文章基本信息

标题：Dividend policy and socio-cultural factors: some preliminary findings
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作者：Hanaan Yaseen
期刊名称：Review of Finance and Banking
印刷版ISSN：2067-2713
电子版ISSN：2067-3825
出版年度：2018
卷号：10
期号：2
页码：77-94
出版社：Bucharest Academy of Economic Studies
摘要：This study analyzes the impact of socio-cultural factors on dividend policy in 83 countries, for 12,150 companies in the period of 2009-2013. Using a hierarchical linear modelling it is noticed that there is a signiÖcant ináuence of socio-cultural factors on the dividend payout decision. Also, some Önancial factors, considered classics in literature, have been tested. Using a Logit-Normal Generalized Linear Mixed E§ects Model it is proven that there is an association between socio-cultural factors and the probability to pay dividends. The main results conÖrm that religion, corruption, anti-self dealing index, law system, property rights and business freedom index have a signiÖcant impact on dividend policy.