Javakhadze, David; Ferris, Stephen P.; Sen, Nilanjan - In: Journal of Corporate Finance 29 (2014) C, pp. 200-220
This study examines the extent to which agency-based models and asymmetric information theories explain dividend smoothing around the world. Tests on a cross-section of more than two thousand firms from twenty-four countries show that managers of firms with low market-to-book ratios and less...