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Harmony, Hierarchy and Dividend Policy Around the World

In: Global Versus Local Perspectives on Finance and Accounting

Author

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  • Hanaan Yaseen

    (The Bucharest University of Economic Studies)

  • Victor Dragotă

    (The Bucharest University of Economic Studies)

Abstract

Our study investigates the influence of national culture on corporate dividend policy by considering Schwartz’s two cultural dimensions: harmony and hierarchy. The main motivation of the analysis is that people decisions are driven by their feelings and emotions, and these subjective factors can be as relevant as the objective companies’ factors when looking at dividend policy decisions. Using a database of 10,878 companies from 56 countries, for the period 2008–2014, we find that national harmony is positively related, and hierarchy negatively related to the dividend payout ratio. The local culture seems to be significantly associated with the dividend payout ratio.

Suggested Citation

  • Hanaan Yaseen & Victor Dragotă, 2019. "Harmony, Hierarchy and Dividend Policy Around the World," Springer Proceedings in Business and Economics, in: David Procházka (ed.), Global Versus Local Perspectives on Finance and Accounting, pages 115-124, Springer.
    • Handle: RePEc:spr:prbchp:978-3-030-11851-8_11
    DOI: 10.1007/978-3-030-11851-8_11
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    1. repec:rfb:journl:v:10:y:2018:i:2:p:0077-094 is not listed on IDEAS
    2. Hanaan Yaseen, 2018. "Dividend policy and socio-cultural factors: some preliminary findings," The Review of Finance and Banking, Academia de Studii Economice din Bucuresti, Romania / Facultatea de Finante, Asigurari, Banci si Burse de Valori / Catedra de Finante, vol. 10(2), pages 077-094, December.

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