God Save the Queen and Her Dividends: Corporate Payouts in the United Kingdom

Stephen P. Ferris, Nilanjan Sen and Ho Pei Yui
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Stephen P. Ferris: University of Missouri–Columbia
Nilanjan Sen: Nanyang Technological University
Ho Pei Yui: Nanyang Technological University

The Journal of Business, 2006, vol. 79, issue 3, 1149-1174

Abstract: We examine whether the decline in the number of dividend payers is purely a U.S. phenomenon or is part of a global trend. Focusing on the United Kingdom, a capital market comparable in maturity and sophistication to that of the United States, we find that the number of U.K. firms paying dividends declines from 75.9% to 54.5%. After controlling for firm size and profitability, we find a declining propensity to pay dividends over the 1998–2002 subperiod. We conclude that a shift in catering incentives appears most likely explain these recent changes in U.K. payout policies.

Date: 2006
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Citations: View citations in EconPapers (38)

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Persistent link: https://EconPapers.repec.org/RePEc:ucp:jnlbus:v:79:y:2006:i:3:p:1149-1174

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