ABSTRACT

This paper investigates the dividend behavior of 5,785 non-financial non-utility non-government listed Indian firms during 1990–2016 using trend and econometric analysis. It is found that the dividend distribution tax is suppressing dividends whereas improved corporate governance norms are increasing dividends. The evidence suggests that cash dividends are preferred more than share-repurchases and firms either increase or maintain stable dividends. Further, a concentration of dividends by the Indian firms is observed. The firms that are profitable, large and have lesser investment opportunities exhibit a higher propensity to pay dividends. Logit regression estimates suggest an appearing, disappearing, and reappearing trend of dividends.

摘要

本文使用趋势和计量经济分析方法研究了1990年至2016年间5785家非金融非公用事业，非政府上市的印度公司的股利表现。人们发现，股息分配税正在抑制股息，而改进的公司治理规范正在增加股息。有证据表明，现金股利比股票回购更受青睐，企业要么增加股利，要么保持稳定的股利。此外，观察到印度公司的股息集中。有利可图，规模较大且投资机会较少的公司表现出更高的派息趋势。Logit回归估计表明股息的出现，消失和重新出现的趋势。