全球智库信息集成服务系统(G2TT): Why Are Corporate Payouts So High in the 2000s?

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w26958
来源ID	Working Paper 26958
	Why Are Corporate Payouts So High in the 2000s?
	Kathleen Kahle; René M. Stulz
发表日期	2020-04-13
出版年	2020
语种	英语
摘要	The average annual inflation-adjusted amount paid out through dividends and repurchases by public industrial firms is more than three times larger from 2000 to 2019 than from 1971 to 1999. We find that an increase in aggregate corporate income accounts for 37% of the increase in aggregate annual payouts and an increase in the payout rate accounts for 63%. Firms have higher payout rates in the 2000s not only because they are older, larger, and have more free cash flow, but also because they pay out more of their free cash flow. Though firms spend less on capital expenditures in the 2000s than before, capital expenditures decrease similarly for the firms with payouts and for firms without.
主题	Financial Economics ; Corporate Finance
URL	https://www.nber.org/papers/w26958
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/584631
推荐引用方式 GB/T 7714	Kathleen Kahle,René M. Stulz. Why Are Corporate Payouts So High in the 2000s?. 2020.