Kuo, Jing-Ming; Philip, Dennis; Zhang, Qingjing - In: Journal of Banking & Finance 37 (2013) 9, pp. 3499-3514
We study the determinants of dividend payout policy and examine the role of liquidity, risk and catering in explaining … the changes in propensity to pay. Our results indicate that risk plays a major role in firms’ dividend policy. The … countries, after adjusting for risk there is little support for catering theory even among firms incorporated in common law …