IDEAS home Printed from https://ideas.repec.org/a/mes/emfitr/v56y2020i1p149-163.html
   My bibliography  Save this article

National Culture, Firm Characteristics, and Dividend Policy

Author

Listed:
  • Mei Chang
  • Bin Chang
  • Shantanu Dutta

Abstract

This study examines the joint impact of national culture and firm characteristics on dividend payouts by analyzing firms from 35 countries. We find that national culture, along with firm characteristics, such as sales growth, return on assets, and debt ratio, affects dividend payouts. More specifically, dividend payouts are less affected by firm characteristics in countries with a high uncertainty avoidance index compared with countries with a low uncertainty avoidance index. However, dividend payouts are more affected by firm characteristics in countries with high individualism compared with countries with low individualism. Our results support that national culture matters for dividend policy.

Suggested Citation

  • Mei Chang & Bin Chang & Shantanu Dutta, 2020. "National Culture, Firm Characteristics, and Dividend Policy," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 56(1), pages 149-163, January.
    • Handle: RePEc:mes:emfitr:v:56:y:2020:i:1:p:149-163
    DOI: 10.1080/1540496X.2019.1627518
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/10.1080/1540496X.2019.1627518
    Download Restriction: Access to full text is restricted to subscribers.
    File URL: https://libkey.io/10.1080/1540496X.2019.1627518?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Khiar, Mohamed Nasrallah & Kooli, Maher, 2023. "Culture and payout policy: International evidence," Journal of Multinational Financial Management, Elsevier, vol. 70.
    2. Tong Li & Nengsheng Luo, 2024. "Dividend Payments and Persistence of Firms’ Green Innovation: Evidence from China," Sustainability, MDPI, vol. 16(18), pages 1-29, September.
    3. Hasan, Iftekhar & Jackowicz, Krzysztof & Kowalewski, Oskar & Kozłowski, Łukasz, 2023. "Cultural values of parent bank board members and lending by foreign subsidiaries: The moderating role of personal traits," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 83(C).
    4. Tahir, Muhammad & Ibrahim, Haslindar & Zulkafli, Abdul Hadi & Mushtaq, Muhammad, 2020. "Corruption, national culture, law and dividend repatriation policy," Journal of Multinational Financial Management, Elsevier, vol. 57.
    5. Khiar, Mohamed Nasrallah & Kooli, Maher, 2024. "Culture and exit mechanisms: International evidence," Global Finance Journal, Elsevier, vol. 61(C).
    6. Ionel Bostan & Marilen-Gabriel Pirtea & Claudiu Boțoc & Eugen-Axel Mihancea, 2023. "The Analysis of Non-Linear Dividend Hypothesis: International Evidence," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 59(9), pages 2882-2893, July.
    7. Jackowicz, Krzysztof & Kowalewski, Oskar & Kozłowski, Łukasz, 2022. "Foreign bank lending: The role of home country culture during prosperous and crisis periods," Journal of Multinational Financial Management, Elsevier, vol. 66(C).

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:mes:emfitr:v:56:y:2020:i:1:p:149-163. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Chris Longhurst (email available below). General contact details of provider: http://www.tandfonline.com/MREE20 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.