In the real world, where market imperfections such as taxes, agency costs, and information heterogeneity exist, the possibility arises that dividends may affect the value of the firm. As a result, dividend policy is an important topic faced by corporate financial managers and an important factor...

The results presented in this paper show that integrative financial and operating measures of liquidity provide investors and creditors with additional information beyond that provided by static measures of short-term liquidity such as the current and quick ratios. Analyzing a sample of...