2026-09-09T12:00:19Zhttps://riubu.ubu.es/oai/request

oai:riubu.ubu.es:10259/86372024-05-13T09:39:59Zcom_10259_7380com_10259_5086com_10259_2604col_10259_7381

Blanco Alcántara, David Gallud Cano, Jorge López Iturriaga, Félix Javier López de Foronda Pérez, Óscar 2024-02-08T12:20:34Z 2024-02-08T12:20:34Z 2020-12 1076-9307 http://hdl.handle.net/10259/8637 10.1002/ijfe.2391 1099-1158 We analyse the trend among 79 banks from 20 European countries towardsscrip dividends. Whereas banks do not seem to smooth cash dividends, they dosmooth total dividends, which include both cash and scrip dividends. We alsofind that the new legal requirements (resulting from the Basel III Accord andother country-level laws) have different implications on cash and scrip divi-dends. Whereas the need for better and more capital imposed by these ruleshas led banks to cut cash dividends, there is a positive relationship betweenthe legal requirements on capital adequacy and scrip dividends. The authors are grateful to Philip Jaggs and to an anonymous referee for their comments on previous versions of the paper. We also thank the Spanish Ministry of Economy and Competitiveness for financial support (ECO2017-84864-P). All the remaining errors are the authors' sole responsibility. application/pdf eng Wiley International Journal of Finance & Economics. 2020, V. 27, n. 4, p. 4619-1632 https://doi.org/10.1002/ijfe.2391 Capital stringency Dividends European banks Basel accords Payout Scrip dividends Shareholder protection Economía Gestión de empresas Economics Industrial management Have European banks maintained their payout policy during the crisis? The role of scrip dividends info:eu-repo/semantics/article info:eu-repo/semantics/acceptedVersion info:eu-repo/semantics/openAccess International Journal of Finance & Economics 27 4 4619 4632