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  • 2015 Fall: Volume 14, Issue 2
  • Firm Characteristics Over Time by Dividend Payment Pattern Firm Size

    • John Consler ;
    • Greg M. Lepak ;
    • Susan F. Havranek

    Title:

    Firm Characteristics Over Time by Dividend Payment Pattern and Firm Size

    Author(s):

    John Consler
    Greg M. Lepak
    Susan F. Havranek

    Publication Date:

    2015

    Journal Title:

    The Journal of Finance Issues

    Volume Number:

    14

    Issue Number:

    2

    Abstract:

    This paper examines relationships between four dividend payment patterns and firm size using seven relevant financial variables from prior studies. Growth rates on the means of these variables are obtained from CRSP using large sample (quarterly) data in the time span 2000 to 2012.
    The four dividend payment pattern groups represent traditional dividend theory, dividend irrelevance theory, dividend initiators, and a residual/catering theory approach. Results indicate that small firms following a traditional or a residual/catering payment pattern have been most attractive for investment purposes. Surprisingly, both small and large dividend initiators are not being rewarded by the market. Recommendations for future research are discussed.

    First Page:

    1

    Last Page:

    17

    Total Pages:

    17