{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,1,28]],"date-time":"2026-01-28T06:23:43Z","timestamp":1769581423084,"version":"3.49.0"},"reference-count":86,"publisher":"Emerald","issue":"1","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":[],"published-print":{"date-parts":[[2018,2,7]]},"abstract":"<jats:sec>\n                  <jats:title>Purpose<\/jats:title>\n                  <jats:p>The purpose of this paper is to investigate whether investor sentiments exert significant influence on corporate dividend policy. Additionally it provides further evidence on the moderating role of certain firm\u2019s characteristics on the relation between dividends and investor sentiment.<\/jats:p>\n               <\/jats:sec>\n               <jats:sec>\n                  <jats:title>Design\/methodology\/approach<\/jats:title>\n                  <jats:p>A sample of 635 firms from 12 Eurozone countries for the period of 1986-2003 has been used. A dividend model has been suggested which incorporates a variable at the firm level that proxies for the catering effect, as a measure of investor sentiments. The estimation model of dividends is based on the Generalized Method of Moments (Arellano and Bond, 1991).<\/jats:p>\n               <\/jats:sec>\n               <jats:sec>\n                  <jats:title>Findings<\/jats:title>\n                  <jats:p>It can be concluded that psychological factors influence the decision to pay. Furthermore, other relevant findings show an interaction effect between catering and firm\u2019s characteristics, particularly high liquid assets, valuable investment opportunities, and higher levels of free cash flow.<\/jats:p>\n               <\/jats:sec>\n               <jats:sec>\n                  <jats:title>Research limitations\/implications<\/jats:title>\n                  <jats:p>Given the subjectivity inherent in creating a variable that captures the sentiment of investors, the author admits that there are other variables to consider. Also, corporate governance factors could have been introduced as well as other countries with different institutional environments.<\/jats:p>\n               <\/jats:sec>\n               <jats:sec>\n                  <jats:title>Originality\/value<\/jats:title>\n                  <jats:p>To the best of the author\u2019s knowledge, this is a novel approach that incorporates a variable capturing investor\u2019s sentiment at the firm level. With the approach suggested it has been shown that investors\u2019 sentiments impact dividends payout, highlighting its usefulness for managers who are expected to pay dividends according to investors\u2019 expectations. Moreover, this work also demonstrated that firm\u2019s characteristics could affect the investor sentiments for dividends also conveying a valuable contribution for investors.<\/jats:p>\n               <\/jats:sec>","DOI":"10.1108\/ijmf-03-2017-0055","type":"journal-article","created":{"date-parts":[[2018,1,8]],"date-time":"2018-01-08T06:53:39Z","timestamp":1515394419000},"page":"2-22","source":"Crossref","is-referenced-by-count":39,"title":["Payout and firm\u2019s catering"],"prefix":"10.1108","volume":"14","author":[{"given":"Maria Elisabete Duarte","family":"Neves","sequence":"first","affiliation":[{"name":"ISCAC, Coimbra Business School, Coimbra, Portugal"}]}],"member":"140","published-online":{"date-parts":[[2018,1,8]]},"reference":[{"issue":"3","key":"2025072819084153600_ref001","doi-asserted-by":"crossref","first-page":"371","DOI":"10.1111\/1475-6803.00064","article-title":"Do emerging market firms follow different dividend policies than firms in the U.S: evidence from 8 emerging markets","volume":"26","author":"Aivazian","year":"2003","journal-title":"Journal of Financial Research"},{"key":"2025072819084153600_ref002","first-page":"337","volume-title":"Handbook of the Economics of Finance","author":"Allen","year":"2003"},{"issue":"6","key":"2025072819084153600_ref003","doi-asserted-by":"crossref","first-page":"2499","DOI":"10.1111\/0022-1082.00298","article-title":"A theory of dividends based on tax clientele","volume":"55","author":"Allen","year":"2000","journal-title":"Journal of Finance"},{"issue":"3","key":"2025072819084153600_ref004","doi-asserted-by":"crossref","first-page":"637","DOI":"10.1017\/S0022109000002568","article-title":"The declining information content of dividend announcements and the effect of institutional holdings","volume":"41","author":"Amihud","year":"2006","journal-title":"Journal of Financial and Quantitative Analysis"},{"issue":"2","key":"2025072819084153600_ref005","doi-asserted-by":"crossref","first-page":"277","DOI":"10.2307\/2297968","article-title":"Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations","volume":"58","author":"Arellano","year":"1991","journal-title":"Review of Economic Studies"},{"issue":"1","key":"2025072819084153600_ref006","doi-asserted-by":"crossref","first-page":"205","DOI":"10.1016\/S0047-2727(01)00172-4","article-title":"On the marginal source of investment funds","volume":"87","author":"Auerbach","year":"2003","journal-title":"Journal of Public Economics"},{"issue":"3","key":"2025072819084153600_ref007","doi-asserted-by":"crossref","first-page":"271","DOI":"10.1016\/j.finmar.2003.11.005","article-title":"Market liquidity as a sentiment indicator","volume":"7","author":"Baker","year":"2003","journal-title":"Journal of Financial Markets"},{"issue":"3","key":"2025072819084153600_ref008","doi-asserted-by":"crossref","first-page":"1125","DOI":"10.1111\/j.1540-6261.2004.00658.x","article-title":"A catering theory of dividends","volume":"59","author":"Baker","year":"2004","journal-title":"Journal of Finance"},{"issue":"2","key":"2025072819084153600_ref009","doi-asserted-by":"crossref","first-page":"271","DOI":"10.1016\/j.jfineco.2003.08.001","article-title":"Appearing and disappearing dividends: the link to catering incentives","volume":"73","author":"Baker","year":"2004","journal-title":"Journal of Financial Economics"},{"issue":"4","key":"2025072819084153600_ref010","doi-asserted-by":"crossref","first-page":"1645","DOI":"10.1111\/j.1540-6261.2006.00885.x","article-title":"Investor sentiment and the cross-section of stock returns","volume":"61","author":"Baker","year":"2006","journal-title":"Journal of Finance"},{"issue":"3","key":"2025072819084153600_ref011","doi-asserted-by":"crossref","first-page":"969","DOI":"10.1162\/00335530360698478","article-title":"When does the market matter? 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