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VBA Journaal: RESEARCH Utilising dividend signals for sustainable growth

Publication: 07 October 2025 |
VBA Journaal: RESEARCH: Utilising dividend signals for sustainable growth

The autumn 2025 edition of VBA Journaal, the leading trade journal for professionals in the investment industry, features a research article by Sustainable Dividends on the informational value of dividend increases – a topic that offers new insights for every investment expert.

VBA Journaal: RESEARCH: Utilising dividend signals for sustainable growth
Research article on the informational value of dividend increases

Dividend increases are often seen as a sign of management’s confidence in the future of their company. According to Signalling Theory, companies communicate valuable information about profitability and financial health through their dividend policy. However, this signal does not always prove to be reliable.

Research shows that dividend increases are often linked to profit growth already achieved, rather than to future performance. However, recent studies, such as those by Nissim and Ziv (2001) and Ham et al. (2020), add nuance: with the right methodology, dividend changes do appear to have informational value about structural profit growth.

A new analysis of 7,500 European companies (2005–2024) based on Compustat Global data offers fresh insights into this discussion. Is a dividend increase still a reliable sign of financial strength – or just noise on the line?

Read more about the study ‘Using dividend signals for sustainable growth: an analysis of the European stock market’.

The printed version of the VBA Journal will be published on 17 October 2025.

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Source: VBA Journaal, Autumn 2025 Edition

Study: Utilising dividend signals for sustainable growth – copyright 2025 @ Sustainable Dividends

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