- Christos Ntantamis: Department of Economics, Dalhousie University, 6214 University Avenue, Halifax, NS B3H 4R2, Canada.
- Jun Zhou: Rowe School of Business, Dalhousie University, 6100 University Avenue, Halifax, NS B3H 4R2, Canada.
This paper examines the impact of the COVID-19 pandemic on the adjustments of dividends and share repurchases of publicly listed firms in the G-7 countries. Firms in the United Kingdom, Germany, France, and Italy experienced a widespread cut in dividends, while firms in the United States and Canada cut cash payout more via share repurchases, with Japanese firms in between. Corporate cash holdings helped mitigate the negative impact of COVID on payout adjustments, but the impact was less significant for European firms.