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Payout Policy in the 21st Century [PDF]
Journal of Financial Economics, 2004 We survey 384 financial executives and conduct in depth interviews with an additional 23 to determine the factors that drive dividend and share repurchase decisions. Our findings indicate that maintaining the dividend level is on par with investment decisions, while repurchases are made out of the residual cash flow after investment spending. Perceived
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Productivity and Payout Policy
SSRN Electronic Journal, 2022AbstractI investigate how a firm's total factor productivity (TFP) is related to its payout policy. I find that firms with higher TFP are more likely to pay dividends and repurchase shares. Such firms also pay higher dividends and repurchase more shares, even after controlling for income and other factors known to affect payout policy.
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2023
Abstract The chapter shows how corporate payouts to shareholders, including share repurchases and dividends, can be used as a supplementary tool to manage cash holdings. The various payout types differ with respect to their commitment for future payouts and tax treatment for shareholders.
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Abstract The chapter shows how corporate payouts to shareholders, including share repurchases and dividends, can be used as a supplementary tool to manage cash holdings. The various payout types differ with respect to their commitment for future payouts and tax treatment for shareholders.
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Employment Protection and Payout Policy
Finance, 2018Cet article analyse la relation entre la législation sur la protection de l’emploi (LPE) et la politique de distribution des entreprises. Les employés ont des droits sur l’entreprise et sont en concurrence avec les actionnaires pour l’attribution des rentes économiques générées. Ainsi, les dirigeants sont influencés par le pouvoir des employés, exprimé
Muhammad Farooq Ahmad +2 more
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Corporate Payout Policy in Japan [PDF]
SSRN Electronic Journal, 2011 This paper examines cash dividends and share repurchases in Japan - discerning between keiretsu and non-keiretsu groupings of firms - during the period 1990 to 2008, a period of extensive Japanese corporate governance reform. As in the United States, share repurchases in Japan have grown strikingly across firm groupings even relative to cash dividends ...
Abhinav Goyal, Cal Muckley
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Leverage target and payout policy
Journal of Financial Research, 2020AbstractDepending on whether the existing debt is below or above target debt level, some firms are more willing to raise debt (if needed) than others. In this article, I show that firms are more likely to both increase and smooth dividends when they have below‐target debt after controlling for access to debt.
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This paper surveys the literature on payout policy. We start with a description of the Miller-Modigliani payout irrelevance proposition, and then consider the effect of relaxing the assumptions on which it is based.
Franklin Allen, Roni Michaely
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Journal of Financial Economics, 1988
Theories of corporate payout policy do not explain the observed form of distributions to shareholders. Although open-market repurchases appear to have tax advantages, cash dividends are overwhelmingly chosen. We argue that there are costs associated with open-market-repurchase programs, since they provide managers with opportunities to use inside ...
Michael J. Barclay, Clifford W. Smith
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Theories of corporate payout policy do not explain the observed form of distributions to shareholders. Although open-market repurchases appear to have tax advantages, cash dividends are overwhelmingly chosen. We argue that there are costs associated with open-market-repurchase programs, since they provide managers with opportunities to use inside ...
Michael J. Barclay, Clifford W. Smith
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2003
Payout policy is viewed as a dynamic complement of security design. Security design considerations suggest that firms should optimally use equity to finance assets that are ex ante informationally-sensitive. However, business operations gradually erode the informational sensitivity of a firm's equity by transforming such assets into cash flows that are
Ralph Bachmann, Anjan V. Thakor
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Payout policy is viewed as a dynamic complement of security design. Security design considerations suggest that firms should optimally use equity to finance assets that are ex ante informationally-sensitive. However, business operations gradually erode the informational sensitivity of a firm's equity by transforming such assets into cash flows that are
Ralph Bachmann, Anjan V. Thakor
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Social capital and payout policies
Journal of Contemporary Accounting & Economics, 2020Abstract In this paper, we investigate the relationship between regional social capital and corporate payout policies. Using a large sample of US data, we find a positive relationship between regional social capital and both the likelihood and the amount of cash dividend payouts.
Mostafa Monzur Hasan, Ahsan Habib
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