We outline a dividend signaling approach in which rational managers signal firm strength to investors who are loss … of the same level next period. The model is consistent with several features of the data, including equilibrium dividend … policies similar to a Lintner partial-adjustment model; modal dividend changes of zero; stronger market reactions to dividend …

We outline a dividend signaling approach in which rational managers signal firm strength to investors who are loss … of the same level next period. The model is consistent with several features of the data, including equilibrium dividend … policies similar to a Lintner partial-adjustment model; modal dividend changes of zero; stronger market reactions to dividend …

We outline a dividend signaling model that features investors who are averse to dividend cuts. Managers with strong … with a Lintner partial-adjustment model, modal dividend changes of zero, stronger market reactions to dividend cuts than … value, which managers reject in surveys. New tests involve stronger reactions to changes from longer-maintained dividend …

We outline a dividend signaling model that features investors who are averse to dividend cuts. Managers with strong … with a Lintner partial-adjustment model, modal dividend changes of zero, stronger market reactions to dividend cuts than … value, which managers reject in surveys. New tests involve stronger reactions to changes from longer-maintained dividend …

We outline a dividend signaling approach in which rational managers signal firm strength to investors who are loss … of the same level next period. The model is consistent with several features of the data, including equilibrium dividend … policies similar to a Lintner partial-adjustment model; modal dividend changes of zero; stronger market reactions to dividend …

This study sought to assess the significance of dividend policy and suggest measures that could enhance its …), the dividend payout ratio was statistically insignificant both in the short-run and long-run periods. This implies that … without the moderating variable, the relationship between the dividend payout ratio and firm performance is a matter of chance …