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This study examines the dividend payout determinants of travel and leisure companies in five Western European countries that are ranked among the world's top 10 tourist destinations, namely, France, Spain, Italy, Germany, and the United Kingdom. The study analyzes the sector and carries out a comparative analysis of six sub-sectors: gambling, hotels, airlines, recreational services, restaurants and bars, and travel and tourism. Hypotheses are developed focusing on three main theories of dividend policy, namely "pecking order", "free cash flow", and "life-cycle" and theories. Panel data…mehr

Produktbeschreibung
This study examines the dividend payout determinants of travel and leisure companies in five Western European countries that are ranked among the world's top 10 tourist destinations, namely, France, Spain, Italy, Germany, and the United Kingdom. The study analyzes the sector and carries out a comparative analysis of six sub-sectors: gambling, hotels, airlines, recreational services, restaurants and bars, and travel and tourism. Hypotheses are developed focusing on three main theories of dividend policy, namely "pecking order", "free cash flow", and "life-cycle" and theories. Panel data random-effects Tobit estimation methodology is used during a ten year period (2005- 2015).
Autorenporträt
Profesor asistente con experiencia en finanzas y un fuerte compromiso con la excelencia académica y la investigación. Apasionado por el avance del conocimiento financiero y la tutoría de la próxima generación de profesionales de las finanzas. Actualmente contribuye a la comunidad académica en Cyprus West University a través de la enseñanza, la investigación y las iniciativas de colaboración.