| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w9657 |
| 来源ID | Working Paper 9657 |
| Payout Policy in the 21st Century | |
| Alon Brav; John R. Graham; Campbell R. Harvey; Roni Michaely | |
| 发表日期 | 2003-04-28 |
| 出版年 | 2003 |
| 语种 | 英语 |
| 摘要 | We survey 384 CFOs and Treasurers, and conduct in-depth interviews with an additional two dozen, to determine the key factors that drive dividend and share repurchase policies. We find that managers are very reluctant to cut dividends, that dividends are smoothed through time, and that dividend increases are tied to long-run sustainable earnings but much less so than in the past. Rather than increasing dividends, many firms now use repurchases as an alternative. Paying out with repurchases is viewed by managers as being more flexible than using dividends, permitting a better opportunity to optimize investment. Managers like to repurchase shares when they feel their stock is undervalued and in an effort to affect EPS. Dividend increases and the level of share repurchases are generally paid out of residual cash flow, after investment and liquidity needs are met. Financial executives believe that retail investors have a strong preference for dividends, in spite of the tax disadvantage relative to repurchases. In contrast, executives believe that institutional investors as a class have no strong preference between dividends and repurchases. In general, management views provide at most moderate support for agency, signaling, and clientele hypotheses of payout policy. Tax considerations play only a secondary role. By highlighting where the theory and practice of corporate payout policy are consistent and where they are not, we attempt to shed new light on important unresolved issues related to payout policy in the 21st century. |
| 主题 | Financial Economics ; Corporate Finance |
| URL | https://www.nber.org/papers/w9657 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/567281 |
| 推荐引用方式 GB/T 7714 | Alon Brav,John R. Graham,Campbell R. Harvey,et al. Payout Policy in the 21st Century. 2003. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w9657.pdf（2002KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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