Abstract
ABSTRACT This paper investigates the dividend behavior of 5,785 non-financial non-utility non-government listed Indian firms during 1990–2016 using trend and econometric analysis. It is found that the dividend distribution tax is suppressing dividends whereas improved corporate governance norms are increasing dividends. The evidence suggests that cash dividends are preferred more than share-repurchases and firms either increase or maintain stable dividends. Further, a concentration of dividends by the Indian firms is observed. The firms that are profitable, large and have lesser investment opportunities exhibit a higher propensity to pay dividends. Logit regression estimates suggest an appearing, disappearing, and reappearing trend of dividends.
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