Dividend Policy and Behavior in Emerging Markets: To Pay or Not to Pay

摘要

The paper examines dividend behavior in emerging markets both from the investor'sperspective, and from the firm's point of view. It examines the evolution of dividend payments in recent years and looks at a variety of environmental factors that may have an impact on those payments. The paper is organized as follows. First, the theory of dividend policy is presented. Then, the investor's perspective on dividend payments in developing countries is examined. That is followed by an analysis of the firm's perspective on dividends, with attention paid to environmental factors that influence dividend behavior. A summary concludes the paper.