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Firm resiliency and dividend policy during the COVID-19 pandemic

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  • Prasenjit Roy
  • Santi Gopal Maji
  • Matteo Rossi

Abstract

The study investigates the impact of COVID-19 on dividend policies among resilient and non-resilient Indian firms listed in the BSE 500 index from 2014-2015 to 2022-2023. As highlighted by Krieger et al. (2021), the COVID-19 pandemic compelled companies to reassess their dividend policies in response to economic disruptions. To analyse the pandemic's effect on dividend strategies, the research employs a system generalised method of moments (system GMM) model. The findings reveal that the pandemic significantly influenced firms' dividend policies, with non-resilient firms reducing their dividends compared to resilient firms. Additionally, firms with high return on assets (ROA), total assets (TA), and Tobin's Q (TBQ) maintained strong dividend payments during the pandemic, while highly leveraged firms struggled to sustain dividends. These results have practical implications for corporate and investment sector decision-makers, underscoring the importance of strategic and adaptive decision-making to ensure resilience in times of economic crisis.

Suggested Citation

  • Prasenjit Roy & Santi Gopal Maji & Matteo Rossi, 2026. "Firm resiliency and dividend policy during the COVID-19 pandemic," International Journal of Entrepreneurship and Small Business, Inderscience Enterprises Ltd, vol. 57(2), pages 160-185.
    • Handle: RePEc:ids:ijesbu:v:57:y:2026:i:2:p:160-185
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