Cejnek, Georg, Randl, Otto, Zechner, Josef. 2021. The COVID-19 Pandemic and Corporate Dividend Policy. Journal of Financial and Quantitative Analysis (JFQA). 56 (7), 2389-2410.
BibTeX
Abstract
This paper shows for major equity markets that the proportion of index values attributable to the first five years of dividends dropped substantially in the first quarter of 2020 and that this drop has not been reversed by the end of the year. In the cross-section, this breakdown of dividend smoothing due to COVID-19 was less severe for firms with higher operating cash flows and more positively co-skewed stock returns and more pronounced for those with higher leverage and in the financial sector. Heavy dividend cutters also experienced a substantial increase in exposure to systematic risk.
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Status of publication | Published |
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Affiliation | WU |
Type of publication | Journal article |
Journal | Journal of Financial and Quantitative Analysis (JFQA) |
Citation Index | SSCI |
WU Journalrating 2009 | A |
WU-Journal-Rating new | FIN-A, STRAT-A, VW-A, WH-A |
Language | English |
Title | The COVID-19 Pandemic and Corporate Dividend Policy |
Volume | 56 |
Number | 7 |
Year | 2021 |
Page from | 2389 |
Page to | 2410 |
Reviewed? | Y |
URL | https://www.cambridge.org/core/journals/journal-of-financial-and-quantitative-analysis/article/covid19-pandemic-and-corporate-dividend-policy/9C98081C9A7F06CFEFA55906BE0AD22F |
DOI | https://doi.org/10.1017/S0022109021000533 |
Open Access | Y |
Open Access Link | https://www.cambridge.org/core/journals/journal-of-financial-and-quantitative-analysis/article/covid19-pandemic-and-corporate-dividend-policy/9C98081C |
JEL | G12, G35 |
Associations
- People
- Cejnek, Georg (Former researcher)
- Randl, Otto (Details)
- Zechner, Josef (Details)
- Organization
- Institute for Finance, Banking and Insurance IN (Details)
- Research Institute for Capital Markets FI (Details)
- Research areas (Ă–STAT Classification 'Statistik Austria')
- 5305 Bank management (Details)
- 5307 Business and management economics (Details)
- 5358 Corporate finances (Details)
- 5361 Financial management (Details)