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Disappearing Dividends: Changing Firm Characteristics or Lower Propensity to Pay
Book •
The study by Fama and French analyzes the significant decline in the percentage of firms paying cash dividends from 66.
5% in 1978 to 20. 8% in 1999.
They attribute this decline to two main factors: the changing characteristics of publicly traded firms, which now include more small firms with low profitability and strong growth opportunities, and a lower propensity to pay dividends among firms regardless of their characteristics.
The authors provide evidence that firms become less likely to pay dividends over time, even when controlling for firm characteristics such as size, profitability, and growth opportunities.
5% in 1978 to 20. 8% in 1999.
They attribute this decline to two main factors: the changing characteristics of publicly traded firms, which now include more small firms with low profitability and strong growth opportunities, and a lower propensity to pay dividends among firms regardless of their characteristics.
The authors provide evidence that firms become less likely to pay dividends over time, even when controlling for firm characteristics such as size, profitability, and growth opportunities.
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Mentioned as a concise summary of dividend-paying stocks.

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