The Dividend Puzzle A Progress Report by Steven V. Mann (1989): A Review with Insights from Philippines’ New Corporate Tax Law

Madelle Conales


This research reviews the progress of the “dividend puzzle” in the finance literature. The article tracks the theoretical evolution of dividend policy and its conceptual and practical differences throughout the years. As such, this paper gives an updated literature discussion on the dividend policies of corporations, its impact to investor preferences, and the linkage to corporate taxes. This literature review implies that the “dividend puzzle” remains unsolved and continues to be an intriguing subject matter as academicians and practitioners alike cannot exactly explain the behavior of investors and corporations as seen in the decades of corporate dividend policies. Furthermore, this article ends with a brief update regarding Philippine’s new Corporate Tax Law (CREATE Law) and author’s brief perspective on dividend policies.

Full Text:




  • There are currently no refbacks.

Copyright (c) 2022 Madelle p. conales

Creative Commons License
This work is licensed under a Creative Commons Attribution 4.0 International License.

Business and Economic Research  ISSN 2162-4860

Copyright © Macrothink Institute

To make sure that you can receive messages from us, please add the '' domain to your e-mail 'safe list'. If you do not receive e-mail in your 'inbox', check your 'bulk mail' or 'junk mail' folders.