Kuo, Jing-Ming; Philip, Dennis; Zhang, Qingjing - In: Journal of Banking & Finance 37 (2013) 9, pp. 3499-3514
We study the determinants of dividend payout policy and examine the role of liquidity, risk and catering in explaining … the changes in propensity to pay. Our results indicate that risk plays a major role in firms’ dividend policy. The … firms in the US, France, UK and Other European markets, liquidity is additionally an important determinant of dividend …