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Unlocking Dividends: The impact of managerial social capital on international corporate payouts

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  • Cumming, Douglas J.
  • Javakhadze, David
  • Rajkovic, Tijana

Abstract

We present robust international evidence that managerial social capital is a significant determinant of dividend policy worldwide. Our analysis reveals that social capital mitigates information asymmetry and financial constraints, thereby resulting in increased dividend payouts. The effect is particularly pronounced for firms anticipating high cash retention costs. These findings are consistent with the pecking-order perspective of corporate payouts. Moreover, we identify a significant moderating role of shareholder legal protection and national cultural characteristics. Our results remain robust across alternative model specifications and tests for endogeneity.

Suggested Citation

  • Cumming, Douglas J. & Javakhadze, David & Rajkovic, Tijana, 2024. "Unlocking Dividends: The impact of managerial social capital on international corporate payouts," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 95(C).
    • Handle: RePEc:eee:intfin:v:95:y:2024:i:c:s104244312400091x
    DOI: 10.1016/j.intfin.2024.102025
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    Keywords

    Dividend policy; Social capital; Social networks; International;
    All these keywords.

    JEL classification:

    • G35 - Financial Economics - - Corporate Finance and Governance - - - Payout Policy
    • Z13 - Other Special Topics - - Cultural Economics - - - Economic Sociology; Economic Anthropology; Language; Social and Economic Stratification

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