Καθοριστικοί παράγοντες της σχέσης αποπληρωμής των μερισμάτων: απόδειξη σε διάφορους τομείς
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Keywords
Απόδοση μερίσματος ; Προσδιοριστικοί παράγοντες ; Μερισματική πολιτική ; Μέθοδος πάνελ δεδομένωνAbstract
This study attempts to identify the factors affecting the dividend yield. To this end, a sample from 6 countries, i.e., France (CAC 40), Germany (DAX 30), UK (FTSE 100), Greece (ATHEX), USA. (S&P 500) and Sweden (SWEDOMX), was selected spanning the period from 31 December 1995 to 31 December 2017. The top companies were collected according to the statistical results announced by the OECD Organization for Economic Co-operation and Development (OECD). The differentiation that this work has attempted to achieve lies in the range of countries selected. A common practice in conducting such empirical analysis was to select sample firms from one country. Instead, the analysis generated a grid of countries, averaging their top firms for each variable across each period. Through Panel Data Analysis,
the results documented that there is a strong statistical significance for the dependent variable “Rate of Return on Performance” and the independent variables “Market Capitalization” and “Investment Risk”, respectively. More specifically, shareholders - investors - and the board of directors knowing the sizes of the above two explanatory variables can help each company predict the value of the rate of return on its performance and therefore judge and act accordingly on future investment and management decisions. On the other hand, the determinants (ROA, GROWTH, FCF, D / E, MTBV, CRLIQUIDITY) considered were not statistically significant.