Quotation 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.




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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Publication's profile

Status of publication Published
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


Cejnek, Georg (Details)
Randl, Otto (Details)
Zechner, Josef (Details)
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)
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