Focus on Present Status and Determinants of Dividend Payout Policy : Athens Stock Exchange in Perspective

In this paper we investigate the present status and determinants of dividend policy of firms listed in the Athens Stock Exchange. We find that: a) payout policy is subjected to minor changes through years, b) most firms distribute no special dividends, c) differences between dividend policy of retail firms and that of industrial firms are minor, d) the variables used explain only a small proportion of dividend policy's variability and e) cash flow is the main determinant of dividend policy