2024-03-28T11:19:25Zhttps://repositorio.bde.es/oai/requestoai:repositorio.bde.es:123456789/67712023-06-08T12:28:18Zcom_123456789_5661com_123456789_21col_123456789_5694
The incidence and persistence of dividend omissions by Spanish firms
Benito, Andrew
Dividends
Financial pressure
Discrete panel
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]
2003-04-03
Documento de trabajo
ISSN: 0213-2710
https://repositorio.bde.es/handle/123456789/6771
eng
Documentos de Trabajo / Banco de España, 0303
https://creativecommons.org/licenses/by-nc-sa/4.0/deed.es_ES
http://rightsstatements.org/vocab/InC-NC/1.0/
Reconocimiento-NoComercial-CompartirIgual 4.0 Internacional (CC BY-NC-SA 4.0)
In Copyright - Non Commercial Use Permitted
España
Banco de España. Servicio de Estudios
Madrid : Banco de España. Servicio de Estudios, 2003