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Not paying dividends? A decomposition of the decline in dividend payers

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  • Candra Chahyadi
  • Jesus Salas

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  • Candra Chahyadi & Jesus Salas, 2012. "Not paying dividends? A decomposition of the decline in dividend payers," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 36(2), pages 443-462, April.
    • Handle: RePEc:spr:jecfin:v:36:y:2012:i:2:p:443-462
    DOI: 10.1007/s12197-010-9132-0
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    1. Eugene F. Fama & Kenneth R. French, 2001. "Disappearing Dividends: Changing Firm Characteristics Or Lower Propensity To Pay?," Journal of Applied Corporate Finance, Morgan Stanley, vol. 14(1), pages 67-79, March.
    2. Raj Chetty & Emmanuel Saez, 2005. "Dividend Taxes and Corporate Behavior: Evidence from the 2003 Dividend Tax Cut," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 120(3), pages 791-833.
    3. Even, William E. & Macpherson, David A., 1990. "Plant size and the decline of unionism," Economics Letters, Elsevier, vol. 32(4), pages 393-398, April.
    4. Boyan Jovanovic & Peter L. Rousseau, 2001. "Why Wait? A Century of Life before IPO," American Economic Review, American Economic Association, vol. 91(2), pages 336-341, May.
    5. Michaely, Roni, 1991. "Ex-dividend Day Stock Price Behavior: The Case of the 1986 Tax Reform Act," Journal of Finance, American Finance Association, vol. 46(3), pages 845-859, July.
    6. Baker, Malcolm & Wurgler, Jeffrey, 2004. "Appearing and disappearing dividends: The link to catering incentives," Journal of Financial Economics, Elsevier, vol. 73(2), pages 271-288, August.
    7. DeAngelo, Harry & DeAngelo, Linda & Stulz, Rene M., 2006. "Dividend policy and the earned/contributed capital mix: a test of the life-cycle theory," Journal of Financial Economics, Elsevier, vol. 81(2), pages 227-254, August.
    8. Fama, Eugene F & MacBeth, James D, 1973. "Risk, Return, and Equilibrium: Empirical Tests," Journal of Political Economy, University of Chicago Press, vol. 81(3), pages 607-636, May-June.
    9. Eugene F. Fama, 2002. "Testing Trade-Off and Pecking Order Predictions About Dividends and Debt," The Review of Financial Studies, Society for Financial Studies, vol. 15(1), pages 1-33, March.
    10. Banerjee, Suman & Gatchev, Vladimir A. & Spindt, Paul A., 2007. "Stock Market Liquidity and Firm Dividend Policy," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 42(2), pages 369-397, June.
    11. Malcolm Baker & Jeffrey Wurgler, 2004. "A Catering Theory of Dividends," Journal of Finance, American Finance Association, vol. 59(3), pages 1125-1165, June.
    12. Gustavo Grullon & Roni Michaely & Bhaskaran Swaminathan, 2002. "Are Dividend Changes a Sign of Firm Maturity?," The Journal of Business, University of Chicago Press, vol. 75(3), pages 387-424, July.
    13. Brockman, Paul & Howe, John S. & Mortal, Sandra, 2008. "Stock market liquidity and the decision to repurchase," Journal of Corporate Finance, Elsevier, vol. 14(4), pages 446-459, September.
    14. Eades, Kenneth M & Hess, Patrick J & Kim, E Han, 1994. "Time-Series Variation in Dividend Pricing," Journal of Finance, American Finance Association, vol. 49(5), pages 1617-1638, December.
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    Cited by:

    1. Andre C Vianna, 2017. "Effects of Bush Tax Cut and Obama Tax Increase on corporate payout policy and stock returns," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 41(3), pages 441-462, July.
    2. Albeiro Aguirre-Ríos & Jovany Sepúlveda-Aguirre & Uvenny Quirama-Estrada & Luis Fernando Garcés-Giraldo, 2021. "Desarrollo teórico y evidencia empírica de la política de dividendos: una revisión de literatura en Iberoamérica," Revista CEA, Instituto Tecnológico Metropolitano, vol. 7(13), pages 1-23, January.

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    More about this item

    Keywords

    Dividends; Payout Policy; Propensity to Pay; Taxes; G35; G32; M41;
    All these keywords.

    JEL classification:

    • G35 - Financial Economics - - Corporate Finance and Governance - - - Payout Policy
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting

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