Why do firms pay dividends? 180 years of evidence

IF 1.2 1区历史学 Q3 ECONOMICS

European Review of Economic History Pub Date : 2023-02-19 DOI:10.1093/ereh/head002

Leentje Moortgat, J. Annaert, M. Deloof

引用次数: 0

Abstract

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.

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公司为什么要支付股息?180年的证据

我们调查股息支付的决定因素在1838年和2020年之间的比利时。随着制度环境的急剧变化，我们探讨股利支付的决定因素是否取决于公司经营的环境。大公司、信息不透明的公司、高股票面值的公司和具有流动性股票的公司更有可能支付。然而，随着时间的推移，这些特征的重要性发生了变化。令人惊讶的是，公司似乎不使用股息作为信号。我们的研究结果表明，战前比利时无处不在的全能银行可能降低了对信号的需求。

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

European Review of Economic History Multiple-

CiteScore

2.60

自引率

7.10%

发文量

期刊介绍： European Review of Economic History has established itself as a major outlet for high-quality research in economic history, which is accessible to readers from a variety of different backgrounds. The Review publishes articles on a wide range of topics in European, comparative and world economic history. Contributions shed new light on existing debates, raise new or previously neglected topics and provide fresh perspectives from comparative research. The Review includes full-length articles, shorter articles, notes and comments, debates, survey articles, and review articles. It also publishes notes and announcements from the European Historical Economics Society.