explanation has been proposed with the cash flow signaling theory and the dividend information content hypothesis. This original …With imperfect market hypothesis, it is widely accepted that announcements of dividend payouts affect firm value. An … paper aims at providing the reader with a comprehensive understanding of dividend policy by reviewing the main theories and …

dividend and earning. It means that dividend has information content about return and earning and so, signaling theory was …, signaling theory was not approved. In addition to, there was a significantly positive relationship between dividend and size. It … indicates that larger firms pay more dividends. -- dividend policy ; signaling theory ; corporate operating characteristics …

-averse to dividend cuts. We apply our framework to study how firm's characteristics and manager's incentives affect payout … less likely to pay dividends. Third, there is a clientele effect that is investors' preferences impact the dividend policy …. We show that if firm's investors are less sensitive to dividend cuts then the firm is less likely to pay dividends …

We examine changes in firms' dividend payouts following an exogenous shock to the information asymmetry problem between … managers and investors. Agency theories predict a decrease in dividend payments to the extent that improved public information … lowers managers' need to convey their commitment to avoid overinvestment via costly dividend payouts. Conversely, dividends …

-averse to dividend cuts. We apply our framework to study how firm's characteristics and manager's incentives affect payout … less likely to pay dividends. Third, there is a clientele effect that is investors' preferences impact the dividend policy …. We show that if firm's investors are less sensitive to dividend cuts then the firm is less likely to pay dividends …

consistent with a theory of dividend payouts, in which the payout policy has a (short-run) stabilizing role on the bank …We study the dividend payouts of U.S. banks during the 2008 financial crisis. Using a difference … the rollover crisis that took place in 2008, increased their dividend payouts relative to less exposed banks. This …

model's predictions, cash-flow volatility changes in the opposite direction from that of dividend changes and larger changes …