Zhang, Xinyi; Cui, Chenyu; Xie, Deren - In: China journal of accounting studies 8 (2020) 3, pp. 470-494
return on equity (ROE) by paying out dividends because doing so reduces owners’ equity. We utilise performance-vesting equity … slightly below the vesting target are more likely to pay dividends and are associated with larger payout ratios than others …
