Harmony, Hierarchy and Dividend Policy Around the World

Hanaan Yaseen () and Victor Dragotă
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Hanaan Yaseen: The Bucharest University of Economic Studies

A chapter in Global Versus Local Perspectives on Finance and Accounting, 2019, pp 115-124 from Springer

Abstract: Abstract Our study investigates the influence of national culture on corporate dividend policy by considering Schwartz’s two cultural dimensions: harmony and hierarchy. The main motivation of the analysis is that people decisions are driven by their feelings and emotions, and these subjective factors can be as relevant as the objective companies’ factors when looking at dividend policy decisions. Using a database of 10,878 companies from 56 countries, for the period 2008–2014, we find that national harmony is positively related, and hierarchy negatively related to the dividend payout ratio. The local culture seems to be significantly associated with the dividend payout ratio.

Keywords: Dividend; Dividend policy; Harmony; Hierarchy; National culture (search for similar items in EconPapers)
Date: 2019
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Persistent link: https://EconPapers.repec.org/RePEc:spr:prbchp:978-3-030-11851-8_11

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DOI: 10.1007/978-3-030-11851-8_11

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