Corporate pension funding levels, firm performance, and dividend payout ratios
Corporate pension funding levels, firm performance, and dividend payout ratios
This study employs a large sample of defined-benefit pension plans sponsored by publicly traded US corporations over the period 1998–2016, and it explores the impact of the level of pension funding on firm performance and dividend payout policy. Using panel regression analysis, the study finds evidence of significant positive association between the level of pension funding and both firm performance and dividend payout. The results have a number of important implications that should be cause for concern for policymakers and a wide range of stakeholders, including investors, pensioners, employees, and managers.
Papakyriakou, Panayiotis
71bed450-1b8e-4a9c-a393-60017c63b2d4
30 March 2023
Papakyriakou, Panayiotis
71bed450-1b8e-4a9c-a393-60017c63b2d4
Papakyriakou, Panayiotis
(2023)
Corporate pension funding levels, firm performance, and dividend payout ratios.
Journal of Retirement.
Abstract
This study employs a large sample of defined-benefit pension plans sponsored by publicly traded US corporations over the period 1998–2016, and it explores the impact of the level of pension funding on firm performance and dividend payout policy. Using panel regression analysis, the study finds evidence of significant positive association between the level of pension funding and both firm performance and dividend payout. The results have a number of important implications that should be cause for concern for policymakers and a wide range of stakeholders, including investors, pensioners, employees, and managers.
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e-pub ahead of print date: 30 March 2023
Published date: 30 March 2023
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Local EPrints ID: 495740
URI: http://eprints.soton.ac.uk/id/eprint/495740
ISSN: 2326-6902
PURE UUID: c6c3594c-cd2e-4a2d-90a7-c446db0328c1
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Date deposited: 21 Nov 2024 17:35
Last modified: 22 Nov 2024 02:51
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