Impact of financial and multinational operations on manager perceptions of dividends
AbstractWe 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.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Bibliographic InfoArticle provided by Elsevier in its journal Global Finance Journal.
Volume (Year): 19 (2008)
Issue (Month): 2 ()
Contact details of provider:
Web page: http://www.elsevier.com/locate/inca/620162
Dividends Surveys Industry effects;
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Donald P. Morgan, 2002. "Rating Banks: Risk and Uncertainty in an Opaque Industry," American Economic Review, American Economic Association, American Economic Association, vol. 92(4), pages 874-888, September.
- Randall Morck & David Stangeland & Bernard Yeung, 2000.
"Inherited Wealth, Corporate Control, and Economic Growth The Canadian Disease?,"
NBER Chapters, National Bureau of Economic Research, Inc,
in: Concentrated Corporate Ownership, pages 319-372
National Bureau of Economic Research, Inc.
- Randall K. Morck & David A. Stangeland & Bernard Yeung, 1998. "Inherited Wealth, Corporate Control and Economic Growth: The Canadian Disease," NBER Working Papers 6814, National Bureau of Economic Research, Inc.
- Sunil Sharma & Sushil Bikhchandani, 2000. "Herd Behavior in Financial Markets: A Review," IMF Working Papers, International Monetary Fund 00/48, International Monetary Fund.
- Eugene F. Fama & Kenneth R. French, 2001.
"Disappearing Dividends: Changing Firm Characteristics Or Lower Propensity To Pay?,"
Journal of Applied Corporate Finance, Morgan Stanley,
Morgan Stanley, vol. 14(1), pages 67-79.
- Fama, Eugene F. & French, Kenneth R., 2001. "Disappearing dividends: changing firm characteristics or lower propensity to pay?," Journal of Financial Economics, Elsevier, Elsevier, vol. 60(1), pages 3-43, April.
- Eugene F. Fama & Kenneth R. French, . "Disappearing Dividends: Changing Firm Characteristics or Lower Propensity to Pay?."," CRSP working papers, Center for Research in Security Prices, Graduate School of Business, University of Chicago 509, Center for Research in Security Prices, Graduate School of Business, University of Chicago.
- Sudipto Bhattacharya, 1979. "Imperfect Information, Dividend Policy, and "The Bird in the Hand" Fallacy," Bell Journal of Economics, The RAND Corporation, The RAND Corporation, vol. 10(1), pages 259-270, Spring.
- 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.
- de Jong, Abe & van Dijk, Ronald & Veld, Chris, 2003. "The dividend and share repurchase policies of Canadian firms: empirical evidence based on an alternative research design," International Review of Financial Analysis, Elsevier, Elsevier, vol. 12(4), pages 349-377.
- Alon Brav & John R. Graham & Campbell R. Harvey & Roni Michaely, 2003.
"Payout Policy in the 21st Century,"
NBER Working Papers
9657, National Bureau of Economic Research, Inc.
- Stephen R. Foerster & Stephen G. Sapp, 2006. "The changing role of dividends: a firm-level study from the nineteenth to the twenty-first century," Canadian Journal of Economics, Canadian Economics Association, Canadian Economics Association, vol. 39(4), pages 1316-1344, November.
- Shleifer, Andrei & Vishny, Robert W., 1986.
"Large Shareholders and Corporate Control,"
3606237, Harvard University Department of Economics.
- Shleifer, Andrei & Vishny, Robert W, 1986. "Large Shareholders and Corporate Control," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 94(3), pages 461-88, June.
- 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.
- 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.
- 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.
- 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.
- Baker, H Kent & Veit, E Theodore & Powell, Gary E, 2001. "Factors Influencing Dividend Policy Decisions of NASDAQ Firms," The Financial Review, Eastern Finance Association, Eastern Finance Association, vol. 36(3), pages 19-37, August.
- 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.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Zhang, Lei).
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.