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LOWER RISKS - HIGHER DIVIDENDS? EXAMINING THE RELATION OF BETA TO DIVIDEND PROPORTION ON THE BUDAPEST STOCK EXCHANGE, 1997-2007 (Hungarian tite - below)

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Fazekas G., Juhasz P.

Kozgazdasagi Szemle (Economic Review)

2009

vol. 56

issue 4

322-342

(Title in Hungarian - 'Alacsonyabb kockazat - nagyobb osztalek? A reszvenykockazat es az osztalekfizetesi hanyad kapcsolatanak vizsgalata a Budapesti Ertektozsden, 1997-2007'). According to results in the literature on dividend policy, there is a connection between firms' dividend payout ratio and their market risk of them - riskier companies pay out less of their profits to their shareholders. The authors' research into the Hungarian stock-market yields similar findings. With each method used, correlation, factor and cluster analysis shows that firms with lower beta typically pay higher dividends, while riskier stocks have a lower pay-out ratio.

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1 Kozgazdasagi Szemle (Economic Review)

1 Fazekas G.

1 Juhasz P.

1 2009

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LOWER RISKS - HIGHER DIVIDENDS? EXAMINING THE RELATION OF BETA TO DIVIDEND PROPORTION ON THE BUDAPEST STOCK EXCHANGE, 1997-2007 (Hungarian tite - below)