Lazy dividends

IF 5.9 1区经济学 Q1 BUSINESS, FINANCE

Journal of Corporate Finance Pub Date : 2025-08-07 DOI:10.1016/j.jcorpfin.2025.102858

Patrick J. Dennis , James P. Weston

引用次数: 0

Abstract

Dividends are clustered in increments of 5, such as 25, 50, and 75. Firms that gravitate towards these ‘prominent’ amounts have lower operating performance and lower annual five-factor alphas of 77 b.p. Consistent with agency frictions that lead to lazy decisions, clustering effects are stronger for entrenched firms, with more market power, and less shareholder activism. Dividend increases also cluster more than cuts, consistent with saliency bias. In a counterfactual exercise, we find no similar patterns in a sample of ADRs. Our results complement a number of recent studies showing the economic importance of simple decision heuristics.

查看原文本刊更多论文

懒惰的股息

股息以5的增量聚集，如25、50和75。倾向于这些“突出”金额的公司经营业绩较低，年度五因素阿尔法值较低，为77 bp。与导致懒惰决策的代理摩擦一致，对于拥有更大市场力量和更少股东激进主义的根深蒂固的公司，集群效应更强。股息增加也比削减更集中，与显著性偏见一致。在反事实练习中，我们在adr样本中没有发现类似的模式。我们的结果补充了一些最近的研究，显示了简单决策启发式的经济重要性。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

求助全文

约1分钟内获得全文求助全文

来源期刊

Journal of Corporate Finance BUSINESS, FINANCE-

CiteScore

11.80

自引率

3.30%

发文量

期刊介绍： The Journal of Corporate Finance aims to publish high quality, original manuscripts that analyze issues related to corporate finance. Contributions can be of a theoretical, empirical, or clinical nature. Topical areas of interest include, but are not limited to: financial structure, payout policies, corporate restructuring, financial contracts, corporate governance arrangements, the economics of organizations, the influence of legal structures, and international financial management. Papers that apply asset pricing and microstructure analysis to corporate finance issues are also welcome.