This study investigates the informational effect of stock liquidity on dividend payouts. Using a sam- ple of Polish listed companies during 2000 - 2012, I do not find a relation between stock liquidi- ty and dividend payouts. This result is robust to the use of alternative measures of liquidity,...

Dividend payments are generally costly to shareholders. One principal reason for such payments is that they force managers to raise funds in the external capital markets to finance new projects, which presumably reduces their incentives to engage in empire-building activities. We posit that,...

We examine the association between ownership structure and dividend payout policy in a family firms dominated economy. More specifically, we test whether family firms pay higher dividend compared to counter non-family firms in Bangladesh. We argue that family firms are more likely to pay higher...

This study examines whether the CEO uses share repurchases to sell her equity grants at inflated stock prices, a concern regularly voiced in politics and media. We find that the timing of buyback programs and equity compensation, i.e., the granting, vesting, and selling of equity, is largely...

This paper surveys the literature on payout policy. We start out by discussing several stylized facts that are important to the development of any comprehensive payout policy framework. We then describe the Miller and Modigliani (1961) payout irrelevance proposition, and consider the effect of...

In this paper we examine the relation between managerial discretion in accruals and informational efficiency. We measure managerial discretion in accruals by the absolute value of discretionary accruals. Assuming that efficient prices follow a random walk, we measure informational efficiency by...

Differences in management and shareholders priorities have been recognized and accepted to exist creating problems in the agency to which financial theorists opined that dividend payments is the best means of resolving the conflict. Results obtained using the multiple regression equation model...

We investigate the association between dividend policy and government shareholding, using Malaysian data. We hypothesize a positive association. We contribute to the literature about dividend policy. Unique features of our study include adaptations to the Malaysian institutional setting, with...

What is the impact of long-term executive compensation, particularly large pension payouts, on the firm's current dividend policy? We argue that managers with high pension holdings are less likely to adopt a high dividend policy that can risk their future pension payouts. Using a hand-collected...