INVESTIGATING THE DIVIDEND POLICY DETERMINANTS USING A POISSON REGRESSION

Ionel Leonida
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Ionel Leonida: Centre for Financial and Monetary Research “Victor Slavescu”, N.I.E.R., Romanian Academy, Bucharest, Romania Author-Name: CEPOI, Cosmin Octavian

Journal of Financial and Monetary Economics, 2022, vol. 10, issue 1, 108-113

Abstract: Using a sample of 4815 companies operating in various sectors of activity in EU countries, we investigate the firm-related factors influencing the frequency of dividend payments. Using a Poisson regression, we bring strong empirical evidence that the frequency of dividends payouts is influenced by the size of the firm, its profitability, indebtness and ownership structure. Furthermore, we find inconclusive results relating the frequency of the dividend payouts to the liquidity of the firm. When accounting for overdispersion problems via a Zero-Inflated Poisson (ZIP), the coefficients remain stable as sing and statistical significance, but their impact is diminished.

Keywords: Dividend policy; Poisson regression; Overdispersion. (search for similar items in EconPapers)
JEL-codes: C14 G35 (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:vls:rojfme:v:10:y:2022:i:1:p:108-113

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