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Dividend payout ratio follows a Tweedie distribution: International evidence

Victor Dragotă (), Daniel Traian Pele () and Hanaan Yaseen

Economics - The Open-Access, Open-Assessment E-Journal (2007-2020), 2019, vol. 13, No 2019-45, 35 pages

Abstract: Dividend policy is still a largely discussed issue in corporate finance literature. One of the main indicators used in analysing the dividend policy is the dividend payout ratio. Using a database consisting of 12,085 companies operating in 73 countries, for the period 2008-2014, the authors found that the dividend payout ratio follows a Tweedie distribution, and not a normal one. This distribution is stable over time for the entire analysed period. In addition, it describes the case of almost all the countries included in the sample. Thus, a better estimation of the probability that dividend payout ratio is lower or higher than a benchmark can be provided. Also, an analysis of dividend policy, distinctly considering payer versus non-payer companies, can offer additional important information for both practitioners and academics.

Keywords: dividend policy; dividend payout ratio; Tweedie distribution (search for similar items in EconPapers)
JEL-codes: C01 C51 C55 G35 (search for similar items in EconPapers)
Date: 2019
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http://dx.doi.org/10.5018/economics-ejournal.ja.2019-45
https://www.econstor.eu/bitstream/10419/206401/1/1681379597.pdf (application/pdf)

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