|
Title
|
|
|
|
The long-run persistence in dividend policy
|
|
|
Author
|
|
|
|
|
|
|
Abstract
|
|
|
|
| Dividend policy is not set de novo each year, but dividends are smoothed from one year to the next, leading to a short-term persistent component. In this paper, we investigate whether there is also long-run persistence in dividend policy, by using a unique sample of firms listed on the Brussels Stock Exchange since 1824. We show that dividend smoothing leads to a long-term persistent component in dividend policy, as we find evidence that the initial dividend policy, as measured in the first calendar year after listing, has a long-lasting effect on future dividend policy. Although this effect persists for many years, it fades away over time. When this happens, a new slowly changing dividend policy emerges. |
|
|
|
Language
|
|
|
|
English
|
|
|
Source (journal)
|
|
|
|
Cliometrica. - Heidelberg, 2007, currens
|
|
|
Publication
|
|
|
|
Heidelberg
:
Springer heidelberg
,
2024
|
|
|
ISSN
|
|
|
|
1863-2505
[print]
1863-2513
[online]
|
|
|
DOI
|
|
|
|
10.1007/S11698-023-00279-8
|
|
|
Volume/pages
|
|
|
|
(2024)
, 31 p.
|
|
|
ISI
|
|
|
|
001153490400001
|
|
|
Full text (Publisher's DOI)
|
|
|
|
|
|
|
Full text (open access)
|
|
|
|
|
The author-created version that incorporates referee comments and is the accepted for publication version Available from 01.02.2025
|
|
|
|
Full text (publisher's version - intranet only)
|
|
|
|
|
|