Business, Management and Accounting
2 years ago

Bank-based countries see higher dividends, market-based countries benefit from investor protection.

Journal of Finance Issues
Dividend Policy, Corporate Governance, and the Capital Markets
Kiyoung Chang, Eun Kang

Paper Summary

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The study looked at how companies in countries with different financial systems decide on dividends. Companies in bank-based countries tend to pay out more dividends than those in market-based countries. In market-based countries, stronger investor protection leads to higher dividends, while in bank-based countries, it leads to lower dividends.