Advanced Search
MyIDEAS: Login to save this article or follow this journal

Determinants of corporate dividend policy in Greece


Author Info

  • Theophano Patra
  • Sunil Poshakwale
  • Kean Ow-Yong
Registered author(s):


    This article examines the determinants of corporate dividend policy of listed firms in Greece as a case study of an emerging market country. The analysis is based on 945 firm year observations of 63 nonfinancial firms which paid dividends annually from 1993 to 2007. The study uses the Generalized Method of Moments (GMM) to estimate the firm level factors that may determine why firms distribute dividends. We find that size, profitability and liquidity factors increase the probability to pay dividends. However, investment opportunities, financial leverage and business risk decrease the likelihood to pay dividends. On the whole, the findings lend support for the information asymmetry and agency cost theories. In addition, the factors that influence dividend policy in developed markets also appear to apply for this emerging market country.

    Download Info

    If 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.
    File URL:
    Download Restriction: Access to full text is restricted to subscribers.

    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 Info

    Article provided by Taylor & Francis Journals in its journal Applied Financial Economics.

    Volume (Year): 22 (2012)
    Issue (Month): 13 (July)
    Pages: 1079-1087

    as in new window
    Handle: RePEc:taf:apfiec:v:22:y:2012:i:13:p:1079-1087

    Contact details of provider:
    Web page:

    Order Information:

    Related research



    No references listed on IDEAS
    You can help add them by filling out this form.



    This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.


    Access and download statistics


    When requesting a correction, please mention this item's handle: RePEc:taf:apfiec:v:22:y:2012:i:13:p:1079-1087. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Michael McNulty).

    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.