Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/200115
Authors: 
Dragota, Victor
Pele, Daniel Traian
Yaseen, Hanaan
Year of Publication: 
2019
Series/Report no.: 
Economics Discussion Papers No. 2019-41
Abstract: 
Dividend policy is still a largely discussed issue in corporate finance literature. One of the main indicators used in analysing the dividend policy is the dividend payout ratio. Using a database consisting of 12,085 companies operating in 73 countries, for the period 2008-2014, the authors found that the dividend payout ratio follows a Tweedie distribution, and not a normal one. This distribution is stable over time for the entire analysed period. In addition, it describes the case of almost all the countries included in the sample. Thus, a better estimation of the probability that dividend payout ratio is lower or higher than a benchmark can be provided. Also, an analysis of dividend policy, distinctly considering payer versus non-payer companies, can offer additional important information for both practitioners and academics.
Subjects: 
dividend policy
dividend payout ratio
Tweedie distribution
JEL: 
G35
C01
C51
C55
Creative Commons License: 
https://creativecommons.org/licenses/by/4.0/
Document Type: 
Working Paper

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