This paper aims to empirically verify the impact of the mandatory dividend law on the investment of publicly traded companies.,The sample includes 212,595 observations from publicly traded companies from 47 different countries over the period from 2000 to 2016. The authors estimated a regression model by panel data methods to show the impact of the mandatory dividend on firm’s investment, more specifically in their sensitivities of investment to cash flow and to growth opportunities. In addition, the average treatment effect on the treated was estimated through sample matching.,The results indicate that the mandatory dividend have a direct and indirect impact on corporate investment.,Legislators and economic agents can use the results of the present research to evaluate the continuity or implementation of this legal mechanism (mandatory dividend) to evaluate economic moments favorable to its use or to create different legal rules to smooth the impact of this mechanism on the investment of companies.

中文翻译：

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强制性股息和企业投资：多国分析

本文旨在实证验证强制性股利法对上市公司投资的影响。样本包括 2000 年至 2016 年期间来自 47 个不同国家的上市公司的 212,595 条观测值。作者估计了一个回归模型面板数据方法来显示强制股息对公司投资的影响，更具体地说是他们对现金流和增长机会的投资敏感性。此外，通过样本匹配估计了对被处理者的平均处理效果。结果表明，强制股利对企业投资有直接和间接的影响，