Dividends, investment and pension contributions
by Jon Tucker; Ismail Ufuk Misirlioglu
International Journal of Banking, Accounting and Finance (IJBAAF), Vol. 14, No. 1, 2024

Abstract: We study the determinants of pension contributions for UK listed companies to better understand how the contributions decision is placed within the wider operational and strategic framework of the company. We model the potential displacement effect of discretionary pension deficit contributions in relation to corporate investment and dividends and find a significant displacement effect in relation to both which is further strengthened for dividends during periods of poor firm performance and financial constraints. Our results imply that the firm's dividend payout and investment policies significantly influence its propensity to make extra pension contributions.

Online publication date: Fri, 01-Mar-2024

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