Join us for our next Research Seminar with Dr Thomas O’Connor, Assistant Professor School of Business Maynooth University.
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Paper Abstract:
We analyse whether the systemic risk vulnerabilities that firms face influences their payout policies. We compute two firm-specific measures of systemic risk vulnerability for 1,145 non-financial corporations and confirm that systemically vulnerable firms make lower dividend payouts. Systemic risk vulnerability does not influence the decision to pay, initiate, or omit a dividend. We find no evidence that the payout mix is affected; systemically vulnerable firms do not prefer repurchases over dividends. Our results are not driven by the global financial crisis period of 2008-2009.
Speaker Bio:
Dr. Tom O'Connor lectures in finance at Maynooth University and researches in the areas of empirical corporate finance and empirical corporate governance. His work on systemic risk of nonfinancial corporations, dividend policy, capital structure, corporate governance, and international cross-listings has been published in journals such as the Journal of Corporate Finance; Journal of Financial Research; European Financial Management; International Review of Finance; and the Emerging Markets Review.