Banyi, Monica L.; Kahle, Kathleen M. - In: Journal of Corporate Finance 27 (2014) C, pp. 345-366
Our results indicate that the declining propensity to pay is a function of the changing composition of firms over time and not a declining propensity in individual firms themselves. In particular, the propensity to pay is greater than expected following the 2003 dividend tax cut. The decade a...