Dividend payments as a response to peer influence

• 成果类型: Article
• 署名作者: Grennan, Jillian
• 署名单位: Duke University
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2018.01.012
• 发表日期: 2019
• 页码: 549-570
• 关键词: dividends; PAYOUT; REPURCHASES; peer effects; Announcement returns

摘要

I show dividend policies have peer effects. My estimates indicate that firms speed up the time taken to make a dividend change by about 1.5 quarters and increase payments by 16% in response to peer changes. The peer effects matter in increases but not decreases. In contrast to dividends, repurchases show no peer effects. In addition, announcement returns indicate that investors partially anticipate the consequences of peer effects. Overall, peer interdependencies account for 12% of total dividend payments. (C) 2018 Elsevier B.V. All rights reserved.