Dividend Policy Changes in the Pre-, Mid-, and Post-Financial Crisis

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dc.contributor.authorAbdulkadir, Rihanat Idowu
dc.contributor.authorNur Adiana, Hiau Abdullah
dc.contributor.authorWong, Woei-Chyuan
dc.date.accessioned2021-02-17T12:43:32Z
dc.date.available2021-02-17T12:43:32Z
dc.date.issued2015
dc.description.abstractThis paper examines the impact of the global financial crisis on Nigerian listed firms' dividend policies. Our findings indicate that firms adjust their dividend policies in a manner consistent with the need to preserve financial flexibility and mitigate going¬concern risks during the crisis period. Specifically, highly leveraged firms and firms with low cash/lows are more likely to omit dividend payments during the crisis. Moreover, the negative effects offoreign ownership on dividend payments during the pre-crisis are muted during the crisis. This suggests that the tax-induced clientele effect became irrelevant as cash dividends became the first order of business for foreign investors during the crisis. In the same vein, prevailing investor demand for cash dividends exerts a positive influence on firms' probability to increase dividends during the crisis, implying that markets attach a high valuation to firms that are able to pay during the crisis period. We also find support for past dividends as a reference point for current dividend decisions in both the crisis and non-crisis periods, although the relation is weakened during the crisis. This implies that some managers strive to maintain stable dividends during the crisis period. Nevertheless, their ability to do so weakens during this period.en_US
dc.identifier.urihttp://hdl.handle.net/123456789/4350
dc.language.isoenen_US
dc.publisherAsian Academy of Managementen_US
dc.relation.ispartofseries11;2
dc.subjectDividend payouten_US
dc.subjectFinancial crisisen_US
dc.subjectFinancial flexibilityen_US
dc.subjectForeign ownershipen_US
dc.titleDividend Policy Changes in the Pre-, Mid-, and Post-Financial Crisisen_US
dc.title.alternativeEvidence from the Nigerian Stock Marketen_US
dc.typeArticleen_US

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