Dividend is an unresolved puzzle in corporate finance and present study attempted to resolve this puzzle by testing the impact of industry, firm, and firm year on dividend policy. The study applied the variance decomposition technique in order to investigate the variance in dividend payout...

Dividend is an unresolved puzzle in corporate finance and present study attempted to resolve this puzzle by testing the impact of industry, firm, and firm year on dividend policy. The study applied the variance decomposition technique in order to investigate the variance in dividend payout...

Purpose: The purpose of this paper is to investigate how corporate cash holdings changes across firm life cycle and how firms undergo heterogeneous dynamic cash adjustment as they advance from one stage to the next stage. Design/methodology/approach: This study uses an extensive data set of...