Email this article Μερισματική πολιτική εταιριών εισηγμένων στο χρηματιστήριο των Αθηνών
Abstract
In this article we present the existing theoretical models which describe the dividend policy of firms
listed in the Stock Exchange.
Following an examination of their econometric problems the models were estimated with a sample of
a large number of firms quoted on the Athens Stock Exchange.
The empirical results lead to the general conclusion that Lintner's model best describes the dividend
policy of this extended investigation. Current profits constitute the most important variable which tends to
influence change in dividends while the previous period dividends tend to also significantly influence
changes in the dividend policy of firms.
Finally the optimal dividend payout ratio of the sample is 55% whereas the coefficient which reflects
the speed of adjustment is 67%.
listed in the Stock Exchange.
Following an examination of their econometric problems the models were estimated with a sample of
a large number of firms quoted on the Athens Stock Exchange.
The empirical results lead to the general conclusion that Lintner's model best describes the dividend
policy of this extended investigation. Current profits constitute the most important variable which tends to
influence change in dividends while the previous period dividends tend to also significantly influence
changes in the dividend policy of firms.
Finally the optimal dividend payout ratio of the sample is 55% whereas the coefficient which reflects
the speed of adjustment is 67%.
Keywords
Stock exchange; Economic model
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