Al-Yahyaee, Khamis Hamed; Pham, Toan; Walter, Terry - In: Managerial Finance 36 (2010) October, pp. 903-916
Purpose – This paper aims to examine the stability of dividend policy using a unique data set. Design/methodology/approach – The paper is based on the Lintner model that is used to test the dividend smoothing behavior. The specific econometric method used for panel data is Tobit regression....