We investigate the determinants of dividend payments in Belgium between 1838 and 2020. As the institutional environment changes drastically over time, we explore whether the determinants of dividend payments depend on the environment in which firms operate. Large firms, firms that are not informationally opaque, firms with a high share denomination and firms with liquid shares are more likely to pay. However, the importance of these characteristics changed over time. Surprisingly, firms seemingly do not use dividends for signaling. Our results indicate that the omnipresence of universal banks in pre-war Belgium might have lowered the need for a signal.

中文翻译：

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为什么公司要支付股息？180 年的证据

我们调查了 1838 年至 2020 年间比利时股息支付的决定因素。随着制度环境随时间发生巨大变化，我们探讨了股息支付的决定因素是否取决于公司运营的环境。大公司、信息不透明的公司、股票面额高的公司和流动性股票的公司更有可能支付。然而，随着时间的推移，这些特征的重要性发生了变化。令人惊讶的是，公司似乎不使用股息来发出信号。我们的结果表明，战前比利时无处不在的全能银行可能降低了对信号的需求。