The DOI matches its Crossref record.
GROWTH, BETA AND AGENCY COSTS AS DETERMINANTS OF DIVIDEND PAYOUT RATIOS
Open accessAbstract
A model of optimal dividend payout is presented in which increased dividends lower agency costs but raise the transactions cost of external financing. The optimal dividend payout minimizes the sum of these two costs. A cross‐sectional test of the model relates dividend payout to the fraction of equity held by insiders, the past and expected future revenue growth of the firm, the firm's beta coefficient, and the number of common stockholders. The coefficients of all variables are significant in the predicted directions. The results indicate that investment policy influences dividend policy.
Overview
The claims and statistics of this paper haven’t been checked yet.
Run the check — free, no account needed. It reads the open-access text and checks the sources it cites.
Integrity signals
Registry
Cites
Statistics
Verification
Claims the paper makes
The claims and statistics of this paper haven’t been checked yet.
Run the check — free, no account needed. It reads the open-access text and checks the sources it cites.
Self-check
Percentages, sums and reported differences re-computed from the paper’s own numbers.
The self-check needs the paper’s full text.
Citations
Cited by
Some evidence on the uniqueness of bank loans
James, C. (1987) · Journal of Financial Economics · doi:10.1016/0304-405x(87)90003-1 · Cited by 1,610
Gaver, J. J., & Gaver, K. M. (1993) · Journal of Accounting and Economics · doi:10.1016/0165-4101(93)90007-3 · Cited by 1,257
Evidence on the Impact of the Agency Costs of Debt on Corporate Debt Policy
Kim, W. S., & Sorensen, E. H. (1986) · The Journal of Financial and Quantitative Analysis · doi:10.2307/2330733 · Cited by 632
Corporate payout policy and managerial stock incentives
Fenn, G. W., & Liang, N. (2001) · Journal of Financial Economics · doi:10.1016/s0304-405x(01)00039-3 · Cited by 559
The 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
Metadata
- Authors
- Rozeff, M. S.
- Venue
- Journal of Financial Research
- Publisher
- Wiley
- Published
- 1982-09
- Volume
- 5
- Issue
- 3
- Pages
- 249-259
- ISSN
- 0270-2592 (ISSN-L)
- 1475-6803
- OpenAlex
- W2111384383
- Cited by
- 1,724
- References
- 0
- FWCI
- 6.95
- Type
- journal article
- Language
- en
- Open access
- green
About these checks
Registry, retraction, Cites and statistics results are computed, not judged, with one exception: a printed reference that no index lists is read once by a model before it counts as a citation error. Claims are extracted by a model and kept only when their quote appears verbatim in the text; each cited source is then checked, with a model’s help, for whether it says what the claim relies on. Those verdicts can be wrong — read the claim’s quote and the cited source before relying on one.
Statistics and arithmetic are recomputed, not judged.
Confidence bands are shown only for fields calibrated on our annotated test set. None is calibrated yet, so no band is shown.
What counts as a claim ›How we measure confidence ›How we check this ›
Are you an author, or do you see a problem with this page? Request a review
How to cite
Cite CoChat for the checks on this page, and the paper for its own findings.
- This page
- CoChat. (2026). Citation check: GROWTH, BETA AND AGENCY COSTS AS DETERMINANTS OF DIVIDEND PAYOUT RATIOS. https://app.cochat.ai/papers/10.1111/j.1475-6803.1982.tb00299.x
- The paper
- Rozeff, M. S. (1982). GROWTH, BETA AND AGENCY COSTS AS DETERMINANTS OF DIVIDEND PAYOUT RATIOS. Journal of Financial Research. https://doi.org/10.1111/j.1475-6803.1982.tb00299.x
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.
