Bukalska, Elżbieta; Maziarczyk, Anna; Ociesa, Kinga - In: Journal of banking and financial economics 18 (2022) 2, pp. 94-108
,760 firm-year observations. We prepared regression models for the dividend and investment ratio depending on the company … situation. The results contribute to the literature on firms' investment- and dividend-cash flow sensitivity and the order of … decisions: in a residual dividend policy, investment decisions are made first and the remaining profit is paid out as dividends …