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The long-run persistence in dividend policy

Leentje Moortgat (UGent) , Jan Annaert and Marc Deloof
(2024) CLIOMETRICA. 18(3). p.621-651
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Abstract
Dividend policy is not set de novo each year, but dividends are smoothed from one year to the next, leading to a short-term persistent component. In this paper, we investigate whether there is also long-run persistence in dividend policy, by using a unique sample of firms listed on the Brussels Stock Exchange since 1824. We show that dividend smoothing leads to a long-term persistent component in dividend policy, as we find evidence that the initial dividend policy, as measured in the first calendar year after listing, has a long-lasting effect on future dividend policy. Although this effect persists for many years, it fades away over time. When this happens, a new slowly changing dividend policy emerges.
Keywords
Dividend policy, Dividend smoothing, Financial history, Belgium, G35, N23, N24, TIME-SERIES PROPERTIES, INFORMATION, LIQUIDITY, EARNINGS, RETURNS

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MLA
Moortgat, Leentje, et al. “The Long-Run Persistence in Dividend Policy.” CLIOMETRICA, vol. 18, no. 3, 2024, pp. 621–51, doi:10.1007/s11698-023-00279-8.
APA
Moortgat, L., Annaert, J., & Deloof, M. (2024). The long-run persistence in dividend policy. CLIOMETRICA, 18(3), 621–651. https://doi.org/10.1007/s11698-023-00279-8
Chicago author-date
Moortgat, Leentje, Jan Annaert, and Marc Deloof. 2024. “The Long-Run Persistence in Dividend Policy.” CLIOMETRICA 18 (3): 621–51. https://doi.org/10.1007/s11698-023-00279-8.
Chicago author-date (all authors)
Moortgat, Leentje, Jan Annaert, and Marc Deloof. 2024. “The Long-Run Persistence in Dividend Policy.” CLIOMETRICA 18 (3): 621–651. doi:10.1007/s11698-023-00279-8.
Vancouver
1.
Moortgat L, Annaert J, Deloof M. The long-run persistence in dividend policy. CLIOMETRICA. 2024;18(3):621–51.
IEEE
[1]
L. Moortgat, J. Annaert, and M. Deloof, “The long-run persistence in dividend policy,” CLIOMETRICA, vol. 18, no. 3, pp. 621–651, 2024.
@article{01HQ5MRPHCJVNET7X64S4QGH8J,
  abstract     = {{Dividend policy is not set de novo each year, but dividends are smoothed from one year to the next, leading to a short-term persistent component. In this paper, we investigate whether there is also long-run persistence in dividend policy, by using a unique sample of firms listed on the Brussels Stock Exchange since 1824. We show that dividend smoothing leads to a long-term persistent component in dividend policy, as we find evidence that the initial dividend policy, as measured in the first calendar year after listing, has a long-lasting effect on future dividend policy. Although this effect persists for many years, it fades away over time. When this happens, a new slowly changing dividend policy emerges.}},
  author       = {{Moortgat, Leentje and  Annaert, Jan and  Deloof, Marc}},
  issn         = {{1863-2505}},
  journal      = {{CLIOMETRICA}},
  keywords     = {{Dividend policy,Dividend smoothing,Financial history,Belgium,G35,N23,N24,TIME-SERIES PROPERTIES,INFORMATION,LIQUIDITY,EARNINGS,RETURNS}},
  language     = {{eng}},
  number       = {{3}},
  pages        = {{621--651}},
  title        = {{The long-run persistence in dividend policy}},
  url          = {{http://doi.org/10.1007/s11698-023-00279-8}},
  volume       = {{18}},
  year         = {{2024}},
}
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