I examine whether and to what extent tax uncertainty affects a firm's dividend payouts. Based on the argument that tax … uncertainty exhibit a lower probability of dividend payouts. The effect of tax uncertainty is stronger in the presence of … negative effect of tax uncertainty on dividend levels, which is moderated by the costs of dividend reductions. These results …

ambiguity on payout, we find that dividend initiation announcement returns increase in ambiguity …

firms that either increased or initiated cash dividend payments during the 23-year period 1986-2008, we find reduction in … explains the dividend payment decision and the positive market reaction around dividend increases and initiations. Further … following dividend increases and initiations …

. Using stochastic control theory, we derive simultaneously the optimal investment policy and the optimal dividend policy … paid to its shareholders. The policy instruments that the company has are the dividend policy and the investment policy …

, multiple total stock return measures distinguishing dividend payouts from simple stock returns. Results suggest that both … explicit and implicit risks are positively related to dividend payouts and not to stock returns, while the overall effect on … exposure and, probably as a consequence, boards in carbon intensive companies use dividend policies to attract investment in …

tax environment and revise their dividend policy to an expected tax increase. We find that firms are likely to initiate … their dividends or intensively increase their existing dividend amount one year before the expected tax increase. In … addition, in 2012 when there is much less uncertainty on dividend tax changes than in 2010, firms are less likely to initiate a …

) dividend growth rates are affected positively by changes in systematic risks; (c) the highest stock returns in the market are … reached with sharp decreases in dividend growth rates; (d) in the highest returns quartile, firm size and time do not matter … but the industry type does; and (e) the associations between dividend growth rates, systematic, unsystematic risks, and …