Dividend policies in Australia and Japan |
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Authors: | Horace Ho |
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Institution: | (1) The Hong Kong Institute of Education, Hong Kong |
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Abstract: | This paper presents the findings of a comparative study of dividend policies in Australia and Japan. It examines panel data
from the constituent stocks of the ASX 200 Index of the Australian stock market and the Nikkei 225 Index of the Japanese stock
market. The evidence that Australia, with an imputation tax system which favors dividends over capital gains, has a significantly
higher dividend payout than Japan lends support to the influence of environment on dividend policy. Dividend policies in Australia
and Japan are affected by different financial factors. Fixed effects regression models indicate that dividend policies are
affected positively by size in Australia and liquidity in Japan, and negatively by risk in Japan only. An industry effect
is found to be significant in both countries. |
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Keywords: | |
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