Dividend policy and socio-cultural factors: some preliminary findings

Journal Title: The Review of Finance and Banking - Year 2018, Vol 10, Issue 2

Abstract

This study analyzes the impact of socio-cultural factors on dividend policy in 83 countries, for 12,150 companies in the period of 2009-2013. Using a hierarchical linear modelling it is noticed that there is a significant influence of socio-cultural factors on the dividend payout decision. Also, some financial factors, considered classics in literature, have been tested. Using a Logit-Normal Generalized Linear Mixed Effects Model it is proven that there is an association between socio-cultural factors and the probability to pay dividends. The main results confirm that religion, corruption, anti-self dealing index, law system, property rights and business freedom index have a significant impact on dividend policy.

Authors and Affiliations

Hanaan Yaseen

Keywords

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  • EP ID EP591177
  • DOI -
  • Views 212
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How To Cite

Hanaan Yaseen (2018). Dividend policy and socio-cultural factors: some preliminary findings. The Review of Finance and Banking, 10(2), 77-94. https://www.europub.co.uk/articles/-A-591177