seasoned equity offerings, market timing, and the corporate lifecycle (2009)Seasoned equity offerings, ma…Corporate Payout Policy (2007)Corporate Payout PolicyDividend policy and the earned/contributed capital mix: a test of the life-cycle theory☆ (2006)Dividend policy and the earne…Payout policy in the 21st century (2005)Payout policy in the 21st cen…Payout Policy in the 21st Century (2004)Payout Policy in the 21st Cen…Are dividends disappearing? Dividend concentration and the consolidation of earnings (2003)Are dividends disappearing? D…Are Dividend Changes a Sign of Firm Maturity? (2002)Are Dividend Changes a Sign o…The theory and practice of corporate finance: evidence from the field (2001)The theory and practice of co…Disappearing dividends: changing firm characteristics or lower propensity to pay? (2001)Disappearing dividends: chang…Agency costs of free cash flow, corporate finance, and takeovers (1996)Agency costs of free cash flo…Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers (1986)Agency Costs of Free Cash Flo…GROWTH, BETA AND AGENCY COSTS AS DETERMINANTS OF DIVIDEND PAYOUT RATIOS (1982)GROWTH, BETA AND AGENCY COSTS…Risk, Return, and Equilibrium: Empirical Tests (1973)Risk, Return, and Equilibrium…Dividend Policy, Growth, and the Valuation of Shares (1961)Dividend Policy, Growth, and …DISTRIBUTION OF INCOMES OF CORPORATIONS AMONG DIVIDENDS, RETAINED EARNINGS AND TAXES (1956)DISTRIBUTION OF INCOMES OF CO…Climate change exposure and dividend policy: evidence from textual analysis (2024)Climate change exposure and d…Dividend policy and crisis: Exploring the interplay between performance and financial constraints in the French context (2023)Dividend policy and crisis: E…The Effect of COVID-19 Pandemic on Corporate Dividend Policy in Indonesia: The Static and Dynamic Panel Data Approaches (2022)The Effect of COVID-19 Pandem…The COVID-19 Pandemic Impact on Corporate Dividend Policy of Sustainable and Responsible Investment in Indonesia: Static and Dynamic Panel Data Model Comparison (2022)The COVID-19 Pandemic Impact …Dividend payout policy of Shariah compliant firms: Evidence from United States (2020)Dividend payout policy of Sha…Determinants of banks’ dividend payment decisions: evidence from MENA countries (2020)Determinants of banks’ divide…The effect of dividend policy on share price volatility: an analysis of Mediterranean banks’ stocks (2018)The effect of dividend policy…CORPORATE GOVERNANCE AND DIVIDEND PAYOUT POLICY: BEYOND COUNTRY‐LEVEL GOVERNANCE (2017)CORPORATE GOVERNANCE AND DIVI…The impact of uncertainty on payout policy (2016)The impact of uncertainty on …Institutional shareholding and information content of dividend surprises: Re-examining the dynamics in dividend-reappearance era (2015)Institutional shareholding an…Dividend policy changes in the pre-, mid-, and post-financial crisis: Evidence from the Nigerian stock market (2015)Dividend policy changes in th…Corporate financing and investment decisions when firms have information that investors do not have (1984)Investor Sentiment and the Cross‐Section of Stock Returns (2006)Estimating Standard Errors in Finance Panel Data Sets: Comparing Approaches (2008)When Is a Liability Not a Liability? Textual Analysis, Dictionaries, and 10‐Ks (2011)CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)The Behavior of Stock-Market Prices (1965)THE VALUATION OF RISK ASSETS AND THE SELECTION OF RISKY INVESTMENTS IN STOCK PORTFOLIOS AND CAPITAL BUDGETS**This paper is another in a series of interrelated theoretical and statistical studies of corporate financial and investment policies being made under grants from the Rockefeller Foundation, and more recently the Ford Foundation, to the Harvard Business School. The generous support for this work is most gratefully acknowledged. The author is also much indebted to his colleagues Professors Bishop, Christenson, Kahr, Raiffa, and (especially) Schlaifer, for extensive discussion and commentary on an earlier draft of this paper; but responsibility for any errors or imperfections remains strictly his own.[Professor Sharpe's paper, “Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk” (Journal of Finance, September 1964) appeared after this paper was in final form and on its way to the printers. My first section, which parallels the first half of his paper (with corresponding conclusions), sets the algebraic framework for sections II, III and VI, (which have no counterpart in his paper) and for section IV on the equilibrium prices of risk assets, concerning which our results differ significantly for reasons which will be explored elsewhere. Sharpe does not take up the capital budgeting problem developed in section V below.] (1975)Common risk factors in the returns on stocks and bonds (1993)On Persistence in Mutual Fund Performance (1997)Theory of the firm: Managerial behavior, agency costs and ownership structure (1976)Additional evidence on equity ownership and corporate value (1990)The investment opportunity set and corporate financing, dividend, and compensation policies (1992)The Cost of Capital, Corporation Finance and the Theory of Investment (1958)The Pricing of Options and Corporate Liabilities (1973)Determinants of corporate borrowing (1977)Two Agency-Cost Explanations of Dividends (1984)Corporate performance and managerial remuneration (1985)The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems (1993)What Do We Know about Capital Structure? Some Evidence from International Data (1995)A Survey of Corporate Governance (1997)The Cross-Section of Expected Stock Returns (1992)Managing with Style: The Effect of Managers on Firm Policies (2003)Law, finance, and economic growth in China (2005)The Capital Structure Puzzle (1984)Do Investment-Cash Flow Sensitivities Provide Useful Measures of Financing Constraints? (1997)Why do firms pay dividends? International evidence on the determinants of dividend policy☆ (2008)Product Market Threats, Payouts, and Financial Flexibility (2012)Corporate Investment and Stock Market Listing: A Puzzle? (2014)The Economic Implications of Corporate Financial Reporting (2004)The economic implications of corporate financial reporting (2005)Corporate governance and firm cash holdings in the US (2007)
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References

  • 1986Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers17,216 cited
  • 1973Risk, Return, and Equilibrium: Empirical Tests14,248 cited
  • 1996Agency costs of free cash flow, corporate finance, and takeovers9,308 cited
  • 1961Dividend Policy, Growth, and the Valuation of Shares6,554 cited
  • 2001The theory and practice of corporate finance: evidence from the field5,947 cited
  • 1956DISTRIBUTION OF INCOMES OF CORPORATIONS AMONG DIVIDENDS, RETAINED EARNINGS AND TAXES3,426 cited
  • 2001Disappearing dividends: changing firm characteristics or lower propensity to pay?3,039 cited
  • 2005Payout policy in the 21st century2,268 cited
  • 2006Dividend policy and the earned/contributed capital mix: a test of the life-cycle theory☆1,805 cited
  • 1982GROWTH, BETA AND AGENCY COSTS AS DETERMINANTS OF DIVIDEND PAYOUT RATIOS1,728 cited
  • 2002Are Dividend Changes a Sign of Firm Maturity?1,052 cited
  • 2003Are dividends disappearing? Dividend concentration and the consolidation of earnings747 cited
  • 2009Seasoned equity offerings, market timing, and the corporate lifecycle599 cited
  • 2011Determinants of Dividend Smoothing: Empirical Evidence441 cited
  • 2004Payout Policy in the 21st Century

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384 cited
  • 2007Corporate Payout Policy334 cited
  • Cited by

    • 2022The Effect of COVID-19 Pandemic on Corporate Dividend Policy in Indonesia: The Static and Dynamic Panel Data Approaches60 cited
    • 2020Determinants of banks’ dividend payment decisions: evidence from MENA countries49 cited
    • 2015Institutional shareholding and information content of dividend surprises: Re-examining the dynamics in dividend-reappearance era47 cited
    • 2018The effect of dividend policy on share price volatility: an analysis of Mediterranean banks’ stocks35 cited
    • 2020Dividend payout policy of Shariah compliant firms: Evidence from United States34 cited
    • 2017CORPORATE GOVERNANCE AND DIVIDEND PAYOUT POLICY: BEYOND COUNTRY‐LEVEL GOVERNANCE32 cited
    • 2016The impact of uncertainty on payout policy29 cited
    • 2022The COVID-19 Pandemic Impact on Corporate Dividend Policy of Sustainable and Responsible Investment in Indonesia: Static and Dynamic Panel Data Model Comparison28 cited
    • 2015Dividend policy changes in the pre-, mid-, and post-financial crisis: Evidence from the Nigerian stock market24 cited
    • 2023Dividend policy and crisis: Exploring the interplay between performance and financial constraints in the French context19 cited
    • 2024Climate change exposure and dividend policy: evidence from textual analysis17 cited