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Title
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The long-run persistence in dividend policy
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Author
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Abstract
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| 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. |
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Language
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English
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Source (journal)
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Cliometrica. - Heidelberg, 2007, currens
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Publication
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Heidelberg
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Springer heidelberg
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2024
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ISSN
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1863-2505
[print]
1863-2513
[online]
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DOI
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10.1007/S11698-023-00279-8
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Volume/pages
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18
:3
(2024)
, p. 621-651
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ISI
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001153490400001
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Full text (Publisher's DOI)
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Full text (open access)
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The author-created version that incorporates referee comments and is the accepted for publication version Available from 01.02.2025
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Full text (publisher's version - intranet only)
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