Purpose – This paper investigates the impact of market-level uncertainty on dividend and repurchase decisions. Design … differing levels of cash flows. As market uncertainty increases, firms with low cash flow levels tighten dividend policy to …

I examine whether and to what extent tax uncertainty affects a firm's dividend payouts. Based on the argument that tax … uncertainty exhibit a lower probability of dividend payouts. The effect of tax uncertainty is stronger in the presence of … negative effect of tax uncertainty on dividend levels, which is moderated by the costs of dividend reductions. These results …

ambiguity on payout, we find that dividend initiation announcement returns increase in ambiguity …