The Impact of Investor Sentiment on Catering Incentives around the World
- 주제(키워드) Dividend Policy , International Catering , Investor Protection , Investor Sentimen
- 주제(기타) Business, Finance
- 주제(기타) Economics
- 설명문(일반) [Byun, Jinho] Ewha Womans Univ, Coll Business Adm, 52 Ewhayeodae Gil, Seoul 03760, South Korea; [Kim, Kihun] Univ Missouri, Robert J Trulaske Sr Coll Business, 337 Cornell Hall, Columbia, MO 65211 USA; [Liao, Rose C.] Rutgers State Univ, Rutgers Business Sch, 1 Washington Pk, Newark, NJ 07102 USA; [Pan, Carrie] Santa Clara Univ, Levey Sch Business, 316D Lucas Hall, Santa Clara, CA 95053 USA
- 등재 SSCI, SCOPUS
- 발행기관 ELSEVIER
- 발행년도 2021
- 총서유형 Journal
- URI http://www.dcollection.net/handler/ewha/000000181389
- 본문언어 영어
- Published As http://dx.doi.org/10.1016/j.intfin.2021.101285
초록/요약
This study tests catering theory of dividend policies in twenty-one countries from 1991 to 2017. First, we show that there are important differences in corporate dividend policies across countries. Second, we find that the catering incentive is stronger when investor sentiment is low. Third, firms domiciled in countries with strong legal protections for investors are more likely to catering to investors, especially when investor sentiment is low. Our findings shed light to the factors contributing to the fluctuations in dividend catering around the world. (c) 2021 Elsevier B.V. All rights reserved.
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