Stakeholders’ Vested Interests in Dividend Policy: A Critical Review (original) (raw)

2019

Abstract

Many theoretical constructs have been suggested in finance literature to describe a company's dividend strategy. Further check these hypotheses, multiple quantitative studies were conducted. There have been very few attempts to understand managers' views and behavioursin deciding the dividend strategy, the factors they believe are relevant. Despite the intensive literature on dividend policy over the past sixty years, however, Experts are still unable to achieve unanimous agreement on a general theory of dividends that can either explain the decision-making process on dividends or forecast an optimal dividend policy. At this point, one is obliged to accept the term (Black 1976) introduced as "Dividend Puzzle" by saying, "The harder we look at the dividend picture, the more it looks like a puzzle, with pieces that just don't fit together.”

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