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Individual investors' perceptions towards dividends: the case of Greece


  • Dimitrios I. Maditinos
  • Zeljko Sevic
  • Nikolaos G. Theriou
  • Alexandra V. Tsinani


This study is based on the assumption that there exists a strong preference for dividends among individual investors in Greece. Its main objective is to explore the driving forces that lead retail investors to reveal their preference for either cash or stock dividends. Several of the most important dividend theories were employed to test the behaviour of Greek individual investors towards dividends. The results reveal strong evidence that individual investors in Greece want dividends. Their answers provide strong support for the signalling theory of Bhattacharya (1979), while the behavioural finance theory of Shefrin and Statman (1984) is marginally confirmed.

Suggested Citation

  • Dimitrios I. Maditinos & Zeljko Sevic & Nikolaos G. Theriou & Alexandra V. Tsinani, 2007. "Individual investors' perceptions towards dividends: the case of Greece," International Journal of Monetary Economics and Finance, Inderscience Enterprises Ltd, vol. 1(1), pages 18-31.
  • Handle: RePEc:ids:ijmefi:v:1:y:2007:i:1:p:18-31

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