{"title":"Dividend Behavior of Indian Firms: New Evidence from Large Data Set","authors":"Debasis Pahi, I. Yadav","doi":"10.1080/10599231.2021.1866396","DOIUrl":null,"url":null,"abstract":"ABSTRACT This paper investigates the dividend behavior of 5,785 non-financial non-utility non-government listed Indian firms during 1990–2016 using trend and econometric analysis. It is found that the dividend distribution tax is suppressing dividends whereas improved corporate governance norms are increasing dividends. The evidence suggests that cash dividends are preferred more than share-repurchases and firms either increase or maintain stable dividends. Further, a concentration of dividends by the Indian firms is observed. The firms that are profitable, large and have lesser investment opportunities exhibit a higher propensity to pay dividends. Logit regression estimates suggest an appearing, disappearing, and reappearing trend of dividends.","PeriodicalId":15043,"journal":{"name":"Journal of Asia-Pacific Business","volume":"22 1","pages":"4 - 38"},"PeriodicalIF":0.0000,"publicationDate":"2021-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/10599231.2021.1866396","citationCount":"5","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Asia-Pacific Business","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1080/10599231.2021.1866396","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"Business, Management and Accounting","Score":null,"Total":0}
引用次数: 5
Abstract
ABSTRACT This paper investigates the dividend behavior of 5,785 non-financial non-utility non-government listed Indian firms during 1990–2016 using trend and econometric analysis. It is found that the dividend distribution tax is suppressing dividends whereas improved corporate governance norms are increasing dividends. The evidence suggests that cash dividends are preferred more than share-repurchases and firms either increase or maintain stable dividends. Further, a concentration of dividends by the Indian firms is observed. The firms that are profitable, large and have lesser investment opportunities exhibit a higher propensity to pay dividends. Logit regression estimates suggest an appearing, disappearing, and reappearing trend of dividends.
期刊介绍：
Present circumstances underscore the need to improve the understanding of conducting business with and within the Asia-Pacific countries. The Journal of Asia-Pacific Business™ provides a blend of cutting-edge knowledge and practical applications on business management and marketing strategy. In the Journal of Asia-Pacific Business™, you will find articles and feature sections that provide a pragmatic view of the business environment in this dynamic region. This essential resource offers readers a good blend of descriptive, conceptual, and theoretical articles dealing with current topics.
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