The changing role of dividend policies: an empirical analysis for the Netherlands 1945-2006

Abe de Jong and Henry van Beusichem ()
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Abe de Jong: Erasmus University
Henry van Beusichem: Erasmus University

No 9024, Working Papers from Economic History Society

Abstract: "We investigate the dividend policy of Dutch firms in the period 1961-2006. Dividends are the payouts to shareholders by corporations. As such the dividend policies of firms are a measure of the relation between shareholders and managers of corporations. First, we first describe the level of dividends payout and the changes over roughly the second half of the 20th century. Next, we test a model that relates changes in profitability to dividends. The relation between profits and dividends reflects the informational role of dividends in financial markets. Based on this model, we describe the changing relevance of financial markets in the Dutch corporate system."

JEL-codes: N00 (search for similar items in EconPapers)
Date: 2009-04
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