Flexibility and Dividends
Flexibility and Dividends
复制标题
灵活性和股息
DOI：
10.2139/ssrn.472183
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发表时间：
2003
期刊：
影响因子：
--
通讯作者：
A. Thakor
中科院分区：
文献类型：
--
作者：
Kathleen P. Fuller;A. Thakor
基于管理层重视经营灵活性的思想，我们建立了一个公司股利政策模型。通过减少股息和保存现金，管理层增加了其灵活性。这提高了它投资于它认为从长远来看对股东有利的项目的能力，但股东不会为这些项目提供资本，因为他们认为这些项目会降低价值。然而，不支付股息的成本是当前股价的降低。管理层在这两个方面的股息之间进行权衡。灵活性的考虑有助于我们理解现有理论无法解释的股利政策的各个方面。我们的理论产生了许多可检验的预测，我们面对的数据。证据支持该模型。
We develop a model of corporate dividend policy based on the idea that management values operating flexibility. By reducing dividends and conserving cash, management increases its flexibility. This improves its ability to invest in projects that it believes are good for the shareholders in the long run but which shareholders would not provide the capital for because they think the projects are value reducing. However, the cost of not paying dividends is a reduction in the current stock price. Management trades off these two aspects of dividends. Flexibility considerations help us understand various dimensions of dividend policy that existing theories do not explain. Our theory generates numerous testable predictions that we confront with the data. The evidence is supportive of the model.
深层认知激活：无意识的新方法。
影响因子：
5.9
作者：
Wegner,DM;Smart,L
通讯作者：
Smart,L