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Financing Payouts
Open accessAbstract
We find that 43% of firms that make payouts also raise capital during the same year, resulting in 31% of aggregate payouts being externally financed, primarily with debt. Most financed payouts cannot be explained by payout smoothing in response to volatile earnings or investment (rather, they are the result of firms persistently setting payouts above free cash flow). In fact, 25% of aggregate payouts could not have been paid without the firms simultaneously raising capital. Profitable firms with moderate growth use debt-financed payouts to jointly manage their leverage and cash, thus highlighting the close relationship between payout and capital structure decisions.
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MYERS, S. C. (1984) · The Journal of Finance · doi:10.1111/j.1540-6261.1984.tb03646.x · Cited by 7,526
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Metadata
- Authors
- Farre-Mensa, J., Michaely, R., & Schmalz, M.
- Affiliations
- University of Illinois Chicago (US)
- University of Hong Kong (HK)
- University of Oxford (GB)
- Corresponding author
- Farre-Mensa, Joan
- Venue
- Journal of Financial and Quantitative Analysis
- Publisher
- Cambridge University Press (CUP)
- Published
- 2024-04-01
- Volume
- 60
- Issue
- 4
- Pages
- 1586-1624
- ISSN
- 0022-1090 (ISSN-L)
- 1756-6916
- OpenAlex
- W4393388995
- Cited by
- 54
- References
- 1
- Citations by year
- 2026: 8 · 2025: 10 · 2024: 7
- FWCI
- 14.28
- Type
- journal article
- Language
- en
- Open access
- hybrid
- doi.org
- Locations
- Journal of Financial and Quantitative Analysis (publishedVersion, cc-by)
- SSRN Electronic Journal (acceptedVersion)
- Oxford University Research Archive (ORA) (University of Oxford) (publishedVersion)
- The HKU Scholars Hub (University of Hong Kong) (submittedVersion)
- Funders
- Deutsche Forschungsgemeinschaft (390838866)
- National Natural Science Foundation of China (72332002)
- Topics
- Social Sciences › Economics, Econometrics and Finance › Finance › Corporate Finance and Governance
- Social Sciences › Business, Management and Accounting › Accounting › Financial Analysis and Corporate Governance
- Social Sciences › Economics, Econometrics and Finance › Finance › Financial Markets and Investment Strategies
- Keywords
- dividends, capital structure, debt financing, free cash flow, leverage, dividend policy, capital raising
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