TY - JOUR
AU - Deloof, Marc
AB - We investigate the determinants of dividend payments in Belgium between 1838 and 2020. As the institutional environment changes drastically over time, we explore whether the determinants of dividend payments depend on the environment in which firms operate. Large firms, firms that are not informationally opaque, firms with a high share denomination and firms with liquid shares are more likely to pay. However, the importance of these characteristics changed over time. Surprisingly, firms seemingly do not use dividends for signaling. Our results indicate that the omnipresence of universal banks in pre-war Belgium might have lowered the need for a signal.
TI - Why do firms pay dividends? 180 years of evidence
JF - The European Review of Economic History
DO - 10.1093/ereh/head002
DA - 2023-02-19
UR - https://www.deepdyve.com/lp/oxford-university-press/why-do-firms-pay-dividends-180-years-of-evidence-snsWNoyfIM
SP - 533
EP - 559
VL - 27
IS - 4
DP - DeepDyve
ER -