Skip navigation

The incidence and persistence of dividend omissions by Spanish firms

Thumbnail
View
854,61 kB
Authors
Issue Date
2003
Physical description
47 p.
Abstract
This paper examines the dividend policies of firms in Spain. Using firm-level panel data, models are estimated for dividend omissions as functions of financial characteristics, whilst also considering a role for persistence. The results are consistent with a tax discrimination model in which cash flow is the marginal source of funds. High degrees of persistence are also found in binary panel data models that control for unobservables and initial conditions. Whilst companies in Spain use the dividend to adjust the balance sheet, such persistence suggests this occurs slowly.[resumen de autor]
Publish on
Documentos de trabajo / Banco de España, 0303
Subjects
Appears in Collections:


loading