Have European banks maintained their payout policy during the crisis? The role of scrip dividends

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 ando...

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Detalles Bibliográficos
Autores: Blanco Alcántara, David, Gallud Cano, Jorge, López Iturriaga, Félix Javier, López de Foronda Pérez, Óscar
Tipo de recurso: artículo
Estado:Versión aceptada para publicación
Fecha de publicación:2020
País:España
Institución:Universidad de Burgos (UBU)
Repositorio:Repositorio Institucional de la Universidad de Burgos (RIUBU)
OAI Identifier:oai:riubu.ubu.es:10259/8637
Acceso en línea:http://hdl.handle.net/10259/8637
Access Level:acceso abierto
Palabra clave:Capital stringency
Dividends
European banks
Basel accords
Payout
Scrip dividends
Shareholder protection
Economía
Gestión de empresas
Economics
Industrial management
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spelling Have European banks maintained their payout policy during the crisis? The role of scrip dividendsBlanco Alcántara, DavidGallud Cano, JorgeLópez Iturriaga, Félix JavierLópez de Foronda Pérez, ÓscarCapital stringencyDividendsEuropean banksBasel accordsPayoutScrip dividendsShareholder protectionEconomíaGestión de empresasEconomicsIndustrial managementWe 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.Wiley202420242020info:eu-repo/semantics/articleinfo:eu-repo/semantics/acceptedVersionapplication/pdfhttp://hdl.handle.net/10259/8637reponame:Repositorio Institucional de la Universidad de Burgos (RIUBU)instname:Universidad de Burgos (UBU)InglésInternational Journal of Finance & Economics. 2020, V. 27, n. 4, p. 4619-1632https://doi.org/10.1002/ijfe.2391info:eu-repo/semantics/openAccessoai:riubu.ubu.es:10259/86372026-05-28T07:56:11Z
dc.title.none.fl_str_mv Have European banks maintained their payout policy during the crisis? The role of scrip dividends
title Have European banks maintained their payout policy during the crisis? The role of scrip dividends
spellingShingle Have European banks maintained their payout policy during the crisis? The role of scrip dividends
Blanco Alcántara, David
Capital stringency
Dividends
European banks
Basel accords
Payout
Scrip dividends
Shareholder protection
Economía
Gestión de empresas
Economics
Industrial management
title_short Have European banks maintained their payout policy during the crisis? The role of scrip dividends
title_full Have European banks maintained their payout policy during the crisis? The role of scrip dividends
title_fullStr Have European banks maintained their payout policy during the crisis? The role of scrip dividends
title_full_unstemmed Have European banks maintained their payout policy during the crisis? The role of scrip dividends
title_sort Have European banks maintained their payout policy during the crisis? The role of scrip dividends
dc.creator.none.fl_str_mv Blanco Alcántara, David
Gallud Cano, Jorge
López Iturriaga, Félix Javier
López de Foronda Pérez, Óscar
author Blanco Alcántara, David
author_facet Blanco Alcántara, David
Gallud Cano, Jorge
López Iturriaga, Félix Javier
López de Foronda Pérez, Óscar
author_role author
author2 Gallud Cano, Jorge
López Iturriaga, Félix Javier
López de Foronda Pérez, Óscar
author2_role author
author
author
dc.subject.none.fl_str_mv Capital stringency
Dividends
European banks
Basel accords
Payout
Scrip dividends
Shareholder protection
Economía
Gestión de empresas
Economics
Industrial management
topic Capital stringency
Dividends
European banks
Basel accords
Payout
Scrip dividends
Shareholder protection
Economía
Gestión de empresas
Economics
Industrial management
description 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.
publishDate 2020
dc.date.none.fl_str_mv 2020
2024
2024
dc.type.none.fl_str_mv info:eu-repo/semantics/article
info:eu-repo/semantics/acceptedVersion
format article
status_str acceptedVersion
dc.identifier.none.fl_str_mv http://hdl.handle.net/10259/8637
url http://hdl.handle.net/10259/8637
dc.language.none.fl_str_mv Inglés
language_invalid_str_mv Inglés
dc.relation.none.fl_str_mv International Journal of Finance & Economics. 2020, V. 27, n. 4, p. 4619-1632
https://doi.org/10.1002/ijfe.2391
dc.rights.none.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv Wiley
publisher.none.fl_str_mv Wiley
dc.source.none.fl_str_mv reponame:Repositorio Institucional de la Universidad de Burgos (RIUBU)
instname:Universidad de Burgos (UBU)
instname_str Universidad de Burgos (UBU)
reponame_str Repositorio Institucional de la Universidad de Burgos (RIUBU)
collection Repositorio Institucional de la Universidad de Burgos (RIUBU)
repository.name.fl_str_mv
repository.mail.fl_str_mv
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score 15,300719

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