Krieger Kevin, Mauck Nathan, Pruitt Stephen W
Department of Accounting and Finance, University of West Florida, 11000 University Parkway, Pensacola, Florida 32514.
Department of Finance, University of Missouri-Kansas City, Henry W. Bloch School of Management, 5110 Cherry Street, Kansas City, MO 64110.
Financ Res Lett. 2021 Oct;42:101910. doi: 10.1016/j.frl.2020.101910. Epub 2020 Dec 31.
This paper examines the impact of the COVID-19 pandemic on the dividend payouts of publicly traded firms in the U.S. Out of nearly 1,400 dividend paying firms, 213 cut dividends and 93 omitted dividends entirely in the second quarter of 2020. This proportion of cuts and omissions is three to five times higher than any other quarter since 2015. The 2008 financial crisis was characterized by a high proportion of financial firms cutting dividends without much change in dividends for non-financials. Conversely, we find evidence of increased dividend cuts across all industries. The most common industry grouping, industrials, experienced one out of every six firms cutting dividends. Regression results indicate that net income and debt are determinants of firms cutting dividends in all periods, but the economic significance is much greater during the pandemic.
本文考察了新冠疫情对美国上市公司股息支付的影响。在近1400家支付股息的公司中，有213家削减了股息，93家在2020年第二季度完全取消了股息。这种削减和取消股息的比例比2015年以来的任何其他季度高出三到五倍。2008年金融危机的特点是，金融公司削减股息的比例很高，而非金融公司的股息变化不大。相反，我们发现所有行业都有更多削减股息的迹象。最常见的行业分组，即工业企业，每六家公司中就有一家削减股息。回归结果表明，净收入和债务是各时期公司削减股息的决定因素，但在疫情期间，其经济意义要大得多。
