This study investigates the relationship between local culture, as measured by religiosity, and dividend payouts based … significantly positive relationship between religiosity and dividend payouts, with firms headquartered in higher religiosity areas … relationship between social values (local culture) and corporate decisions. Since religiosity is a determinant of dividend payouts …

Background: Dividend payout is one of the most debated contemporary corporate finance issues. No universal theoretical … model describes the factors that corporate managers consider in dividend payout decisions. This study extends previous South … African empirical research on dividend payout trends and motivations for Johannesburg Stock Exchange (JSE)-listed industrial …

imposed vs. democratically chosen in a vote. We find a “dividend of democracy” in the sense that the disincentive effect is …