The impact of the catering theory and financial firms' characteristics on dividend decisions: the case of the French market

Kamal Anouar ()
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Kamal Anouar: GRM - Groupe de Recherche en Management - EA 4711 - UNS - Université Nice Sophia Antipolis (1965 - 2019) - IAE Toulon - Institut d'Administration des Entreprises (IAE) - Toulon - UTLN - Université de Toulon

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Abstract: This article investigates the impact that prevailing investor demand for dividend payers and financial firm's characteristics have on the probability of starting or continuing to pay dividends. To test this prediction, we use probit regressions on panel data. The major finding that emerges from our analyses is: in large companies characterized by high profitability and low debt levels, investors' demand for dividend payers has a positive and significant impact on the probability that a manager will decide to pay positive dividends.

Keywords: investor's irrationality; behavioral corporate finance; dividend; econometric of panel data; investor's irrationality. (search for similar items in EconPapers)
Date: 2012-12-17
Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-00765931v1
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