RT info:eu-repo/semantics/article
T1 Have European banks maintained their payout policy during the crisis? The role of scrip dividends
A1 Blanco Alcántara, David
A1 Gallud Cano, Jorge
A1 López Iturriaga, Félix Javier
A1 López de Foronda Pérez, Óscar
K1 Capital stringency
K1 Dividends
K1 European banks
K1 Basel accords
K1 Payout
K1 Scrip dividends
K1 Shareholder protection
K1 Economía
K1 Economics
K1 Gestión de empresas
K1 Industrial management
AB 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.
PB Wiley
SN 1076-9307
YR 2020
FD 2020-12
LK http://hdl.handle.net/10259/8637
UL http://hdl.handle.net/10259/8637
LA eng
NO 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.
DS Repositorio Institucional de la Universidad de Burgos
RD 11-dic-2024