Volume 31 No. 1
The thematic focus in this issue includes: corporate dividend policy, stock market, ‘disappearing dividends’, firm value, cultural values, power and authority, autonomy, management style, workplace.
In this issue
Dividend Policy among Publicly Listed Firms in Barbados
Pages: 1-32Author(s): Justin Robinson
This paper adds to the sparse literature on corporate management practices in the Caribbean by undertaking an in-depth study of dividend policy among publicly listed firms in Barbados. The paper utilises an analysis of historical data on dividend payments, a questionnaire survey and structured interviews with financial managers in Barbados. The research findings suggest that publicly listed firms in Barbados actively manage their dividend policy, and in particular, are reluctant to omit or cut dividends, pursue stable dividend policies and appear to target the dividend per share as the variable to be managed as opposed to the dividend payout ratio, suggested in the academic literature. In contrast to their developed country counterparts, financial managers in Barbados seem to take a “bird in the hand” view of dividends and retain a strong commitment to paying dividends, and legal restrictions aside, do not view share repurchases as an alternative to dividends, as a means of providing cash for investors. The author contends that the attachment to dividends as a means of returning cash to shareholders and the high level of dividend stability are largely due to the closely held nature of firms in Barbados, which in turn leads to thin trading and an almost exclusive reliance on dividends as a means of generating cash from equity investments. While this may be beneficial to large shareholders, it has potentially negative consequences for minority shareholders and the stock market microstructure in Barbados.
Keywords: corporate dividend policy, stock market, ‘disappearing dividends’, firm value
The Potential Impact of Culture Values on Effective Management in the English-Speaking Caribbean
Pages: 37-52Author(s): Betty-Jane Punnett
The research measured cultural variables, using the Cultural Perspectives Questionnaire, in samples drawn from University personnel and students in three countries - Barbados , Jamaica and Trinidad & Tobago. Results suggest that respondents from the three locations have a similar cultural profile on the variables measured. Value profiles were hypothesised for English-speaking and developing countries for comparisons. The value profile in this group of countries is relatively similar to the profile hypothesised for English-speaking countries, but the cultural profile also includes aspects hypothesised for developing countries. The implications for management in the English-speaking Caribbean are discussed. The results of the study should be interpreted only in terms of the specifics of the sample used as results are not generalisable to the wider population.
Keywords: cultural values, power and authority, autonomy, management style, workplace
PUBLIC LECTURE - Ten Years after Beijing: What More do Caribbean Women Want…?
Pages: 55-78Author(s): Joycelyn Massiah
COMMENTARY - How Dutch Am I? Why the proposed Dutch Compulsory Integration Law for Dutch Antilleans is Discriminatory?
Pages: 80-95Author(s): Terry J. Peterson