Abstract

This study investigates the views of Irish corporate managers regarding dividend policy. It seeks to explain (i) how firms determine dividend levels, (ii) perceptions of the relationship between dividend policy and firm value, and (iii) the role of earnings, risk preferences and tax clienteles in determining payout ratios. Data were obtained from a mail survey sent to the top 1,000 Irish companies. The empirical results highlight several clear patterns in the general attitudes of Irish firms to dividend policy as well as a number of areas where specific differences in perceptions exist across the respondent groups.

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