Accesso libero

How COVID-19 Affected Corporate Dividend Decisions: Novel Evidence from Emerging Countries

INFORMAZIONI SU QUESTO ARTICOLO

Cita

Adaoglu, C. (2000). Instability in the dividend policy of the Istanbul stock exchange (ISE) corporations: Evidence from an emerging market. Emerging Markets Review, 1(3), 252-270, doi.org/10.1016/s1566-0141(00)00011-x. Search in Google Scholar

Adjaoud, F. & Ben-Amar, W. (2010). Corporate governance and dividend policy: Shareholders’ protection or expropriation? Journal of Business Finance and Accounting, 37(5-6), 648-667. Search in Google Scholar

Aivazian, V., Booth, L. & Cleary, S. (2003). Do emerging market firms follow different dividend policies from US firms? Journal of Financial Research, 26(3), 371-387. Search in Google Scholar

Al‐Ajmi, J. & Abo Hussain, H. (2011).Corporate dividends decisions: Evidence from Saudi Arabia. The Journal of Risk Finance, 12(1), 41–56, https://doi.org/10.1108/15265941111100067. Search in Google Scholar

Al-Ghazali, A.M. (2014). The Economic and Behavioural Factors affecting Corporate Dividend Policy: Theory and Evidence. Ph.D. Dissertation, University of Bath, Bath, UK. Available online: http://opus.bath.ac.uk/46574 (Accessed: 15.05.2023). Search in Google Scholar

Ali, H. (2022). Corporate dividend policy in the time of COVID-19: Evidence from the G-12 countries. Finance Research Letters, 46(B), 102493, https://doi.org/10.1016/j.frl.2021.102493. Search in Google Scholar

Ali, N., Rehman, M.Z.U., Ashraf, B.N. & Shear, F. (2022).Corporate Dividend Policies during the COVID-19 Pandemic. Economies, 10(11), 263-275, https://doi.org/10.3390/economies10110263. Search in Google Scholar

Allen, D.E. (1992). Target Payout Ratios and Dividend Policy: British Evidence. Managerial Finance, 18(1), 9–21, https://doi.org/10.1108/eb018440. Search in Google Scholar

Ararat, M., Claessens, S. & Yurtoglu, B.B. (2021). Corporate governance in emerging markets: A selective review and an agenda for future research. Emerging Markets Review, 48, 100767, http://dx.doi.org/10.2139/ssrn.3554745. Search in Google Scholar

Baker, S.R., Bloom, N., Davis, S.J., Kost, K.J., Sammon, M.C. & Viratyosin, T. (2020). The unprecedented stock market impact of COVID-19. Review of Asset Pricing Studies, 10(4), 742–758. Search in Google Scholar

Baker, H.K. & Powell, G.E. (1999). How Corporate Managers View Dividend Policy. Quarterly Journal of Business and Economics, 38(2), 17–35. Search in Google Scholar

Benartzi, S., Michaely, R. & Thaler, R. (1997). Do Changes in Dividends Signal the Future or the Past? The Journal of Finance, 52(3), 1007–1034, https://doi.org/10.1111/j.1540-6261.1997.tb02723.x. Search in Google Scholar

Bhattacharya, S. (1979). Imperfect Information, Dividend Policy, and ‘The Bird in the Hand’ Fallacy. The Bell Journal of Economics, 10(1), 259–270, https://doi.org/10.2307/3003330. Search in Google Scholar

Bistrova, J., Lace, N. & Kozlovskis, K. (2013). Ownership type influence on dividend payments in CEE countries. Business: Theory and Practice Journal, 1(3), 259-266. Search in Google Scholar

Brav, A., Graham, J.R., Harvey, C. & Michaely, R. (2005). Payout policy in the 21st century. Journal of Financial Economics 77(3), 483–527. Search in Google Scholar

Cejnek, G., Randl, O. & Zechner, J. (2021). The COVID-19 Pandemic and Corporate Dividend Policy. Journal of Financial and Quantitative Analysis, 56(7), 2389–2410, https://doi.org/10.1017/S0022109021000533. Search in Google Scholar

Chemmanur, T.J. & Tian, X. (2014). Communicating private information to the equity market before a dividend cut: An empirical analysis. Journal of Financial and Quantitative Analysis, 49(5-6), 1167–1199, doi: 10.1017/S0022109014000672. Search in Google Scholar

DeAngelo, H., DeAngelo, L. & Skinner, D.J. (2004). Are dividends disappearing? Dividend concentration and the consolidation of earnings, Journal of Financial Economics, 72(3), 425–456, https://doi.org/10.1016/S0304-405X(03)00186-7. Search in Google Scholar

DeAngelo, H., Gonçalves, A.S. & Stulz, R.M. (2018). Corporate Deleveraging and Financial Flexibility. The Review of Financial Studies, 31(8), 3122–3174, https://doi.org/10.1093/rfs/hhx147. Search in Google Scholar

Deghi, A., Seneviratne, D., Tsuruga, T. & Vandenbussche, J. (2021). Corporate Funding and the COVID-19 Crisis, IMF Working Papers 086, International Monetary Fund, https://www.imf.org/-/media/Files/Publications/WP/2021/English/wpiea2021086-print-pdf.ashx (Accessed: 15.05.2023). Search in Google Scholar

Eugster, N., Ducret, R., Isakov, D. & Weisskopf, J.P. (2022). Chasing dividends during the COVID-19 pandemic. International Review of Finance, 22(2), 335–345, https://doi.org/10.1111/irfi.12360. Search in Google Scholar

Fairchild, R., Guney, Y. & Thanatawee, Y. (2014). Corporate dividend policy in Thailand: Theory and evidence. International Review of Financial Analysis, 31, 129-151. Search in Google Scholar

Fairfield, P.M. & Yohn, T.L. (2001). Using asset turnover and profit margin to forecast changes in profitability. Review of Accounting Studies, 6, 371-385. Search in Google Scholar

Fama, E.F. & French, K.R. (2001). Disappearing dividends: changing firm characteristics or lower propensity to pay? Journal of Financial Economics, 60(1), 3-43. Search in Google Scholar

Fama, E.F. & Babiak, H. (1968). Dividend Policy: An Empirical Analysis. Journal of the American Statistical Association, 63(324), 1132–1161, https://doi.org/10.1080/01621459.1968.10480917. Search in Google Scholar

Floyd, E., Li, N. & Skinner, D.J. (2015). Payout policy through the financial crisis: The growth of repurchases and the resilience of dividends. Journal of Financial Economics, 118(2), 299–316, https://doi.org/10.1016/j.jfineco.2015.08.002. Search in Google Scholar

Glen, J. & Singh A. (2004). Comparing capital structures and rates of return in developed and emerging markets. Emerging Markets Review, 5(2), 161-192, https://doi.org/10.1016/j.ememar.2004.01.001. Search in Google Scholar

Glen, J.D., Karmokolias, Y., Miller, R.R. & Shah, S. (1995). Dividend policy and behavior in emerging markets: To pay or not to Pay”. IFC Discussion Paper, No. 26, https://documents.worldbank.org/curated/en/325441468741588836/pdf/multi-page.pdf (Accessed: 15.05.2023). Search in Google Scholar

Grullon, G. & Michaely, R. (2002). Dividends, Share Repurchases, and the Substitution Hypothesis. The Journal of Finance, 57(4), 1649–1684. Search in Google Scholar

Harjoto, M.A., Rossi, F., Lee, R. & Sergi, B.S. (2021). How do equity markets react to COVID-19? Evidence from emerging and developed countries, Journal of Economics and Business, 115, 105966, https://doi.org/10.1016/j.jeconbus.2020.105966. Search in Google Scholar

Hauser, R. (2013). Did dividend policy change during the financial crisis? Managerial Finance, 39(6), 584–606, https://doi.org/10.1108/03074351311322861. Search in Google Scholar

Haque, S. & Varghese, R. (2021). The COVID-19 Impact on Corporate Leverage and Financial Fragility, International Monetary Fund, Issue 265, 1-51, https://doi.org/10.5089/9781589064126.001. Search in Google Scholar

Hoberg, G. & Prabhala, N.R. (2009). Disappearing dividends, catering, and risk. Review of Financial Studies, 22(1), 79-116. Search in Google Scholar

Huang, H. & Ye, Y. (2021). Rethinking capital structure decision and corporate social responsibility in response to COVID‐19. Accounting and Finance, 61(3), 4757-4788. Search in Google Scholar

Jabbouri, I. (2016). Determinants of corporate dividend policy in emerging markets: Evidence from MENA stock markets. Research in International Business and Finance, 37, 283-298, doi.org/10.1016/j.ribaf.2016.01.018. Search in Google Scholar

Jensen, M.C. (1986). Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers. The American Economic Review, 76(2), 323–329. Search in Google Scholar

Jiang, J., Hou, J., Wang, C. & Liu, H. (2021). COVID-19 impact on firm investment-Evidence from Chinese publicly listed firms. Journal of Asian Economics, 75, 101320, https://doi.org/10.1016/j.asieco.2021.101320. Search in Google Scholar

Krieger, K., Mauck, N. & Pruitt, S.W. (2021). The impact of the COVID-19 pandemic on dividends. Finance Research Letters, 42, 101910, https://doi.org/10.1016/j.frl.2020.101910. Search in Google Scholar

Lintner, J. (1956). Distribution of Incomes of Corporations Among Dividends, Retained Earnings, and Taxes. The American Economic Review, 46(2), 97-113. Search in Google Scholar

Mazur, M., Dang, M. & Vega, M. (2021). COVID-19 and the march 2020 stock market crash. Evidence from SandP1500. Finance Research Letters, 38, 101690, https://doi.org/10.1016/j.frl.2020.101690. Search in Google Scholar

Miller, M.H. & Modigliani, F. (1961). Dividend Policy, Growth, and the Valuation of Shares. The Journal of Business, 34(4), 411-433. Search in Google Scholar

Mitton, T. (2004). Corporate governance and dividend policy in emerging markets. Emerging Markets Review, 5(4), 409-426. Search in Google Scholar

Myers, S.C. & Majluf, N.S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13(2), 187-221, https://doi.org/10.1016/0304-405X(84)90023-0. Search in Google Scholar

Nissim, D. & Ziv, A. (2001). Dividend Changes and Future Profitability. The Journal of Finance, 56(6), 2111-2133. Search in Google Scholar

Ntantamis, C. & Zhou, J. (2022). Corporate payout, cash holdings, and the COVID-19 crisis: Evidence from the G-7 countries. Finance Research Letters, 50, 103275, https://doi.org/10.1016/j.frl.2022.103275. Search in Google Scholar

Pan, J. (2021). Emerging markets bearing brunt of latest COVID-19 Delta wave impact. Economics Commentary. https://www.spglobal.com/marketintelligence/en/mi/research-analysis/emerging-markets-bearing-brunt-of-latest-covid19-delta-wave-impact-Sep21.html (Accessed: 15.05.2023). Search in Google Scholar

Pettenuzzo, D., Sabbatucci, R. & Timmermann, A. (2021). Outlasting the pandemic: Corporate payout and financing decisions during COVID-19. Swedish House of Finance Research Paper, 78, 35-87. Search in Google Scholar

Prabheesh, K.P., Padhan, R. & Garg, B. (2020). COVID-19 and the oil price – Stock market nexus: Evidence from net oil-importing countries. Energy Research Letters, 1(2), 1-6, https://doi.org/10.46557/001c.13745. Search in Google Scholar

Rozeff, M.S. (1982). Growth, Beta and Agency Costs as Determinants of Dividend Payout Ratios. Journal of Financial Research, 5(3), 249-259, https://doi.org/10.1111/j.1475-6803.1982.tb00299.x. Search in Google Scholar

Tinungki, G.M., Hartono, P.G., Robiyanto, R., Hartono, A.B., Jakaria, J. & Simanjuntak, L.R. (2022). The COVID-19 Pandemic Impact on Corporate Dividend Policy of Sustainable and Responsible Investment in Indonesia: Static and Dynamic Panel Data Model Comparison. Sustainability, 14(10), 6152, https://doi.org/10.3390/su14106152. Search in Google Scholar

Tripathi, A. & Pandey, A. (2021). Information dissemination across global markets during the spread of COVID-19 pandemic. International Review of Economics and Finance, 74, 103–115, https://doi.org/10.1016/j.iref.2021.02.004. Search in Google Scholar

Wigglesworth, R., Martin, K. & Darbyshire, M. (2020). How Covid-19 sparked a dividend drought for investors. Financial Times. https://www.ft.com/content/2719966c-b228-4300-bdc0-dcbe2f7050fd (Accessed: 10.05.2023). Search in Google Scholar

Wu, Y. (2018). What’s behind Smooth Dividends? Evidence from Structural Estimation. Review of Financial Studies, 31(10), 3979–4016. Search in Google Scholar

Yilmazkuday, H. (2022). Coronavirus disease 2019 and the global economy. Transport Policy, 120, 40-46, http://dx.doi.org/10.2139/ssrn.3554381. Search in Google Scholar

eISSN:
2719-3454
Lingua:
Inglese