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THE DETERMINANTS OF THE DIVIDEND SIZE IN CROATIA

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Author(s): Antonija Kozul | Emil Mihalina

Journal: UTMS Journal of Economics
ISSN 1857-6974

Volume: 4;
Issue: 2;
Start page: 143;
Date: 2013;
Original page

Keywords: dividends | dividend policy | factors

ABSTRACT
Previous researches identified certain micro-level characteristics of the company as important determinants of dividend level company choose. However, significant differences were noticed in the sensitivity of dividend size on same factors among different countries. This paper empirically examines determinants of the dividend size of Croatian companies. The results show on average significant influence of profitability and debt level on the size of the dividends. Influence of size of the company and stability of profitability/earnings on the dividend size is not statistically confirmed. The reason for high sensitivity of dividend size on the profitability and debt level can be found in high financial constraints under which Croatian companies operate.
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