A Study of the Abnormal Dividend Decisions of New Zealand Firms during COVID-19
Mei Qiu,
Xiao-Ming Li
Abstract:We investigated the stock return risk associated with the various types of dividend decisions announced by New Zealand firms during the COVID-19 pandemic in 2020. The sample includes a group of firms that initially announced cash dividends but a number of days later made announcements cancelling their payments. Using multinomial logistic regression analysis, we found that higher pre-pandemic payout policy significantly increased the likelihood of a cancellation, an omission or an increase decision. Higher grow… Show more
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