Systematic Literature Review Analysis Dividend Policy in the Era of Covid-19 Pandemic
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Published:
Aug 30, 2023
Keywords:
Dividend Policy, COVID-19, Signaling Theory
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Expert System
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Abstract
This article presents a systematic literature review using qualitative content analysis, we found that during crisis conditions caused by the COVID-19 pandemic, corporate companies tend to increase dividend payouts compared to the previous year, with the aim of maintaining positive signals to the stock market. There are several factors that influence dividend policy. Factors such as profitability, firm age, and financial leverage have a positive influence on dividend policy, while firm size has a negative influence. In addition, dividend policy is also positively influenced by the previous year's dividend and the level of dividend payments in the previous period.
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Utama, R. P. and Wisudanto, . W. (2023) “Systematic Literature Review Analysis Dividend Policy in the Era of Covid-19 Pandemic”, Jurnal Mantik, 7(2), pp. 1435-1441. doi: 10.35335/mantik.v7i2.4033.
References
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Ali, N., Rehman, M. Z. U., Ashraf, B. N., & Shear, F. (2022). Corporate Dividend Policies during the COVID-19 Pandemic. Economies, 10(11), 1–12. https://doi.org/10.3390/economies10110263
Altig, D., Baker, S., Barrero, J. M., Bloom, N., Bunn, P., Chen, S., Davis, S. J., Leather, J., Meyer, B., Mihaylov, E., Mizen, P., Parker, N., Renault, T., Smietanka, P., & Thwaites, G. (2020). Economic uncertainty before and during the COVID-19 pandemic. Journal of Public Economics, 191, 104274. https://doi.org/10.1016/j.jpubeco.2020.104274
Ashraf, B. N. (2021). Stock markets ’ reaction to Covid-19?: Moderating role of national culture. Finance Research Letters, 41(August 2020), 101857. https://doi.org/10.1016/j.frl.2020.101857
Basse, T., Reddemann, S., Riegler, J. J., & von der Schulenburg, J. M. G. (2014). Bank dividend policy and the global financial crisis: Empirical evidence from Europe. European Journal of Political Economy, 34, S25–S31. https://doi.org/10.1016/j.ejpoleco.2013.09.001
Bavel, J. J. Van, Baicker, K., Boggio, P. S., Capraro, V., Cichocka, A., Cikara, M., Crockett, M. J., Crum, A. J., Douglas, K. M., Druckman, J. N., Drury, J., Dube, O., Ellemers, N., Finkel, E. J., Fowler, J. H., Gelfand, M., Han, S., Haslam, S. A., Jetten, J., … Weeden, K. A. (2020). COVID-19 pandemic response. Nature Human Behaviour, 4(May). https://doi.org/10.1038/s41562-020-0884-z
Cejnek, G., Randl, O., & Zechner, J. (2021). The COVID-19 Pandemic and Corporate Dividend Policy. Journal of Financial and Quantitative Analysis, 56(7), 2389–2410. https://doi.org/10.1017/S0022109021000533
DeAngelo, H., DeAngelo, L., & Stulz, R. M. (2006). Dividend policy and the earned/contributed capital mix: a test of the life-cycle theory. Journal of Financial Economics, 81(2), 227–254. https://doi.org/10.1016/j.jfineco.2005.07.005
Didier, T., Huneeus, F., Larrain, M., & Schmukler, S. L. (2021). Financing firms in hibernation during the COVID-19 pandemic ?. Journal of Financial Stability, 53, 100837. https://doi.org/10.1016/j.jfs.2020.100837
Fidiana, F., Yani, P., & Suryaningrum, D. H. (2023). Corporate going-concern report in early pandemic situation: Evidence from Indonesia. Heliyon, 9(4), e15138. https://doi.org/10.1016/j.heliyon.2023.e15138
Hauser, R. (2013). Did dividend policy change during the financial crisis?? https://doi.org/10.1108/03074351311322861
Hoang, D., Phan, B., & Narayan, P. K. (2020). Country Responses and the Reaction of the Stock Market to COVID-19 — a Preliminary Exposition Country Responses and the Reaction of the Stock Market to. Emerging Markets Finance and Trade, 56(10), 2138–2150. https://doi.org/10.1080/1540496X.2020.1784719
Kluzek, M., & Schmidt-Jessa, K. (2022). Special state aid measures during COVID-19 and corporate dividend policy: Early evidence from Polish public companies. Economics and Business Review, 8(1), 72–89. https://doi.org/10.18559/ebr.2022.1.5
Krieger, K., Ph, D., Mauck, N., Ph, D., Pruitt, S. W., & Ph, D. (2021). The impact of the COVID-19 pandemic on dividends. Finance Research Letters, 42(September 2020), 101910. https://doi.org/10.1016/j.frl.2020.101910
Mazur, M., Dang, M., & Vega, M. (2021). COVID-19 and the march 2020 stock market crash. Evidence from S&P1500. Finance Research Letters, 38(march 2020), 101690. https://doi.org/10.1016/j.frl.2020.101690
Meyer, B. H., Prescott, B., & Sheng, X. S. (2022). The impact of the COVID-19 pandemic on business expectations. International Journal of Forecasting, 38(2), 529–544. https://doi.org/10.1016/j.ijforecast.2021.02.009
Ramelli, S., & Wagner, A. F. (2020). Feverish Stock Price Reactions to. 9, 622–655. https://doi.org/10.1093/rcfs/cfaa012
Reddemann, S. (2010). On the Impact of the Financial Crisis on the Dividend Policy of the European Insurance Industry. 2009, 53–62. https://doi.org/10.1057/gpp.2009.37
Siladjaja, M., Anwar, Y., & Djan, I. (2022). The Relationship between Dividend Policy and Earnings Quality: The Role of Accounting Information in Indonesia’s Capital Market. Economies, 10(6). https://doi.org/10.3390/economies10060140
Tinungki, G. M., Hartono, P., Robiyanto, R., Hartono, A. budi, Jakaria, J., & Simanjuntak, L. R. (2022). The COVID-19 Pandemic Impact on Corporate Dividend Policy of Sustainable and Responsible Investment in Indonesia: Static and Dynamic Panel Data Model Comparison. Sustainability (Switzerland), 14(10), 6152. https://doi.org/10.3390/su14106152
Tinungki, G. M., Robiyanto, R., & Hartono, P. G. (2022). The Effect of COVID-19 Pandemic on Corporate Dividend Policy in Indonesia: The Static and Dynamic Panel Data Approaches. Economies, 10(1). https://doi.org/10.3390/economies10010011
Tran, D. V. (2022). How Do Depositors Respond To Bank Dividend Policy? Evidence From Market Discipline, Global Financial Crisis and Covid-19 Pandemic. Asian Academy of Management Journal of Accounting and Finance, 18(2), 21–39. https://doi.org/10.21315/aamjaf2022.18.2.2
Ungpakorn, S., Chatjuthamard, P., Jiraporn, P., & Phiromswad, P. (2023). Infectious diseases, dividend policy, and independent directors: Evidence from textual analysis. PLoS ONE, 18(2 February), 1–21. https://doi.org/10.1371/journal.pone.0281109
Wang, Y., Hong, A., Li, X., & Gao, J. (2020). Marketing innovations during a global crisis: A study of China firms’ response to COVID-19. Journal of Business Research, 116(May), 214–220. https://doi.org/10.1016/j.jbusres.2020.05.029
Xiao, Y., & Watson, M. (2019). Guidance on Conducting a Systematic Literature Review. Journal of Planning Education and Research, 39(1), 93–112. https://doi.org/10.1177/0739456X17723971.
Ali, H. (2022). Corporate dividend policy in the time of COVID-19: Evidence from the G-12 countries. Finance Research Letters, 46(PB), 102493. https://doi.org/10.1016/j.frl.2021.102493
Ali, N., Rehman, M. Z. U., Ashraf, B. N., & Shear, F. (2022). Corporate Dividend Policies during the COVID-19 Pandemic. Economies, 10(11), 1–12. https://doi.org/10.3390/economies10110263
Altig, D., Baker, S., Barrero, J. M., Bloom, N., Bunn, P., Chen, S., Davis, S. J., Leather, J., Meyer, B., Mihaylov, E., Mizen, P., Parker, N., Renault, T., Smietanka, P., & Thwaites, G. (2020). Economic uncertainty before and during the COVID-19 pandemic. Journal of Public Economics, 191, 104274. https://doi.org/10.1016/j.jpubeco.2020.104274
Ashraf, B. N. (2021). Stock markets ’ reaction to Covid-19?: Moderating role of national culture. Finance Research Letters, 41(August 2020), 101857. https://doi.org/10.1016/j.frl.2020.101857
Basse, T., Reddemann, S., Riegler, J. J., & von der Schulenburg, J. M. G. (2014). Bank dividend policy and the global financial crisis: Empirical evidence from Europe. European Journal of Political Economy, 34, S25–S31. https://doi.org/10.1016/j.ejpoleco.2013.09.001
Bavel, J. J. Van, Baicker, K., Boggio, P. S., Capraro, V., Cichocka, A., Cikara, M., Crockett, M. J., Crum, A. J., Douglas, K. M., Druckman, J. N., Drury, J., Dube, O., Ellemers, N., Finkel, E. J., Fowler, J. H., Gelfand, M., Han, S., Haslam, S. A., Jetten, J., … Weeden, K. A. (2020). COVID-19 pandemic response. Nature Human Behaviour, 4(May). https://doi.org/10.1038/s41562-020-0884-z
Cejnek, G., Randl, O., & Zechner, J. (2021). The COVID-19 Pandemic and Corporate Dividend Policy. Journal of Financial and Quantitative Analysis, 56(7), 2389–2410. https://doi.org/10.1017/S0022109021000533
DeAngelo, H., DeAngelo, L., & Stulz, R. M. (2006). Dividend policy and the earned/contributed capital mix: a test of the life-cycle theory. Journal of Financial Economics, 81(2), 227–254. https://doi.org/10.1016/j.jfineco.2005.07.005
Didier, T., Huneeus, F., Larrain, M., & Schmukler, S. L. (2021). Financing firms in hibernation during the COVID-19 pandemic ?. Journal of Financial Stability, 53, 100837. https://doi.org/10.1016/j.jfs.2020.100837
Fidiana, F., Yani, P., & Suryaningrum, D. H. (2023). Corporate going-concern report in early pandemic situation: Evidence from Indonesia. Heliyon, 9(4), e15138. https://doi.org/10.1016/j.heliyon.2023.e15138
Hauser, R. (2013). Did dividend policy change during the financial crisis?? https://doi.org/10.1108/03074351311322861
Hoang, D., Phan, B., & Narayan, P. K. (2020). Country Responses and the Reaction of the Stock Market to COVID-19 — a Preliminary Exposition Country Responses and the Reaction of the Stock Market to. Emerging Markets Finance and Trade, 56(10), 2138–2150. https://doi.org/10.1080/1540496X.2020.1784719
Kluzek, M., & Schmidt-Jessa, K. (2022). Special state aid measures during COVID-19 and corporate dividend policy: Early evidence from Polish public companies. Economics and Business Review, 8(1), 72–89. https://doi.org/10.18559/ebr.2022.1.5
Krieger, K., Ph, D., Mauck, N., Ph, D., Pruitt, S. W., & Ph, D. (2021). The impact of the COVID-19 pandemic on dividends. Finance Research Letters, 42(September 2020), 101910. https://doi.org/10.1016/j.frl.2020.101910
Mazur, M., Dang, M., & Vega, M. (2021). COVID-19 and the march 2020 stock market crash. Evidence from S&P1500. Finance Research Letters, 38(march 2020), 101690. https://doi.org/10.1016/j.frl.2020.101690
Meyer, B. H., Prescott, B., & Sheng, X. S. (2022). The impact of the COVID-19 pandemic on business expectations. International Journal of Forecasting, 38(2), 529–544. https://doi.org/10.1016/j.ijforecast.2021.02.009
Ramelli, S., & Wagner, A. F. (2020). Feverish Stock Price Reactions to. 9, 622–655. https://doi.org/10.1093/rcfs/cfaa012
Reddemann, S. (2010). On the Impact of the Financial Crisis on the Dividend Policy of the European Insurance Industry. 2009, 53–62. https://doi.org/10.1057/gpp.2009.37
Siladjaja, M., Anwar, Y., & Djan, I. (2022). The Relationship between Dividend Policy and Earnings Quality: The Role of Accounting Information in Indonesia’s Capital Market. Economies, 10(6). https://doi.org/10.3390/economies10060140
Tinungki, G. M., Hartono, P., Robiyanto, R., Hartono, A. budi, Jakaria, J., & Simanjuntak, L. R. (2022). The COVID-19 Pandemic Impact on Corporate Dividend Policy of Sustainable and Responsible Investment in Indonesia: Static and Dynamic Panel Data Model Comparison. Sustainability (Switzerland), 14(10), 6152. https://doi.org/10.3390/su14106152
Tinungki, G. M., Robiyanto, R., & Hartono, P. G. (2022). The Effect of COVID-19 Pandemic on Corporate Dividend Policy in Indonesia: The Static and Dynamic Panel Data Approaches. Economies, 10(1). https://doi.org/10.3390/economies10010011
Tran, D. V. (2022). How Do Depositors Respond To Bank Dividend Policy? Evidence From Market Discipline, Global Financial Crisis and Covid-19 Pandemic. Asian Academy of Management Journal of Accounting and Finance, 18(2), 21–39. https://doi.org/10.21315/aamjaf2022.18.2.2
Ungpakorn, S., Chatjuthamard, P., Jiraporn, P., & Phiromswad, P. (2023). Infectious diseases, dividend policy, and independent directors: Evidence from textual analysis. PLoS ONE, 18(2 February), 1–21. https://doi.org/10.1371/journal.pone.0281109
Wang, Y., Hong, A., Li, X., & Gao, J. (2020). Marketing innovations during a global crisis: A study of China firms’ response to COVID-19. Journal of Business Research, 116(May), 214–220. https://doi.org/10.1016/j.jbusres.2020.05.029
Xiao, Y., & Watson, M. (2019). Guidance on Conducting a Systematic Literature Review. Journal of Planning Education and Research, 39(1), 93–112. https://doi.org/10.1177/0739456X17723971.
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