Revisiting managerial perspectives on dividend policy

被引：8

作者：

Baker H.K. ^{[1
]}

Powell G.E. ^{[2
]}

Veit E.T. ^{[3
]}

机构：

[1] American University, NW, Washington DC 20016-8044

[2] Towson University, Towson MD 21252-0001

[3] Rollins College, Winter Park, FL 32789

来源：

Journal of Economics and Finance | 2002年 / 26卷 / 3期

关键词：

Free Cash Flow; Dividend Yield; Dividend Payment; Dividend Payout; Dividend Policy;

D O I：

10.1007/BF02759711

中图分类号：

学科分类号：

摘要：

We survey managers of Nasdaq firms that consistently pay cash dividends to determine their views about dividend policy, the relationship between dividend policy and value, and four common explanations for paying dividends. The evidence shows that managers stress the importance of maintaining dividend continuity and widely agree that changes in dividends affect firm value. Managers give the strongest support to a signaling explanation for paying dividends, weak to little support for the tax-preference and agency cost explanations, and no support to the bird-in-the-hand explanation. The study provides new evidence about how managers view dividend life cycles and residual dividend policy.

引用

页码：267 / 283

页数：16

共 52 条

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