Flexible firm-level dividends in Latin America

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dc.contributor.authorvon Eije, Henk
dc.contributor.authorGoyal, Abhinav
dc.contributor.authorMuckley, Cal B.
dc.date.accessioned2020-01-21T16:32:07Z
dc.date.available2020-01-21T16:32:07Z
dc.date.issued2017-02-20
dc.date.updated2020-01-21T16:28:31Z
dc.description.abstractWe show, for a sample of up to 757 industrial firms, in seven Latin American countries from 1994–2014, that these firms exhibit comparatively flexible payout behavior. Flexibility is defined in respect to (i) variability in firm payout status and amounts and (ii) parameters of the Lambrecht-Myers (2012) theory on the Lintner (1956) dividend equation. The results indicate that Latin American firms have higher speeds of adjustment and target payout ratios as well as lower rates of habit formation than found in the payout policies of United States firms. This note, thus, highlights an open question regarding conspicuously flexible payout policies in Latin American firms.en
dc.description.statusPeer revieweden
dc.description.versionAccepted Versionen
dc.format.mimetypeapplication/pdfen
dc.identifier.citationvon Eije, H., Goyal, A. and Muckley, C. B. (2017) 'Flexible firm-level dividends in Latin America', Finance Research Letters, 23, pp. 133-136. doi: 10.1016/j.frl.2017.02.012en
dc.identifier.doi10.1016/j.frl.2017.02.012en
dc.identifier.endpage136en
dc.identifier.issn1544-6123
dc.identifier.journaltitleFinance Research Lettersen
dc.identifier.startpage133en
dc.identifier.urihttps://hdl.handle.net/10468/9550
dc.identifier.volume23en
dc.language.isoenen
dc.publisherElsevieren
dc.relation.urihttps://www.sciencedirect.com/science/article/pii/S1544612317300454
dc.rights© 2017 Elsevier Inc. All rights reserved. This manuscript version is made available under the CC BY-NC-ND 4.0 licence.en
dc.rights.urihttps://creativecommons.org/licenses/by-nc-nd/4.0/
dc.subjectDividendsen
dc.subjectFlexibilityen
dc.subjectLatin Americaen
dc.titleFlexible firm-level dividends in Latin Americaen
dc.typeArticle (peer-reviewed)en
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