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 …