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The Determinants Of The Dividend Size In Croatia


  • Kožul, Antonija

    () (Faculty of Economics and Business, University of Zagreb, Croatia)

  • Mihalina, Emil

    (Procurator of Kreditna banka Zegreb, Plc. Zagreb, Croatia)


Previous researches identified certain micro-level characteristics of the company as important determinants of dividend level company choose. However, significant differences were noticed in the sensitivity of dividend size on same factors among different countries. This paper empirically examines determinants of the dividend size of Croatian companies. The results show on average significant influence of profitability and debt level on the size of the dividends. Influence of size of the company and stability of profitability/earnings on the dividend size is not statistically confirmed. The reason for high sensitivity of dividend size on the profitability and debt level can be found in high financial constraints under which Croatian companies operate.

Suggested Citation

  • Kožul, Antonija & Mihalina, Emil, 2013. "The Determinants Of The Dividend Size In Croatia," UTMS Journal of Economics, University of Tourism and Management, Skopje, Macedonia, vol. 4(2), pages 143-151.
  • Handle: RePEc:ris:utmsje:0075

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    References listed on IDEAS

    1. Bogdan, Sinisa & Baresa, Suzana & Ivanovic, Sasa, 2010. "Portfolio Analysis Based On The Example Of Zagreb Stock Exchange," UTMS Journal of Economics, University of Tourism and Management, Skopje, Macedonia, vol. 1(1), pages 39-52.
    2. Mihai BOTEZATU, 2010. "Capital investments in the context of time factor," Economia. Seria Management, Faculty of Management, Academy of Economic Studies, Bucharest, Romania, vol. 13(1), pages 106-118, June.
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    More about this item


    dividends; dividend policy; factors;

    JEL classification:

    • G35 - Financial Economics - - Corporate Finance and Governance - - - Payout Policy


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