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How Norwegian Managers View Dividend Policy

H. Kent Baker, Tarun Mukherjee and Ohannes Paskelian
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H. Kent Baker: American University
Tarun Mukherjee: University of New Orleans
Ohannes Paskelian: University of New Orleans

No 2005-16, Working Papers from University of New Orleans, Department of Economics and Finance

Abstract: We report the results of a 2004 survey from managers of dividend-paying Norwegian firms listed on the Oslo Stock Exchange about their views on dividend policy. Specifically, we identify the most important factors in making dividend policy decisions and managers’ views about various dividend-related issues. The most important determinants of a firm’s dividend policy are the level of current and expected future earnings, stability of earnings, current degree of financial leverage, and liquidity constraints. No significant correlation exists between the overall rankings of factors influencing dividend policy between Norwegian and U.S. managers. Norwegian managers express mixed views about whether a firm’s dividend policy affects firm value. Respondents point to the possible role of dividend policy as a signaling mechanism. No support exists for the tax-preference explanation for paying dividends.

Keywords: Dividend policy; Cash dividends (search for similar items in EconPapers)
JEL-codes: G35 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-acc, nep-cfn, nep-fin and nep-fmk
Date: 2005-12-07
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