| 来源类型 | Journal Publication |
| 规范类型 | 其他 |
| Dividends and investment: Evidence of heterogeneous firm behavior | |
| Michael R. Strain; Aparna Mathur; Stan Veuger; Nirupama S. Rao | |
| 发表日期 | 2016-01-04 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | Abstract: This article investigates the relationship between dividend payouts and corporate investment. We find significant heterogeneity in the relationship across firms—heterogeneity that helps reconcile competing results in the literature. Drawing on financial filing data from Compustat, we first broadly replicate the statistically significant negative relationship estimated by Auerbach and Hassett. We show that this relationship does not hold if the variation is restricted to within-firm only. Our null results suggest a relatively precise zero estimate for the mean firm. Next, we investigate heterogeneity in the relationship between dividends and investment. Using quantile regression methods, we find that this negative relationship is concentrated at the top of dividends distribution: only firms from the seventieth percentile and above exhibit a strongly negative relationship, and it is these firms that drive the negative estimates of pooled ordinary least square regressions reported in prior work. Click here to read the full paper. |
| 主题 | Tax Reform |
| URL | https://www.aei.org/research-products/journal-publication/dividends-and-investment/ |
| 来源智库 | American Enterprise Institute (United States) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/209132 |
| 推荐引用方式 GB/T 7714 | Michael R. Strain,Aparna Mathur,Stan Veuger,et al. Dividends and investment: Evidence of heterogeneous firm behavior. 2016. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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