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God Save the Queen and Her Dividends: Corporate Payouts in the United Kingdom

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  • Stephen P. Ferris

    (University of Missouri–Columbia)

  • Nilanjan Sen

    (Nanyang Technological University)

  • Ho Pei Yui

    (Nanyang Technological University)

Abstract

We examine whether the decline in the number of dividend payers is purely a U.S. phenomenon or is part of a global trend. Focusing on the United Kingdom, a capital market comparable in maturity and sophistication to that of the United States, we find that the number of U.K. firms paying dividends declines from 75.9% to 54.5%. After controlling for firm size and profitability, we find a declining propensity to pay dividends over the 1998–2002 subperiod. We conclude that a shift in catering incentives appears most likely explain these recent changes in U.K. payout policies.

Suggested Citation

  • Stephen P. Ferris & Nilanjan Sen & Ho Pei Yui, 2006. "God Save the Queen and Her Dividends: Corporate Payouts in the United Kingdom," The Journal of Business, University of Chicago Press, vol. 79(3), pages 1149-1174, May.
    • Handle: RePEc:ucp:jnlbus:v:79:y:2006:i:3:p:1149-1174
    DOI: 10.1086/500672
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