, 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 …

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 …

This paper examines the impact of policy uncertainty on corporate dividend payouts in a sample of 20,856 US firms over … problems during periods of high policy uncertainty. The positive impact of policy uncertainty on dividend payouts is more … pronounced on share repurchases than on cash dividends. We also find that dividend payouts respond stronger to government …

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 …

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