Krieger, Kevin; Lee, Bong-Soo; Mauck, Nathan - In: Journal of Corporate Finance 23 (2013) C, pp. 150-165
We examine the payout policy of U.S. firms over the period 1980–2008. Prior research indicates that firm characteristics, managerial preferences, and investor clienteles are all important factors in setting payout policy. Counter to the oft-reported positive relation between senior citizens...