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Cited by 1,050

The DOI matches its Crossref record; 25 of the 25 references it cites were found in a registry or an index.

Are Dividend Changes a Sign of Firm Maturity?

Grullon, Gustavo, Michaely, Roni, Swaminathan, Bhaskaran·2002·The Journal of Business
DOI 10.1086/339889
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Abstract

Firms that increase (decrease) dividends experience a significant decline (increase) in their systematic risk. The dividend‐increasing firms do not increase their capital expenditure and experience a decline in profitability in the years after the dividend change. The positive market reaction to a dividend increase is significantly related to the subsequent decline in systematic risk. In the long run, the dividendincreasing firms with the largest decline in systematic risk also experience the largest increase in price over the next three years, suggesting that the market reaction to dividend changes may not incorporate the full extent of the decline in the cost of capital associated with dividend changes.

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Metadata

Authors
Grullon, G., Michaely, R., & Swaminathan, B.
Venue
The Journal of Business
Publisher
University of Chicago Press
Published
2002-07
Volume
75
Issue
3
Pages
387-424
ISSN
  • 0021-9398 (ISSN-L)
  • 1537-5374
DOI
10.1086/339889
OpenAlex
W1993161130
Cited by
1,050
References
25
FWCI
73.02
Type
journal article
Language
en
Open access
closed

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CoChat. (2026). Citation check: Are Dividend Changes a Sign of Firm Maturity? https://app.cochat.ai/papers/10.1086/339889
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Grullon, G., Michaely, R., & Swaminathan, B. (2002). Are Dividend Changes a Sign of Firm Maturity? The Journal of Business. https://doi.org/10.1086/339889

Data sources

Bibliographic data: Semantic Scholar, OpenAlex, Crossref.

Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).

Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.