Dividend Behavior of Indian Firms: New Evidence from Large Data Set

Q3 Business, Management and Accounting

Journal of Asia-Pacific Business Pub Date : 2021-01-02 DOI:10.1080/10599231.2021.1866396

Debasis Pahi, I. Yadav

引用次数: 5

Abstract

ABSTRACT This paper investigates the dividend behavior of 5,785 non-financial non-utility non-government listed Indian firms during 1990–2016 using trend and econometric analysis. It is found that the dividend distribution tax is suppressing dividends whereas improved corporate governance norms are increasing dividends. The evidence suggests that cash dividends are preferred more than share-repurchases and firms either increase or maintain stable dividends. Further, a concentration of dividends by the Indian firms is observed. The firms that are profitable, large and have lesser investment opportunities exhibit a higher propensity to pay dividends. Logit regression estimates suggest an appearing, disappearing, and reappearing trend of dividends.

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印度公司的股利行为:来自大数据集的新证据

本文运用趋势分析和计量分析方法，对1990-2016年印度5785家非金融、非公用事业、非政府上市公司的股利行为进行了研究。研究发现，股利分配税抑制了股利，而公司治理规范的改善则增加了股利。有证据表明，现金股利比股票回购更受青睐，公司要么增加股利，要么保持稳定的股利。此外，观察到印度公司的股息集中。那些盈利、规模大、投资机会少的公司表现出更高的支付股息的倾向。Logit回归估计表明股息出现、消失和重新出现的趋势。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Asia-Pacific Business Business, Management and Accounting-Business and International Management

CiteScore

2.50

自引率

0.00%

发文量

期刊介绍： Present circumstances underscore the need to improve the understanding of conducting business with and within the Asia-Pacific countries. The Journal of Asia-Pacific Business™ provides a blend of cutting-edge knowledge and practical applications on business management and marketing strategy. In the Journal of Asia-Pacific Business™, you will find articles and feature sections that provide a pragmatic view of the business environment in this dynamic region. This essential resource offers readers a good blend of descriptive, conceptual, and theoretical articles dealing with current topics.