Global dividend payout patterns: The US and the rest of the world and the effect of financial crisis

摘要

This paper compares the dividend payout behavior of US firms with those of firms in 32 other countries for the period of 1985-2011. It also investigates the possible impact of the 2007 financial crisis on the payout policies in these 33 countries. Results show that the proportion of firms that pay dividends (payers) is lower in the US than that it is in the rest of the world. In both the US and the rest of the world the proportion of payers decreases (and significantly so) in each of the years leading to the year 2000 and then reverses direction and increases during the post-2000 years.