Liu, Xing; Ren, Xiaoyi - In: China journal of accounting studies 11 (2023) 1, pp. 159-183
that cash dividend smoothing reduces the wealth management products (WMPs) purchased by companies. Channel tests … demonstrated that cash dividend smoothing reduces the company’s WMPs by increasing the financial leverage and attracting … analysis found that cash dividend smoothing has a greater effect on WMPs when there are serious managerial agency problems …