Cross-Country Determinants of Payout Policy: A Survey of European Firms
Опубликовано на портале: 16-06-2006
Working Paper Series (SSRN).
2005.
Тематический раздел:
We survey managers from 16 European countries to examine cross-country determinants
of payout policy. We find that European managers' views on dividend policy are driven
largely by factors similar to that of their U.S. peers. They strongly agree with
Lintner's findings that dividends are smoothed out and are difficult to cut, although
they follow different dividend targets than a fixed payout ratio. A majority of European
managers, however, consider repurchases as a tool of flexibility rather than a substitute
for dividends. Our cross-country analysis does not support La Porta, Lopez, Shielfer
and Vishny's (2000) contention that dividend policy is influenced primarily by the
quality of legal system. Instead, we find that dividend policy is determined by a
complex interaction of the firm's ownership structure of the firm and the legal and
institutional structure of its home country. Repurchase policy, on the other hand,
is influenced primarily by tax and institutional ownership variables.
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