Percorrer por autor "Cunha, Miguel Ângelo Carvalho de Pinho"
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- Firm location and corporate payout policy : evidence from the global financial crisis and the COVID-19 eraPublication . Cunha, Miguel Ângelo Carvalho de Pinho; Stahl, JörgThe relation between firm location and corporate payout policies remains underexplored and is relevant as it severely impacts corporate governance. Building on the methodology of John et al. (2011), I utilise an expanded sample period (Jan. 1992 3 Dec. 2023) with 6,260 unique firms incorporated in the United States to test this relation across three different periods: the full sample period, the Global Financial Crisis and the COVID-19 pandemic. As dividends are commonly used as a commitment mechanism to shareholders, they take special importance throughout the study. For the full sample, I discover that firms remotely located continue distributing higher dividends to address agency conflicts. During the Global Financial Crisis, the influence of geographic remoteness on dividend payouts remains stable but during the COVID-19 pandemic, the effect of geographic location on dividend policies not only diminish but invert completely as centrally located firms increase their dividend payouts more aggressively during this period. Overall, this study finds that firm location still greatly impacts corporate dividend policies while also suggesting that this relation can be impacted not only by firm-specific governance factors but also by macroeconomic circumstances, adding a relevant perspective to the topic’s literature.