Does globalization impact dividend policy and payout rate?

Abstract

The impact of globalization on dividend policy has been one of the most arguable topics in financial literature. This paper investigates selected countries through 2007 to 2016 and find out the disappearing dividends phenomenon supported by Fama-French (2001) does not appear except during 2007-2009 financial crisis period. Moreover, the project suggests that developed countries are paying more dividends than developing countries due to a better legal protection for investors’ rights.