Political uncertainty and dividend policy:Evidence from international political crises

摘要：

　　We examine the impact of political uncertainty on firms payout policy.Using a large international sample across 35 countries over the period from year 1980 to 2009,we find that past dividend payers are more likely to terminate dividends and that non-payers are less likely to initiate dividends during periods of high political uncertainty.These ndings suggest a precautionary incentive of managers in response to political shocks.Furthermore,the impact of political shocks can be attenuated by stable political sys- tems.In addition to identifying this precautionary incentive,we also find that firms with lower market valuation or less liquidity are more likely to initiate dividends during periods of high political uncertainty,which is consistent with the catering motive of managers.

作者: Tao Huang Fei Wu Jin Yu Bohui Zhang

作者单位: Jiangxi University of Finance and Economics Jiangxi University of Finance and Economics-International Institute for Financial Studies University of New South Wales

会议类型: 国际会议

会议名称: 2013 China Finance Review International Conference(第六届(2013)中国金融评论国际研讨会)

会议地点: 上海

会议语种:英文

页码: 42-95

在线出版日期: 2013-07-08（万方平台首次上网日期，不代表论文的发表时间）