In the U.S., Canada, U.K., Germany, France, and Japan, the propensity to pay dividends is higher among larger, more profitable firms, and those for which retained earnings comprise a large fraction of total equity. Although there are hints of reductions in the propensity to pay dividends in most...

We examine time-series evidence of dividend polices in several developed financial markets over the period 1989-2002. Consistent with trends in the U.S., our evidence indicates a declining propensity to pay dividends in Canada, the U.K., Germany, France, and Japan. This decline cannot be...

In the US, Canada, UK, Germany, France, and Japan, the propensity to pay dividends is higher among larger, more profitable firms, and those for which retained earnings comprise a large fraction of total equity. Although there are hints of reductions in the propensity to pay dividends in most of...