Dividends, investment and pension contributions

Jon Tucker and Ismail Ufuk Misirlioglu

International Journal of Banking, Accounting and Finance, 2024, vol. 14, issue 1, 1-27

Abstract: We study the determinants of pension contributions for UK listed companies to better understand how the contributions decision is placed within the wider operational and strategic framework of the company. We model the potential displacement effect of discretionary pension deficit contributions in relation to corporate investment and dividends and find a significant displacement effect in relation to both which is further strengthened for dividends during periods of poor firm performance and financial constraints. Our results imply that the firm's dividend payout and investment policies significantly influence its propensity to make extra pension contributions.

Keywords: pension contributions; investment; dividends. (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:ids:injbaf:v:14:y:2024:i:1:p:1-27

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