Publicação
Is the dividend puzzle solved?
| 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. |
|---|---|
| Autores principais: | Borges, Maria Rosa |
| Assunto: | Firms Payout Policy Dividends United States |
| Ano: | 2008 |
| País: | Portugal |
| Tipo de documento: | working paper |
| Tipo de acesso: | acesso aberto |
| Instituição associada: | Universidade de Lisboa |
| Idioma: | inglês |
| Origem: | Repositório da Universidade de Lisboa |
| _version_ | 1865920843006083072 |
|---|---|
| author | Borges, Maria Rosa |
| author_facet | Borges, Maria Rosa Borges, Maria Rosa |
| author_role | author |
| contributor_name_str_mv | Repositório Científico de Acesso Aberto da ULisboa |
| country_str | PT |
| creators_json_str | [{\"Person.name\":\"Borges, Maria Rosa\"}] |
| datacite.contributors.contributor.contributorName.fl_str_mv | Repositório Científico de Acesso Aberto da ULisboa |
| datacite.creators.creator.creatorName.fl_str_mv | Borges, Maria Rosa |
| datacite.date.Accepted.fl_str_mv | 2008-01-01T00:00:00Z |
| datacite.date.available.fl_str_mv | 2010-10-14T10:23:10Z |
| datacite.date.embargoed.fl_str_mv | 2010-10-14T10:23:10Z |
| datacite.rights.fl_str_mv | http://purl.org/coar/access_right/c_abf2 |
| datacite.subjects.subject.fl_str_mv | Firms Payout Policy Dividends United States |
| datacite.titles.title.fl_str_mv | Is the dividend puzzle solved? |
| dc.contributor.none.fl_str_mv | Repositório Científico de Acesso Aberto da ULisboa |
| dc.creator.none.fl_str_mv | Borges, Maria Rosa |
| dc.date.Accepted.fl_str_mv | 2008-01-01T00:00:00Z |
| dc.date.available.fl_str_mv | 2010-10-14T10:23:10Z |
| dc.date.embargoed.fl_str_mv | 2010-10-14T10:23:10Z |
| dc.format.none.fl_str_mv | application/pdf |
| dc.identifier.none.fl_str_mv | http://hdl.handle.net/10400.5/2362 |
| dc.language.none.fl_str_mv | eng |
| dc.publisher.none.fl_str_mv | ISEG – Departamento de Economia |
| dc.rights.none.fl_str_mv | http://purl.org/coar/access_right/c_abf2 |
| dc.subject.none.fl_str_mv | Firms Payout Policy Dividends United States |
| dc.title.fl_str_mv | Is the dividend puzzle solved? |
| dc.type.none.fl_str_mv | http://purl.org/coar/resource_type/c_8042 |
| 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. |
| dirty | 0 |
| eu_rights_str_mv | openAccess |
| format | workingPaper |
| fulltext.url.fl_str_mv | https://repositorio.ulisboa.pt/bitstreams/f9cc1be1-f337-4bb9-8429-c8249a05f418/download |
| id | ul_ddc5cee40d2cd4b05cfaf453bbe7943a |
| identifier.url.fl_str_mv | http://hdl.handle.net/10400.5/2362 |
| instacron_str | ul |
| institution | Universidade de Lisboa |
| instname_str | Universidade de Lisboa |
| language | eng |
| network_acronym_str | ul |
| network_name_str | Repositório da Universidade de Lisboa |
| oai_identifier_str | oai:repositorio.ulisboa.pt:10400.5/2362 |
| organization_str_mv | urn:organizationAcronym:ul |
| person_str_mv | Borges, Maria Rosa |
| publishDate | 2008 |
| publisher.none.fl_str_mv | ISEG – Departamento de Economia |
| reponame_str | Repositório da Universidade de Lisboa |
| repository_id_str | urn:repositoryAcronym:ul |
| service_str_mv | urn:repositoryAcronym:ul |
| spelling | engISEG – Departamento de EconomiaporSince 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.application/pdfporIs the dividend puzzle solved?Borges, Maria RosaHostingInstitutionOrganizationalRepositório Científico de Acesso Aberto da ULisboae-mailmailto:repositorio@reitoria.ulisboa.ptrepositorio@reitoria.ulisboa.ptISSNIsPartOf0874-45482010-10-14T10:23:10Z20082008-01-01T00:00:00ZHandlehttp://hdl.handle.net/10400.5/2362http://purl.org/coar/access_right/c_abf2open accessFirmsPayout PolicyDividendsUnited States395476 bytesother research producthttp://purl.org/coar/resource_type/c_8042working paperhttp://purl.org/coar/access_right/c_abf2application/pdffulltexthttps://repositorio.ulisboa.pt/bitstreams/f9cc1be1-f337-4bb9-8429-c8249a05f418/download |
| spellingShingle | Is the dividend puzzle solved? Is the dividend puzzle solved? Borges, Maria Rosa Firms Payout Policy Dividends United States Borges, Maria Rosa Firms Payout Policy Dividends United States |
| status | SINGLETON |
| subject.fl_str_mv | Firms Payout Policy Dividends United States |
| title | Is the dividend puzzle solved? |
| title_full | Is the dividend puzzle solved? |
| title_fullStr | Is the dividend puzzle solved? Is the dividend puzzle solved? |
| title_full_unstemmed | Is the dividend puzzle solved? Is the dividend puzzle solved? |
| title_short | Is the dividend puzzle solved? |
| title_sort | Is the dividend puzzle solved? |
| topic | Firms Payout Policy Dividends United States |
| topic_facet | Firms Payout Policy Dividends United States |
| url | http://hdl.handle.net/10400.5/2362 |
| visible | 1 |