Payout Policy Through the Financial Crisis: The Growth of Repurchases and the Resilience of Dividends
Payout Policy Through the Financial Crisis: The Growth of Repurchases and the Resilience of Dividends
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DOI：
10.2139/ssrn.1979501
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发表时间：
2015-06
期刊：
影响因子：
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通讯作者：
E. Floyd;Nan Li;Douglas J. Skinner
中科院分区：
文献类型：
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作者：
E. Floyd;Nan Li;Douglas J. Skinner
我们比较了过去30年美国工业和银行的派息政策，以更好地了解股息，特别是银行的股息。对于工业企业来说，2002年以后，当支付倾向下降的趋势逆转时，股息增长强劲。随着2007-2008年金融危机的开始，银行支付股息的倾向更高、更稳定，并抵制削减股息。在危机之前，回购的增加将支出推到了历史水平。这些发现与银行使用股息来表示财务实力的想法大致一致，而自由现金流的代理成本更好地解释了行业支出。
We compare the payout policies of US industrials and banks over the past 30 years to better understand dividends, especially for banks. For industrials, dividends grow strongly after 2002, when the declining propensity to pay reverses. Banks have a higher and more stable propensity to pay dividends and resist cutting dividends as the 2007–2008 financial crisis begins. Before the crisis, increases in repurchases push payouts to historic levels. These findings are broadly consistent with the idea that banks use dividends to signal financial strength while agency costs of free cash flow better explain industrial payouts.