Factores explicativos de la política de dividendosevidencias empíricas en mercados bursátiles europeos

  1. García-Borbolla Fernández, Amalia
  2. Larrán Jorge, Manuel
Zeitschrift:
Boletín de estudios económicos

ISSN: 0006-6249

Datum der Publikation: 2005

Ausgabe: 60

Nummer: 185

Seiten: 209-227

Art: Artikel

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Andere Publikationen in: Boletín de estudios económicos

Zusammenfassung

Despite extensive debate and research analyzing why firms pay dividends, we can conclude that there is still no consensus about the factors affecting this decision. For that reason this paper is intended to provide an answer to the factors which would enable us both to explain and predict dividends policy followed by European companies (Germany, Spain, France, Netherlands, Italy, Switzerland and U.K.) The results we have obtained prove that the basic variables analysed by Lintner are still relevant regarding the establishment of dividends. Furthermore, regarding the variables related to the Signal theory, we can conclude that the Signals Theory does not work in the cases of Germany, Switzerland and Spain. Additionally, the level of debt does not affect the usefulness of dividends to reduce agency costs in any country. Besides, a higher or lower liquidity in a company, except for the United Kingdom, does not affect the volume of dividend distribution. Finally, we can conclude that, except for Spain and the United Kingdom, where company size has a positive influence upon the volume of dividends distribution, dividends are more useful to reduce information asymmetries about future company earnings, than to reduce agency costs.

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