Do activist shareholders influence a manager’s decisions on a firm’s dividend policy: A mixed-method study

Barros, Victor; Matos, Pedro; Vieira, Pedro Rino

doi:10.1016/j.jbusres.2020.08.048

Cited by 41 publications

(29 citation statements)

References 64 publications

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“…Furthermore, the influence of stakeholders’ power on dividend policy is also an important issue. The latest study, Barros et al (2021) found activist shareholders play a role in the policy of dividend payout. Therefore, the determinants of dividend policy are still lacking a conclusion.…”

Section: Conclusion and Discussionmentioning

confidence: 99%

The Effects of Behavioral Foundations and Business Strategy on Corporate Dividend Policy

Liao

Lin

et al. 2022

Front. Psychol.

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This study analyzes the influence of behavioral foundation factors and corporate strategic behavior on the formulation of corporate dividend policy. We use the Logit model and the OLS model for estimating the empirical model. The year- and industry-fixed effects are controlled in the model. We consider the behavioral foundations in three dimensions-ambiguity aversions, risk aversion, and loss aversion. The results show firms with high ambiguity or high risk infrequently pay dividends but firms with loss-averse behavior tend to pay dividends. This paper also provides evidence that a firms’ business strategy influences its corporate dividend policy. Aggressive firms inhibit the payout of dividends. In additional tests, we find the results remain unchanged in those firms with high corporate governance or high growth opportunities.

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Section: Conclusion and Discussionmentioning

confidence: 99%

The Effects of Behavioral Foundations and Business Strategy on Corporate Dividend Policy

Liao

Lin

et al. 2022

Front. Psychol.

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“…The individual components track the overall trend, although the governance score exhibits higher relative variability and is positioned at lower levels. We focus on the payment and stability of dividends, following the works of Barros et al [53] and Barros et al [54]. The payment of dividend (Dividend) takes the value 1 for dividend-paying firms i in year t, and 0 otherwise.…”

Section: Methodsmentioning

confidence: 99%

Does ESG Affect the Stability of Dividend Policies in Europe?

2020

Self Cite

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Sustainability has become a significant issue for firms and investors throughout the world, although it cannot be attained if policies impact the stability of firms’ dividend policies. In this paper, we use data from the Stoxx Euro 600 firms from 2000 to 2019 and the ESG (environmental, social and governance) scores from Thomson Reuters to assess the relationship between ESG responsibility performances and the firm’s dividend policy. The results indicate that more sustainable firms exhibit a more stable dividend payout. This result is also valid when the ESG pillars are analysed, specifically, the environmental and governance pillars. The findings further suggest that higher ESG scores reveal better long-term alignment with shareholders and other stakeholders due to more proportionally stable profit sharing.

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“…Companies must ensure that good dividend policy decisions are enforced and the earnings per share policy are maintained because it has been empirically proven to increase share prices movements. As a result, the present value of share prices on dividend changes increases over time (Esteve et al, 2019), however, shareholders prefer early quick dividends, arguably a risk management tool used to reduce payback periods (Barros et al, 2021).…”

Section: Resultsmentioning

confidence: 99%

Empirical Evidence from the Indonesian Stock Exchange: The Impact of Dividend Policy Decisions on Sharia Share Prices

Kadir¹,

Burhannudin²,

Khuzaini³

et al. 2021

ijtc

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This paper aims to obtain empirical evidence of the impact of dividend policy decisions on sharia share prices. An exploratory investigation on 26 selected firms listed on the Indonesia Stock Exchange's Jakarta Islamic Index with the criteria of reporting complete financial statements for the 2014-2018 period. The secondary data were examined with 130 data and then processed using SPSS 23 packages, which were then included in the analysis using standard regression. The investigation's findings provide empirical evidence that dividend policy decisions have a significant effect on sharia share prices. This study provides a theoretical contribution to a limited study that explores dividend policy with Islamic share prices in the context of the stock exchange. In practice, this research provides significant insight regarding the dividend policy that the company decides to increase the effectiveness of financial management in the context of a company that is considered to have sharia shares on the stock exchange, considering that the company's business success can increase the economic growth of a country.

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Do activist shareholders influence a manager’s decisions on a firm’s dividend policy: A mixed-method study

Cited by 41 publications

References 64 publications

The Effects of Behavioral Foundations and Business Strategy on Corporate Dividend Policy

The Effects of Behavioral Foundations and Business Strategy on Corporate Dividend Policy

Does ESG Affect the Stability of Dividend Policies in Europe?

Empirical Evidence from the Indonesian Stock Exchange: The Impact of Dividend Policy Decisions on Sharia Share Prices

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