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Dividend policy, systematic liquidity risk, and the cost of equity capital

Author

Listed:
  • Khelifa Mazouz

    (University of Cardiff)

  • Yuliang Wu

    (School of Management, University of Bradford)

  • Rabab Ebrahim

    (University of Bahrain)

  • Abhijit Sharma

    (Huddersfield Business School, University of Huddersfield)

Abstract

This paper examines a new channel through which dividend policy can affect firm value. We find that firms that pay dividends exhibit lower systematic liquidity risk than those that do not. We also report a significant negative relationship between dividend payment and systematic liquidity risk. The liquidity improvement associated with dividend payments translates into an economically meaningful reduction in the cost of equity capital. Our results are robust to endogeneity concerns, to alternative measures of liquidity risk and dividend payouts, and to alternative model specifications. Further analysis suggests that the reduction in liquidity risk associated with dividend payouts is more pronounced for weakly governed firms and firms with opaque informational environment. Finally, we find that the recent financial crisis led to a greater increase in systematic liquidity risk for firms with no or low dividend payouts. Overall, our study implies that dividend policy can be used by corporate managers to shape liquidity risk and mitigate the adverse impact of economic downturns on the value of their firms.

Suggested Citation

  • Khelifa Mazouz & Yuliang Wu & Rabab Ebrahim & Abhijit Sharma, 2023. "Dividend policy, systematic liquidity risk, and the cost of equity capital," Review of Quantitative Finance and Accounting, Springer, vol. 60(3), pages 839-876, April.
    • Handle: RePEc:kap:rqfnac:v:60:y:2023:i:3:d:10.1007_s11156-022-01114-3
    DOI: 10.1007/s11156-022-01114-3
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    Cited by:

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    2. Kim, Jinhwan & Cho, Hoon & Seok, Sangik, 2023. "Liquidity risk, return performance, and tracking error: Synthetic vs. Physical ETFs," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 89(C).

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    Keywords

    Dividend policy; Systematic liquidity risk; Cost of equity capital; Firm value;
    All these keywords.

    JEL classification:

    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G35 - Financial Economics - - Corporate Finance and Governance - - - Payout Policy

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