Dividend distribution enhances information transmission, and mitigates agency conflicts by restricting managers' access to free cash flow, and exposing firms to the scrutiny and monitoring by market participants when raising external capital. The reduction in agency costs and improvement in...

Dividend distribution enhances information transmission, and mitigates agency conflicts by restricting managers' access to free cash flow, and exposing firms to the scrutiny and monitoring by market participants when raising external capital. The reduction in agency costs and improvement in...

This paper examines the relationship between CEO entrenchment and dividend policy of Real Estate Investment Trusts (REITs). We develop and index for CEO entrenchment using CEO tenure and duality and find that this index has significant impact on dividend policy. We further separate our sample...