Management Behaviour on Dividend Payouts: An Overview of the Spanish and British Quoted Corporations
This paper describes the management behaviour of Spanish and British quoted corporations on setting company dividend payouts. To do so, the author surveys CFOs in the two countries to capture their views about dividend policy relevancy; the factors that drive their dividend decisions and the determi...
| Main Author: | |
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| Format: | Dissertation (University of Nottingham only) |
| Language: | English |
| Published: |
2005
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| Online Access: | https://eprints.nottingham.ac.uk/20055/ |
| _version_ | 1848792010296655872 |
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| author | Dominguez Munoz, Celia |
| author_facet | Dominguez Munoz, Celia |
| author_sort | Dominguez Munoz, Celia |
| building | Nottingham Research Data Repository |
| collection | Online Access |
| description | This paper describes the management behaviour of Spanish and British quoted corporations on setting company dividend payouts. To do so, the author surveys CFOs in the two countries to capture their views about dividend policy relevancy; the factors that drive their dividend decisions and the determinants of their dividend payouts.
The findings show that managers stress the importance of dividend policy in the firm's value and give the strongest support to the signalling and 'bird-in-the-hand' explanations. They provide however, very little support for the Agency and Tax Issues. Whereas managers in the UK show the highest level of uncertainty in the Clientele effect, Spanish respondents agree with it. The paper does not capture the Behavioural approach.
Although in general terms respondents show similar patterns of behaviour, the author finds important differences in aspects of corporate governance and legal tax systems that help to determine whether such behaviour fits into the country's traits and the finance literature. |
| first_indexed | 2025-11-14T18:37:36Z |
| format | Dissertation (University of Nottingham only) |
| id | nottingham-20055 |
| institution | University of Nottingham Malaysia Campus |
| institution_category | Local University |
| language | English |
| last_indexed | 2025-11-14T18:37:36Z |
| publishDate | 2005 |
| recordtype | eprints |
| repository_type | Digital Repository |
| spelling | nottingham-200552018-02-03T15:02:23Z https://eprints.nottingham.ac.uk/20055/ Management Behaviour on Dividend Payouts: An Overview of the Spanish and British Quoted Corporations Dominguez Munoz, Celia This paper describes the management behaviour of Spanish and British quoted corporations on setting company dividend payouts. To do so, the author surveys CFOs in the two countries to capture their views about dividend policy relevancy; the factors that drive their dividend decisions and the determinants of their dividend payouts. The findings show that managers stress the importance of dividend policy in the firm's value and give the strongest support to the signalling and 'bird-in-the-hand' explanations. They provide however, very little support for the Agency and Tax Issues. Whereas managers in the UK show the highest level of uncertainty in the Clientele effect, Spanish respondents agree with it. The paper does not capture the Behavioural approach. Although in general terms respondents show similar patterns of behaviour, the author finds important differences in aspects of corporate governance and legal tax systems that help to determine whether such behaviour fits into the country's traits and the finance literature. 2005 Dissertation (University of Nottingham only) NonPeerReviewed application/pdf en https://eprints.nottingham.ac.uk/20055/1/05MBAlixcd3.pdf Dominguez Munoz, Celia (2005) Management Behaviour on Dividend Payouts: An Overview of the Spanish and British Quoted Corporations. [Dissertation (University of Nottingham only)] (Unpublished) Management behaviour dividend policy Spain UK signalling bird-in-the-hand agency issues tax clientele effect |
| spellingShingle | Management behaviour dividend policy Spain UK signalling bird-in-the-hand agency issues tax clientele effect Dominguez Munoz, Celia Management Behaviour on Dividend Payouts: An Overview of the Spanish and British Quoted Corporations |
| title | Management Behaviour on Dividend Payouts: An Overview of the Spanish and British Quoted Corporations |
| title_full | Management Behaviour on Dividend Payouts: An Overview of the Spanish and British Quoted Corporations |
| title_fullStr | Management Behaviour on Dividend Payouts: An Overview of the Spanish and British Quoted Corporations |
| title_full_unstemmed | Management Behaviour on Dividend Payouts: An Overview of the Spanish and British Quoted Corporations |
| title_short | Management Behaviour on Dividend Payouts: An Overview of the Spanish and British Quoted Corporations |
| title_sort | management behaviour on dividend payouts: an overview of the spanish and british quoted corporations |
| topic | Management behaviour dividend policy Spain UK signalling bird-in-the-hand agency issues tax clientele effect |
| url | https://eprints.nottingham.ac.uk/20055/ |