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Dividend policy and socio-cultural factors: some preliminary findings

Hanaan Yaseen

The Review of Finance and Banking, 2018, vol. 10, issue 2, 077-094

Abstract: 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.

Date: 2018
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The Review of Finance and Banking is currently edited by Victor Dragota; Bogdan Negrea

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