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Individual investors perception of dividends: Pakistan’s percpective

  • Akhtar, Muhammad Naeem
  • Hunjra, Ahmed Imran
  • Andleeb, Arifa
  • Butt, Babar Zaheer

This research paper argue that there exists a strong preference for dividends among investors. The main purpose is to find the factors that lead individual investors to reveal their preference for either cash or stock dividends. The most important dividend theories are employed to test the behavior of Pakistani individual investors towards dividends. The results reveal strong evidence that individual investors in Pakistan want dividends either in the form of cash or stocks. They also have a strong preference for dividend even if a company has to pay it by borrowing.

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File URL: https://mpra.ub.uni-muenchen.de/40682/1/MPRA_paper_40682.pdf
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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 40682.

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Date of creation: 2011
Date of revision:
Publication status: Published in ACTUAL PROBLEMS OF ECONOMIICS 4.2(2012): pp. 193-199
Handle: RePEc:pra:mprapa:40682
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Web page: https://mpra.ub.uni-muenchen.de

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  1. Jayesh Kumar, 2004. "Corporate Governance and Dividends Payout in India," Finance 0409007, EconWPA.
  2. Eugene F. Fama & Kenneth R. French, . "Disappearing Dividends: Changing Firm Characteristics or Lower Propensity to Pay?."," CRSP working papers 509, Center for Research in Security Prices, Graduate School of Business, University of Chicago.
  3. Baker, Malcolm & Wurgler, Jeffrey, 2004. "Appearing and disappearing dividends: The link to catering incentives," Journal of Financial Economics, Elsevier, vol. 73(2), pages 271-288, August.
  4. Dong, M. & Robinson, C. & Veld, C.H., 2003. "Why Individual Investors want Dividends," Discussion Paper 2003-28, Tilburg University, Center for Economic Research.
  5. Gustavo Grullon & Roni Michaely, 2002. "Dividends, Share Repurchases, and the Substitution Hypothesis," Journal of Finance, American Finance Association, vol. 57(4), pages 1649-1684, 08.
  6. Shefrin, Hersh M. & Statman, Meir, 1984. "Explaining investor preference for cash dividends," Journal of Financial Economics, Elsevier, vol. 13(2), pages 253-282, June.
  7. Merton H. Miller & Franco Modigliani, 1961. "Dividend Policy, Growth, and the Valuation of Shares," The Journal of Business, University of Chicago Press, vol. 34, pages 411.
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