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- Title
Dividend puzzle of state-owned enterprises – The case of Bulgaria.
- Authors
Keremidchiev, Spartak
- Abstract
The dividend puzzle for private corporations has a long-lasting history. Six theories provide explanations to this puzzle. However, the dividend puzzle has not yet been discussed as an economic problem for state-owned enterprises (SOEs). The article addresses this issue based mainly on the experience of the Bulgarian SOEs. In the paper all well-known six theoretical concepts of the dividend puzzle are presented and their strengths and weaknesses are analysed. Furthermore, the specific features of SOEs are brought out and the dividend puzzle for them is formulated. Presenting the experience of the dividend policy of SOEs, a confrontation with the theories is made. It is proved that only the theory of dividend payment preference is relevant to SOEs.
- Subjects
BULGARIA; GOVERNMENT business enterprises; DIVIDENDS; DIVIDEND policy; PUZZLES
- Publication
Acta Oeconomica, 2024, Vol 74, Issue 2, p213
- ISSN
0001-6373
- Publication type
Article
- DOI
10.1556/032.2024.00010