The market reaction to dividend change announcements: The Greek case.

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2015 (EL)
The market reaction to dividend change announcements: The Greek case. (EN)

Kyriakidis, Nikolaos (EN)

School of Economics, Business Administration and Legal Studies, MSc in Banking and Finance (EL)
Sikalidis, Alexandros (EN)
Grose, Christos (EN)
Dasilas, Apostolos (EN)

The fundamental aim of this study is to examine the stock market reaction to cash dividend announcements over the period between 2009 and 2014 employing a sample of listed firms on the Athens Stock Exchange. The Greek dividend environment differs from those of other developed countries. First, listed firms on the Athens Stock Exchange are required by the Greek Corporate Laws 2190/1920 and 148/1967 to distribute a minimum cash dividend. Second, cash dividends are distributed on a yearly basis compared to other markets. Third, the period under investigation of this study was characterized by dramatic changes in the Greek capital market where taxes on dividend income were imposed in 2009. Finally, a high ownership concentration characterizes the majority of Greek listed firms. The results of the study confirm the “dividend signaling hypothesis” proposing that the dividend policy of a firm and its shareholders’ wealth are related. More specifically, dividend increase announcements appear to bring about positive abnormal returns around the event day, while announcements of dividend decrease lead to negative abnormal returns around the announcement day. In cases where a constant dividend is announced, the market reaction is positive (EN)


Dissertations, Academic (EN)
Dividends changes (EN)
Signaling effects (EN)
Dividends--Greece (EN)
Stock exchanges--Greece (EN)
Market reaction (EN)
Corporate finance (EN)
Abnormal returns (EN)

Διεθνές Πανεπιστήμιο της Ελλάδος (EL)
International Hellenic University (EN)



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