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Dividend policy: A selective review of results from around the world

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  • Booth, Laurence
  • Zhou, Jun
Abstract
In a “perfect” market, Miller and Modigliani's celebrated dividend irrelevance argument holds, whereby a dividend payment or omission is identical in impact to changes in a firm's share structure. Consequently, the dividend payment itself is irrelevant to valuation; what matters is the firm's free cash flow. In the real world, the institutional and financial structure of markets matters. In the United States, explanations of actual dividend policy usually stress transaction costs, information costs engendering signaling and agency costs, taxes, and the legal system. Under the U.S. financial system many of these factors tend to be similar across firms, so that it can be difficult to disentangle their effects. However, it is to be expected that in a financial system organized differently results from the United States may not hold, so we may be able to identify the importance of factors largely suppressed in the United States. In this selective review we look at results from both comparative and international studies of dividend policy. As might be expected, we find that institutional structure—including a country's financial system, institutions, culture, and industrial organization—is important in determining dividend policy.

Suggested Citation

  • Booth, Laurence & Zhou, Jun, 2017. "Dividend policy: A selective review of results from around the world," Global Finance Journal, Elsevier, vol. 34(C), pages 1-15.
    • Handle: RePEc:eee:glofin:v:34:y:2017:i:c:p:1-15
    DOI: 10.1016/j.gfj.2017.07.002
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    8. Nejla Ould Daoud Ellili, 2022. "Impact of environmental, social and governance disclosure on dividend policy: What is the role of corporate governance? Evidence from an emerging market," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 29(5), pages 1396-1413, September.
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    10. Tahir, Muhammad & Ibrahim, Haslindar & Zulkafli, Abdul Hadi & Mushtaq, Muhammad, 2020. "Corruption, national culture, law and dividend repatriation policy," Journal of Multinational Financial Management, Elsevier, vol. 57.
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    14. Faheem ul Hussain Dehraj & Mukhtiar Ali Erri & Feroz Khan Laghari & Muhammad Fahad & Muhammad Ibrahim Tiwano, 2024. "How Does Capital Structure Influence the Dividend Policy? A Comparative study of both Commercial and Islamic Banks: A Time Series Analysis (2006-2021)," Bulletin of Business and Economics (BBE), Research Foundation for Humanity (RFH), vol. 13(1), pages 391-397.
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    15. Blau, Benjamin M. & Fuller, Kathleen P., 2008. "Flexibility and dividends," Journal of Corporate Finance, Elsevier, vol. 14(2), pages 133-152, April.
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    More about this item

    Keywords

    Dividend policy; Information asymmetries; Agency costs;
    All these keywords.

    JEL classification:

    • G35 - Financial Economics - - Corporate Finance and Governance - - - Payout Policy
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

    Statistics

    Access and download statistics

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