Government grants and the impact of dividend announcements on firms’ stock price

Ichev, Riste (avtor)

This study empirically examines the impact of media-reported dividend an- nouncements on the stock returns of US public firms receiving a COVID-19- related one-time government grant. While COVID-19 continued devastating the economy, public firm borrowers that decided to pay out dividends while using government support, exhibited a negative Cumulative Abnormal Return (CAR) of −5.3% around the announcement day. In contrast, investors’ reac- tion to firms announcing discontinuation of dividend payments while re- ceiving COVID-19 grants, results in a much milder CAR of ≈ −1.2%. Firm size, leverage, cash/assets, ESG score, and the media coverage proxy influence significantly the returns during the period.

• Jezik: Angleški jezik
• Ključne besede: investments, dividends, pandemic, government grants, COVID-19, dividend announcement, investor sentiment, stock markets
• Vrsta gradiva: Članek v reviji
• Tipologija: 1.01 - Izvirni znanstveni članek
• Organizacija: EF - Ekonomska fakulteta
• Status publikacije: Objavljeno
• Različica publikacije: Objavljena publikacija
• Leto izida: 2024
• Št. strani: Str. 951-961
• Številčenje: Vol. 14
• PID: 20.500.12556/RUL-169962
• UDK: 658.152
• ISSN pri članku: 2162-2078
• DOI: 10.4236/tel.[phone]
• COBISS.SI-ID: 199652867
• Datum objave v RUL: 26.06.2025

Gradivo je del revije

• Naslov: Theoretical economics letters
• Skrajšan naslov: Theor. econ. lett.
• Založnik: Scienfitic Research Publishing, Inc.
• ISSN: 2162-2078
• COBISS.SI-ID: 68876803

Licence

• Licenca: CC BY 4.0, Creative Commons Priznanje avtorstva 4.0 Mednarodna
• Povezava: http://creativecommons.org/licenses/by/4.0/deed.sl
• Opis: To je standardna licenca Creative Commons, ki daje uporabnikom največ možnosti za nadaljnjo uporabo dela, pri čemer morajo navesti avtorja.

Sekundarni jezik

• Jezik: Slovenski jezik
• Ključne besede: investicije, dividende, pandemija

Projekti

• Financer: ARIS - Javna agencija za znanstvenoraziskovalno in inovacijsko dejavnost Republike Slovenije
• Številka projekta: P5-0161
• Naslov: Izzivi vlagateljev, podjetij, finančnih institucij in države v negotovem evropskem gospodarskem okolju