Change search
CiteExportLink to record
Permanent link

Direct link
Cite
Citation style
  • apa
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • apa.csl
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
  • rtf
Do corporate directors ‘heap’ dividends?: Evidence on dividend rounding and information uncertainty in Australian firms
Washington State University, USA.
Southern Cross University, AUS.
Karlstad University, Faculty of Arts and Social Sciences (starting 2013), Service Research Center (from 2013).
University of Montana, USA.
2018 (English)In: Australian Journal of Management, ISSN 0312-8962, E-ISSN 1327-2020, Vol. 43, no 3, p. 421-438Article in journal (Refereed) Published
Abstract [en]

In this study, we examine the extent of dividend heaping in Australian firms between 1976 and 2015. Our findings show that 27.39% of dividends greater than or equal to 2.5-cents are heaped in 2.5-cent intervals, while 70.90% of dividends less than 2.5-cents are heaped in 0.25-cent intervals. We find that the heaping phenomenon decreases over time and average dividend size increases. We also show that when establishing the likelihood of dividend heaping, stock return volatility and firm size are consistent with the information uncertainty hypothesis. Dividend heaping also appears to be influenced by firm-level characteristics that are inconsistent with the hypothesis. For instance, the likelihood of heaping increases with dividend size and firm age. 

Place, publisher, year, edition, pages
Sage Publications, 2018. Vol. 43, no 3, p. 421-438
Keywords [en]
Behavioral, directors, dividends, heaping, management, rounding
National Category
Business Administration Economics
Research subject
Business Administration
Identifiers
URN: urn:nbn:se:kau:diva-67105DOI: 10.1177/0312896218758838ISI: 000439350000004Scopus ID: 2-s2.0-85044973160OAI: oai:DiVA.org:kau-67105DiVA, id: diva2:1199488
Available from: 2018-04-20 Created: 2018-04-20 Last updated: 2020-12-10Bibliographically approved

Open Access in DiVA

No full text in DiVA

Other links

Publisher's full textScopus
By organisation
Service Research Center (from 2013)
In the same journal
Australian Journal of Management
Business AdministrationEconomics

Search outside of DiVA

GoogleGoogle Scholar

doi
urn-nbn

Altmetric score

doi
urn-nbn
Total: 120 hits
CiteExportLink to record
Permanent link

Direct link
Cite
Citation style
  • apa
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • apa.csl
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
  • rtf