The DOI matches its Crossref record; 63 of the 63 references it cites were found in a registry or an index.
Determinants of Dividend Smoothing: Empirical Evidence
Open accessAbstract
We document the cross-sectional properties of corporate dividend-smoothing policies and relate them to extant theories. We find that younger, smaller firms, firms with low dividend yields and more volatile earnings and returns, and firms with fewer and more disperse analyst forecasts smooth less. Firms that are cash cows, with low growth prospects, weaker governance, and greater institutional holdings, smooth more. We also document that dividend smoothing has steadily increased over the past 80 years, even before firms began using share repurchases in the mid-1980s. Taken together, our results suggest that dividend smoothing is most common among firms that are not financially constrained, face low levels of asymmetric information, and are most susceptible to agency conflicts. These findings provide challenges and guidance for the developing theoretical literature.
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Cites
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Quantile cointegration in the autoregressive distributed-lag modeling framework
Cho, J. S., Kim, T.-H., & Shin, Y. (2015) · Journal of Econometrics · doi:10.1016/j.jeconom.2015.05.003 · Cited by 512
Corporate Dividend Policies: Lessons from Private Firms
Michaely, R., & Roberts, M. R. (2012) · Review of Financial Studies · doi:10.1093/rfs/hhr108 · Cited by 441
Self-citationThe impact of board gender composition on dividend payouts
Chen, J., Leung, W. S., & Goergen, M. (2017) · Journal of Corporate Finance · doi:10.1016/j.jcorpfin.2017.01.001 · Cited by 432
Dividends and economic policy uncertainty: International evidence
Attig, N., El Ghoul, S., Guedhami, O., & Zheng, X. (2021) · Journal of Corporate Finance · doi:10.1016/j.jcorpfin.2020.101785 · Cited by 268
Farre-Mensa, J., Michaely, R., & Schmalz, M. (2014) · Annual Review of Financial Economics · doi:10.1146/annurev-financial-110613-034259 · Cited by 224
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Metadata
- Authors
- Leary, M. T., & Michaely, R.
- Venue
- Review of Financial Studies
- Publisher
- Oxford University Press (OUP)
- Published
- 2011-09-14
- Volume
- 24
- Issue
- 10
- Pages
- 3197-3249
- ISSN
- 0893-9454 (ISSN-L)
- 1465-7368
- OpenAlex
- W3125709030
- Cited by
- 441
- References
- 63
- FWCI
- 69.79
- Type
- journal article
- Language
- en
- Open access
- green
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
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