Renneboog, Luc; Goergen, M.; Correia Da Silva, L. - Tilburg University, Center for Economic Research - 2004
target payout ratio. We find that German firms do not base their dividend decisions on published earnings, but on cash flows … their dividend policy whereas German are more willing to cut the dividend in the wake of a temporary decrease in ….e., frequent annual small adjustments in the dividend per share) observed in the US and the UK. …