What do we know about the dividend puzzle? – A literature survey

What do we know about the dividend puzzle? – A literature survey PurposeThe purpose of this paper is to shed light on the ongoing debate of dividend policy, which is considered one of the most controversial topics in corporate finance literature.Design/methodology/approachThe paper provides a survey of literature; it, first, outlines the main theoretical arguments of dividend policy and then critically discusses the most important and influential previous empirical studies in the dividend literature.FindingsThe analysis of literature review detects that no general consensus has yet been reached after many decades of investigation, despite extensive debate and countless research. Consequently, the main motivation for paying dividends is still unsolved and thus remains as a puzzle. In addition, there is no doubt that carrying the dividend debate into the context of emerging markets attaches more pieces to this puzzle.Originality/valueThis paper offers an updated and more comprehensive survey of literature by examining the relationship between theory and practice from both developed and emerging markets. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png International Journal of Managerial Finance Emerald Publishing

What do we know about the dividend puzzle? – A literature survey

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Publisher
Emerald Publishing
Copyright
Copyright © Emerald Group Publishing Limited
ISSN
1743-9132
DOI
10.1108/IJMF-03-2018-0090
Publisher site
See Article on Publisher Site

Abstract

PurposeThe purpose of this paper is to shed light on the ongoing debate of dividend policy, which is considered one of the most controversial topics in corporate finance literature.Design/methodology/approachThe paper provides a survey of literature; it, first, outlines the main theoretical arguments of dividend policy and then critically discusses the most important and influential previous empirical studies in the dividend literature.FindingsThe analysis of literature review detects that no general consensus has yet been reached after many decades of investigation, despite extensive debate and countless research. Consequently, the main motivation for paying dividends is still unsolved and thus remains as a puzzle. In addition, there is no doubt that carrying the dividend debate into the context of emerging markets attaches more pieces to this puzzle.Originality/valueThis paper offers an updated and more comprehensive survey of literature by examining the relationship between theory and practice from both developed and emerging markets.

Journal

International Journal of Managerial FinanceEmerald Publishing

Published: Apr 1, 2019

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