Is the dividend puzzle solved?

Detalhes bibliográficos
Autor(a) principal: Borges, Maria Rosa
Data de Publicação: 2008
Tipo de documento: Artigo
Idioma: eng
Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
Texto Completo: http://hdl.handle.net/10400.5/2362
Resumo: Since the 1960's, there is an ongoing debate on dividend policy, which remains a controversial issue to this day. Why do firms pay dividends? The academics have not been able to agree on any convincing explanation, and the same time, many even claim that firms should not pay dividends, and so we have a "dividend puzzle ". The purpose of this paper is to summarize the main findings of two more recent fields of research, and to discuss why they seem to be the most promising avenues for further research, to solve the "dividendpuzzle", and to build a complete payout policy theory. These fields are: (i) the agency theory and (ii) the lifecycle theory. Besides being very intuitive, these theories are consistent with most empirical facts on U.S. firms' payout policy.
id RCAP_bd1cc7fbf74cfaa5332e0871dc48ea89
oai_identifier_str oai:www.repository.utl.pt:10400.5/2362
network_acronym_str RCAP
network_name_str Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
repository_id_str 7160
spelling Is the dividend puzzle solved?FirmsPayout PolicyDividendsUnited StatesSince the 1960's, there is an ongoing debate on dividend policy, which remains a controversial issue to this day. Why do firms pay dividends? The academics have not been able to agree on any convincing explanation, and the same time, many even claim that firms should not pay dividends, and so we have a "dividend puzzle ". The purpose of this paper is to summarize the main findings of two more recent fields of research, and to discuss why they seem to be the most promising avenues for further research, to solve the "dividendpuzzle", and to build a complete payout policy theory. These fields are: (i) the agency theory and (ii) the lifecycle theory. Besides being very intuitive, these theories are consistent with most empirical facts on U.S. firms' payout policy.ISEG – Departamento de EconomiaRepositório da Universidade de LisboaBorges, Maria Rosa2010-10-14T10:23:10Z20082008-01-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/10400.5/2362engBorges, Maria Rosa. 2008. "Is the dividend puzzle solved?". Instituto Superior de Economia e Gestão - DE Working papers nº 38-2008/DE/CIEF0874-4548info:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2023-03-06T14:33:34Zoai:www.repository.utl.pt:10400.5/2362Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T16:50:22.690062Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse
dc.title.none.fl_str_mv Is the dividend puzzle solved?
title Is the dividend puzzle solved?
spellingShingle Is the dividend puzzle solved?
Borges, Maria Rosa
Firms
Payout Policy
Dividends
United States
title_short Is the dividend puzzle solved?
title_full Is the dividend puzzle solved?
title_fullStr Is the dividend puzzle solved?
title_full_unstemmed Is the dividend puzzle solved?
title_sort Is the dividend puzzle solved?
author Borges, Maria Rosa
author_facet Borges, Maria Rosa
author_role author
dc.contributor.none.fl_str_mv Repositório da Universidade de Lisboa
dc.contributor.author.fl_str_mv Borges, Maria Rosa
dc.subject.por.fl_str_mv Firms
Payout Policy
Dividends
United States
topic Firms
Payout Policy
Dividends
United States
description Since the 1960's, there is an ongoing debate on dividend policy, which remains a controversial issue to this day. Why do firms pay dividends? The academics have not been able to agree on any convincing explanation, and the same time, many even claim that firms should not pay dividends, and so we have a "dividend puzzle ". The purpose of this paper is to summarize the main findings of two more recent fields of research, and to discuss why they seem to be the most promising avenues for further research, to solve the "dividendpuzzle", and to build a complete payout policy theory. These fields are: (i) the agency theory and (ii) the lifecycle theory. Besides being very intuitive, these theories are consistent with most empirical facts on U.S. firms' payout policy.
publishDate 2008
dc.date.none.fl_str_mv 2008
2008-01-01T00:00:00Z
2010-10-14T10:23:10Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv http://hdl.handle.net/10400.5/2362
url http://hdl.handle.net/10400.5/2362
dc.language.iso.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv Borges, Maria Rosa. 2008. "Is the dividend puzzle solved?". Instituto Superior de Economia e Gestão - DE Working papers nº 38-2008/DE/CIEF
0874-4548
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv ISEG – Departamento de Economia
publisher.none.fl_str_mv ISEG – Departamento de Economia
dc.source.none.fl_str_mv reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron:RCAAP
instname_str Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron_str RCAAP
institution RCAAP
reponame_str Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
collection Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
repository.name.fl_str_mv Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
repository.mail.fl_str_mv
_version_ 1799130979256762368

Registros relacionados