Dividend policy issues in the financial crisis: the example of the German automotive industry

Basse, Tobias; Gruppe, Mario; Reddemann, Sebastian; Schwope, Frank

doi:10.1504/ijads.2011.040881

Cited by 5 publications

(3 citation statements)

References 27 publications

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“…However, given that the Milan Stock Exchange Insurance Companies Index analyzed by Basse et al. ( 2011 ) was discontinued in June 2009, our study focuses on the Italian FTSE All-Share Insurance Index. More specifically, we examine the dividend per index share (DPS) and the earnings per index share before extraordinary items (EPS) time series.…”

Section: Data and Some Methodological Issuesmentioning

confidence: 99%

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Dividend signaling or dividend smoothing? New empirical evidence from the italian insurance industry after the global financial crisis

2022

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This empirical study examines the dividend policy of insurance companies in Italy after the Global Financial Crisis. There is clear evidence for dividend signaling in this period of time. Moreover, the relationship between stock prices and dividend payments is analyzed in more detail. Additionally, the paper also discusses macroeconomic and regulatory issues that could be of relevance for the dividend policy of the Italian insurance industry. In this context the study exemplarily discusses the possible role of inflation and of regulatory restrictions on dividend payouts in the financial services industry.

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Section: Data and Some Methodological Issuesmentioning

confidence: 99%

“…Basse et al. ( 2011 ), for instance, have examined the dividend policy of car manufacturers in Germany. Meanwhile there are also papers analyzing data from the financial services industry Recently, Basse et al.…”

Section: Introductionmentioning

confidence: 99%

Dividend signaling or dividend smoothing? New empirical evidence from the italian insurance industry after the global financial crisis

2022

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“…Thus, examining dividend policy issues following a sectoral approach also should be seen as a useful empirical research strategy. In fact, this approach has become quite popular recently (see, for example, [ 7 , 8 ]).…”

Section: Introductionmentioning

confidence: 99%

Dividend policy issues in the European pharmaceutical industry: new empirical evidence

2022

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This paper examines dividend policy issues in the European pharmaceutical industry. This sector is of particular interest because of the high research and development expenditures and the associated risks characterizing the business models of many firms in this industry. In fact, from the perspective of corporate finance theory, this is a particular challenge for the managers of these corporations that may also have implications for the dividend policy implemented by the firms forming this sector. Moreover, the level of internal financing and litigation risks also seem to be high in the pharmaceutical industry. These facts could also affect the payout policy of the firms. Employing techniques of time series analysis, there is no evidence for dividend signaling and clear evidence for dividend smoothing in the European pharmaceutical industry. Given that dividend increases under certain assumptions can negatively affect the firms' ability to finance new investments in general and research and development projects in particular, these results of our empirical investigations could be described as highly plausible.

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Dividend Policy

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Dividend policy issues in the financial crisis: the example of the German automotive industry

Cited by 5 publications

References 27 publications

Dividend signaling or dividend smoothing? New empirical evidence from the italian insurance industry after the global financial crisis

Dividend signaling or dividend smoothing? New empirical evidence from the italian insurance industry after the global financial crisis

Dividend policy issues in the European pharmaceutical industry: new empirical evidence

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