企业分红、现金持有量与新冠疫情危机：来自七国集团国家的证据
Corporate payout, cash holdings, and the COVID-19 crisis: Evidence from the G-7 countries.
作者信息
Ntantamis Christos, Zhou Jun
机构信息
Department of Economics, Dalhousie University, 6214 University Avenue, Halifax, NS B3H 4R2, Canada.
Rowe School of Business, Dalhousie University, 6100 University Avenue, Halifax, NS B3H 4R2, Canada.
出版信息
Financ Res Lett. 2022 Dec;50:103275. doi: 10.1016/j.frl.2022.103275. Epub 2022 Aug 24.
This paper examines the impact of the COVID-19 pandemic on the adjustments of dividends and share repurchases of publicly listed firms in the G-7 countries. Firms in the United Kingdom, Germany, France, and Italy experienced a widespread cut in dividends, while firms in the United States and Canada cut cash payout more via share repurchases, with Japanese firms in between. Corporate cash holdings helped mitigate the negative impact of COVID on payout adjustments, but the impact was less significant for European firms.
本文考察了新冠疫情对七国集团（G-7）国家上市公司股息和股票回购调整的影响。英国、德国、法国和意大利的公司普遍削减了股息，而美国和加拿大的公司更多地通过股票回购来削减现金支出，日本公司则介于两者之间。企业现金持有量有助于减轻新冠疫情对派息调整的负面影响，但对欧洲公司的影响较小。
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