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Impact of financial and multinational operations on manager perceptions of dividends

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  • Baker, H. Kent
  • Dutta, Shantanu
  • Saadi, Samir

Abstract

We survey managers of firms listed on the Toronto Stock Exchange about their views on dividends. We find the perceptions of factors that influence dividend policy differ between managers of financial and non-financial firms. Industry classification also affects how managers view statements about the dividend pattern, dividend setting process, dividend policy and firm value, residual dividend theory, and explanations for paying dividends. However, we find weak, if any, multinational operations effect on manager perception of dividends. We conclude that researchers investigating dividends should partition the data by industry type and perhaps other firm characteristics to better understand the dividend puzzle.

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Bibliographic Info

Article provided by Elsevier in its journal Global Finance Journal.

Volume (Year): 19 (2008)
Issue (Month): 2 ()
Pages: 171-186

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Handle: RePEc:eee:glofin:v:19:y:2008:i:2:p:171-186

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Web page: http://www.elsevier.com/locate/inca/620162

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Keywords: Dividends Surveys Industry effects;

References

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  6. Baker, H. Kent & Powell, Gary E. & Veit, E. Theodore, 2002. "Revisiting the dividend puzzle: Do all of the pieces now fit?," Review of Financial Economics, Elsevier, Elsevier, vol. 11(4), pages 241-261.
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  10. Shleifer, Andrei & Vishny, Robert W., 1986. "Large Shareholders and Corporate Control," Scholarly Articles 3606237, Harvard University Department of Economics.
  11. Casey, K Mike, et al, 1999. "Examining the Impact of the 1986 Tax Reform Act on Corporate Dividend Policy: A New Methodology," The Financial Review, Eastern Finance Association, Eastern Finance Association, vol. 34(3), pages 33-46, August.
  12. Bessler, Wolfgang & Nohel, Tom, 1996. "The stock-market reaction to dividend cuts and omissions by commercial banks," Journal of Banking & Finance, Elsevier, Elsevier, vol. 20(9), pages 1485-1508, November.
  13. Bessler, Wolfgang & Nohel, Tom, 2000. "Asymmetric information, dividend reductions, and contagion effects in bank stock returns," Journal of Banking & Finance, Elsevier, Elsevier, vol. 24(11), pages 1831-1848, November.
  14. Michael J. Barclay & Clifford W. Smith & Ross L. Watts, 1995. "The Determinants Of Corporate Leverage And Dividend Policies," Journal of Applied Corporate Finance, Morgan Stanley, Morgan Stanley, vol. 7(4), pages 4-19.
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Cited by:
  1. Tom Van Caneghem & Walter Aerts, 2011. "Intra-industry conformity in dividend policy," Managerial Finance, Emerald Group Publishing, Emerald Group Publishing, vol. 37(6), pages 492-516, June.

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