Payout policy around the world |
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| Institution: | 1. ESE Business School, Universidad de Los Andes, Av. Plaza No.1905, Las Condes, Santiago, Chile;2. Facultad de Administración y Economía, Universidad Diego Portales, Av. Santa Clara No.797, Huechuraba, Santiago, Chile;3. Facultad de Economía y Negocios, Universidad de Talca, Calle 2 Norte 685, Talca, Chile;1. University of Piraeus, Greece;3. Heriot-Watt University, UK;1. Education University of Hong Kong, Tai Po, New Territories, Hong Kong SAR, China;2. Department of Finance and Decision Sciences, Hong Kong Baptist University, Kowloon, Kowloon Tong, Hong Kong SAR, China;3. School of Economics and Management, Anhui Agricultural University, Hefei, Anhui, China;4. Department of Social Sciences and Policy Studies, Education University of Hong Kong, Tai Po, New Territories, Hong Kong SAR, China;1. Sichuan Agricultural University, No.211, Huimin Road, Chengdu city, Sichuan Province, China;2. Southwestern University of Finance and Economics, No.555, Liutai Avenue, Chengdu city, Sichuan Province, China |
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| Abstract: | After a big post-2008 increase in the fraction of firms distributing cash in the U.S. -both as dividends and repurchases-, and the end of the increasing popularity of repurchases in other developed and emerging countries, the share of payers is no longer significantly lower in the U.S. than elsewhere. This convergence is mostly due to changing characteristics of firms in the case of dividends (U.S. firms became larger and more profitable), and an ever-higher propensity to repurchase in the U.S. Differences in agency considerations, transaction costs, and earnings volatility across countries and in time are the key factors explaining the differences in the propensity to pay. |
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