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Corporate Dividend Payout Policy
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Corporate Dividend Payout Policy

A special issue of Journal of Risk and Financial Management (ISSN 1911-8074). This special issue belongs to the section "Financial Markets".

Deadline for manuscript submissions: 31 August 2025 | Viewed by 1164

Special Issue Editor

Dr. Bin Chang

E-Mail Website
Guest Editor
Faculty of Business and Information Technology, University of Ontario Institute of Technology, Oshawa, ON L1G 0C5, Canada
Interests: corporate payout policy; corporate governance; cash policy; innovation; entrepreneurship; pension; climate change; target-date funds

Special Issue Information

Dear Colleagues,

I would like to extend an invitation for you to submit a paper to our Special Issue on "Corporate Dividend Payout Policy". This Special Issue is designed to illuminate the most recent developments and advancements in both conceptual and empirical research concerning corporate dividend payout policies. We are seeking a diverse range of topics and encourage the exploration of different concepts, methods, datasets, and viewpoints within this field.

The Special Issue encompasses a wide range of topics, including but not limited to:

  • Single-country studies;
  • International studies;
  • The relationship between dividends and stock repurchases;
  • Value of dividend payout;
  • Factors affecting dividend payout decisions;
  • Institutional context that affects dividend payout decisions;
  • Social, cultural, political, and legal structures;
  • The application of behavior finance in dividends;
  • Market reaction to dividend policy changes;
  • Times series changes in aggregate dividend payout;
  • Cross-sectional and cross-country differences in dividend payout;
  • The application of agency theory, corporate governance, information asymmetry theory, taxes, competition, investor sentiment, and other relevant theories.

I look forward to receiving your contributions.

Dr. Bin Chang
Guest Editor

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Journal of Risk and Financial Management is an international peer-reviewed open access monthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 1400 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

  • dividends
  • stock repurchases
  • corporate payout policies
  • agency theories
  • information asymmetry
  • institutional context
  • corporate governance
  • investor sentiment
  • behavioral finance
  • tax

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Further information on MDPI's Special Issue policies can be found here.

Published Papers (2 papers)

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Research

20 pages, 330 KiB  
Article
Exploring New Aspects of Corporate Dividend Policy: Case of an Emerging Nation
by Biswajit Ghose, Pankaj Kumar Tyagi, Parikshit Sharma, Nivaj Gogoi, Premendra Kumar Singh, Yeshi Ngima, Asokan Vasudevan and Kiran Gope
J. Risk Financial Manag. 2025, 18(5), 232; https://doi.org/10.3390/jrfm18050232 - 26 Apr 2025
Viewed by 189
Abstract
The present study focuses on how various firm characteristics influence their dividend payout policies. The study finds empirical evidence with regard to primarily two aspects of corporate dividend decisions—dividend increase and decrease, whose exploration is inadequate in the past literature. The random effect [...] Read more.
The present study focuses on how various firm characteristics influence their dividend payout policies. The study finds empirical evidence with regard to primarily two aspects of corporate dividend decisions—dividend increase and decrease, whose exploration is inadequate in the past literature. The random effect logistic regression has been considered in order to analyze the panel dataset from 2001–2002 to 2021–2022 including 3739 listed Indian firms. The empirical models are formatted based on the relevant dividend-related theories in the Indian context such as the residual theory, transaction cost theory, signalling theory, etc. Further, additional tests are conducted regarding the robustness of the reported results. The empirical results document that firm size, profitability, promoter holdings, cash holdings, and life cycle have a favourable influence on the propensity of both increasing and decreasing dividend payouts. In contrast, earnings volatility, leverage, and free cash flow reduce firms’ tendency to increase and decrease dividend payments. These results indicate that higher liquidity and ownership concentration provide firms with greater financial flexibility to adjust their dividend policies as per their prevailing opportunities. The findings of the study offer insightful information about how to arrange dividend policies with firm-specific traits which will be helpful for managers and investors to make better decisions. Full article
(This article belongs to the Special Issue Corporate Dividend Payout Policy)
18 pages, 306 KiB  
Article
Characteristics of the Chairman of the Board of Directors and Their Impact on Dividend Payments in the Moroccan Stock Exchange
by Reda Louziri and Khadija Oubal
J. Risk Financial Manag. 2025, 18(2), 70; https://doi.org/10.3390/jrfm18020070 - 1 Feb 2025
Viewed by 616
Abstract
This study examines the influence of chairman characteristics on dividend policy within Moroccan firms listed on the Casablanca Stock Exchange, addressing a critical gap in the behavioral finance literature. This research focuses on five key attributes of chairmen—age, gender, nationality, tenure, and founder [...] Read more.
This study examines the influence of chairman characteristics on dividend policy within Moroccan firms listed on the Casablanca Stock Exchange, addressing a critical gap in the behavioral finance literature. This research focuses on five key attributes of chairmen—age, gender, nationality, tenure, and founder status—and analyzes their impact on dividend decisions over a 16-year period (2003–2018). A fixed effects panel data model was employed, incorporating six control variables—firm age, growth opportunities, size, board size, female representation, and foreign ownership. The results demonstrate that chairman age and tenure significantly affect dividend policy. Older chairmen are more risk-averse, favoring higher dividend distributions to ensure financial stability, while longer-tenured chairmen tend to retain earnings for aggressive investments, reflecting overconfidence. The other variables—gender, nationality, and founder status—showed no statistically significant effects in this context. This research provides the first empirical evidence on the relationship between chairman characteristics and dividend policy in Morocco. The findings offer valuable insights for investors, analysts, and policymakers in emerging markets, emphasizing the role of leadership traits in corporate financial strategies. By highlighting the importance of behavioral factors, this study enhances understanding of dividend policy determinants in developing economies. Full article
(This article belongs to the Special Issue Corporate Dividend Payout Policy)
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