Purpose – The purpose of this paper is to investigate whether corporate dividend policy changed during the financial crisis. Design/methodology/approach – For this study, a life‐cycle model is used to predict the probability that a firm pays a dividend. The data sample for this research...

Purpose The purpose of this paper is to investigate an empirical solution to dividend policy relevance. Design/methodology/approach The paper combines measures of firm maturity in a logit regression to define a comprehensive life-cycle model of the likelihood of dividend payment. The valuation...