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The impact of the catering theory and financial firms' characteristics on dividend decisions: the case of the French market

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  • Kamal Anouar

    (GRM - Groupe de Recherche en Management - EA 4711 - UNS - Université Nice Sophia Antipolis (1965 - 2019) - IAE Toulon - Institut d'Administration des Entreprises (IAE) - Toulon - UTLN - Université de Toulon)

Abstract

This article investigates the impact that prevailing investor demand for dividend payers and financial firm's characteristics have on the probability of starting or continuing to pay dividends. To test this prediction, we use probit regressions on panel data. The major finding that emerges from our analyses is: in large companies characterized by high profitability and low debt levels, investors' demand for dividend payers has a positive and significant impact on the probability that a manager will decide to pay positive dividends.

Suggested Citation

  • Kamal Anouar, 2012. "The impact of the catering theory and financial firms' characteristics on dividend decisions: the case of the French market," Working Papers halshs-00765931, HAL.
    • Handle: RePEc:hal:wpaper:halshs-00765931
    Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-00765931v1
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    References listed on IDEAS

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    Cited by:

    1. Mahdi Filsaraei & Alireza Zarei, 2017. "The Relationship between Ownership and Dividend Policy: Evidence from Tehran Stock Exchange Using the Propensity Score Matching Estimator," International Journal of Economics and Financial Issues, Econjournals, vol. 7(2), pages 664-671.

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