Dividend policy and socio-cultural factors: some preliminary findings
The Review of Finance and Banking, 2018, vol. 10, issue 2, 077-094
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 significant influence of socio-cultural factors on the dividend payout decision. Also, some financial factors, considered classics in literature, have been tested. Using a Logit-Normal Generalized Linear Mixed Effects Model it is proven that there is an association between socio-cultural factors and the probability to pay dividends. The main results confirm that religion, corruption, anti-self dealing index, law system, property rights and business freedom index have a significant impact on dividend policy.
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Persistent link: https://EconPapers.repec.org/RePEc:rfb:journl:v:10:y:2018:i:2:p:077-094
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