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Heterogeneity in corporate payouts

Heterogeneity in corporate payouts

Sodhi, Adhiraj ORCID: 0000-0002-5689-933X and Stojanovic, Aleksandar (2023) Heterogeneity in corporate payouts. Heliyon, 10 (1):e23270. pp. 1-16. ISSN 2405-8440 (Online) (doi:

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In this paper we empirically investigate dividends and repurchases of the UK, and the overarching pattern reveals that their determinants are more driven by payout size than they are by payout type. The overall corporate payout policy is influenced by the operating performance and tax framework. Aggregately, the determinants of dividends and repurchases are heterogenous, and for each payout's individual testing the determinants have shown varying influences when controlled for payout size; small, medium and large. Comparatively, the determinants of dividends and repurchases of small size show homogeneity, while those of medium and large sizes exhibit heterogeneity. From a variable-specific perspective, aggregately dividends are positively influenced by asset holdings and ROA, and negatively influenced by independent directions and EPS. While aggregately repurchases are positively influenced by debt exposure and negatively influenced by M/B Ratio.

Item Type: Article
Uncontrolled Keywords: dividends; repurchases; determinants
Subjects: H Social Sciences > H Social Sciences (General)
H Social Sciences > HF Commerce
H Social Sciences > HF Commerce > HF5601 Accounting
Faculty / School / Research Centre / Research Group: Faculty of Business
Last Modified: 11 Dec 2023 10:09

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