Corporate Dividend Policies during the COVID-19 Pandemic

Nasir Ali · Muhammad Zia ur Rehman · Badar Nadeem Ashraf · Falik Shear

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Corporate Finance and Governance Financial Analysis and Corporate Governance COVID-19 Pandemic Impacts

Abstract

In this paper, we examine the changes in corporate dividend policies during the COVID-19 shock. For empirical analysis, we employ annual data of 360 companies from the Pakistan Stock Exchange over the period 2015–2020. Using descriptive analysis and Logit regression models, we find that firms were more likely to either omit or reduce dividend payments during the pandemic year of 2020 as compared to the trends in pre-COVID-19 years of 2015–2019. Further, firms with higher profitability, asset turnover and size were less likely to opt for dividend omissions. On the contrary, dividend omissions were more likely among firms with higher debt ratios. The findings of this study helps to understand firm dividend policies during crisis periods.

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1961Dividend Policy, Growth, and the Valuation of Shares 2020Using social and behavioural science to support COVID-19 pandemic response 1998Agency Problems and Dividend Policies Around the World 1984Two Agency-Cost Explanations of Dividends 2001Disappearing dividends: changing firm characteristics or lower propensity to pay?1979Imperfect Information, Dividend Policy, and "The Bird in the Hand" Fallacy 2006Dividend policy and the earned/contributed capital mix: a test of the life-cycle theory☆1982GROWTH, BETA AND AGENCY COSTS AS DETERMINANTS OF DIVIDEND PAYOUT RATIOS

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2023The Effect of the COVID-19 Pandemic on Corporate Dividend Policy of Moroccan Listed Firms

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