The DOI matches its Crossref record; 60 of the 60 references it cites were found in a registry or an index.
Dividend payments as a response to peer influence
Open accessAbstract
I show peer firms play an important role in determining the timing and magnitude of U.S. corporate dividends. In particular, dividend changes by peer firms accelerate the time to a dividend change by 132 days. Peer firm dividend changes lead to increases in dividend payments of 15% – an effect that is larger than many previously identified dividend determinants. At the industry level, peer effects alter dividend yields; if expected yields are 3%, peer effects inflate (deflate) yields to 3.4% (2.6%). Cross-sectional heterogeneity suggests elements of strategic behavior and behavioral biases are producing the estimated peer effects. Excess-variance, instrumental variable and partial identification strategies are used to address the difficult challenge of establishing peer effects, and because each strategy uses different identifying assumptions, the conclusions are not fragile to any single identifying
Overview
The claims and statistics of this paper haven’t been checked yet.
Run the check — free, no account needed. It reads the open-access text and checks the sources it cites.
Integrity signals
Registry
Cites
Statistics
Verification
Claims the paper makes
The claims and statistics of this paper haven’t been checked yet.
Run the check — free, no account needed. It reads the open-access text and checks the sources it cites.
Self-check
Percentages, sums and reported differences re-computed from the paper’s own numbers.
The self-check needs the paper’s full text.
Citations
Cites
Corporate financing and investment decisions when firms have information that investors do not have
Myers, S. C., & Majluf, N. S. (1984) · Journal of Financial Economics · doi:10.1016/0304-405x(84)90023-0 · Cited by 18,957
MYERS, S. C. (1984) · The Journal of Finance · doi:10.1111/j.1540-6261.1984.tb03646.x · Cited by 7,526
Identification of Endogenous Social Effects: The Reflection Problem
Manski, C. F. (1993) · The Review of Economic Studies · doi:10.2307/2298123 · Cited by 6,209
The Theory of Capital Structure
HARRIS, M., & RAVIV, A. (1991) · The Journal of Finance · doi:10.1111/j.1540-6261.1991.tb03753.x · Cited by 4,347
CEO Overconfidence and Corporate Investment
MALMENDIER, U., & TATE, G. (2005) · The Journal of Finance · doi:10.1111/j.1540-6261.2005.00813.x · Cited by 3,669
(1956) · Cited by 3,427
Testing Trade-Off and Pecking Order Predictions About Dividends and Debt
Fama, E. F., & French, K. R. (2002) · Review of Financial Studies · doi:10.1093/rfs/15.1.1 · Cited by 3,392
Agency Problems and Dividend Policies around the World
La Porta, R., Lopez‐de‐Silanes, F., Shleifer, A., & Vishny, R. W. (2000) · The Journal of Finance · doi:10.1111/0022-1082.00199 · Cited by 3,174
Disappearing dividends: changing firm characteristics or lower propensity to pay?
Fama, E. F., & French, K. R. (2001) · Journal of Financial Economics · doi:10.1016/s0304-405x(01)00038-1 · Cited by 3,035
Scharfstein, D. S., & Stein, J. C. (1988) · American Economic Review · Cited by 2,783
Cited by
Peer Effects of Corporate Social Responsibility
Cao, J., Liang, H., & Zhan, X. (2019) · Management Science · doi:10.1287/mnsc.2018.3100 · Cited by 573
Peer effects in corporate disclosure decisions
Seo, H. (2021) · Journal of Accounting and Economics · doi:10.1016/j.jacceco.2020.101364 · Cited by 258
Farre-Mensa, J., Michaely, R., & Schmalz, M. (2014) · Annual Review of Financial Economics · doi:10.1146/annurev-financial-110613-034259 · Cited by 224
Farre-Mensa, J., Michaely, R., & Schmalz, M. (2025) · Journal of Financial and Quantitative Analysis · doi:10.1017/s0022109024000231 · Cited by 54
Metadata
- Authors
- Grennan, J.
- Venue
- Journal of Financial Economics
- Publisher
- Elsevier BV
- Published
- 2019-03
- Volume
- 131
- Issue
- 3
- Pages
- 549-570
- ISSN
- 0304-405X (ISSN-L)
- OpenAlex
- W3124975713
- Cited by
- 320
- References
- 60
- FWCI
- 54.44
- Type
- journal article
- Language
- en
- Open access
- green
About these checks
Registry, retraction, Cites and statistics results are computed, not judged, with one exception: a printed reference that no index lists is read once by a model before it counts as a citation error. Claims are extracted by a model and kept only when their quote appears verbatim in the text; each cited source is then checked, with a model’s help, for whether it says what the claim relies on. Those verdicts can be wrong — read the claim’s quote and the cited source before relying on one.
Statistics and arithmetic are recomputed, not judged.
Confidence bands are shown only for fields calibrated on our annotated test set. None is calibrated yet, so no band is shown.
What counts as a claim ›How we measure confidence ›How we check this ›
Are you an author, or do you see a problem with this page? Request a review
How to cite
Cite CoChat for the checks on this page, and the paper for its own findings.
- This page
- CoChat. (2026). Citation check: Dividend payments as a response to peer influence. https://app.cochat.ai/papers/10.1016/j.jfineco.2018.01.012
- The paper
- Grennan, J. (2019). Dividend payments as a response to peer influence. Journal of Financial Economics. https://doi.org/10.1016/j.jfineco.2018.01.012
Data sources
Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
