Wang, Xiaoqiao; Xie, Jing; Zhang, Bohui; Zhao, Xiaofeng - 2022
We conduct a field experiment to explore why firms pay dividends. We change managers’ perception on agency concerns … contacting publicly listed firms in China to test four dividend theories (agency, bird-in-hand, signaling, and tax clientele … changes in their dividend policy. The treatment effect of agency concerns in past payers is more prominent for firms with …