This paper applies Johansen's vector error-correction model (VECM) to investigate for the existence of the dividend … Granger-causality test. Our findings show that a unit shock increase in dividend payout leads to a permanent increase in … future earnings over time, thus supporting the existence of informational/signaling content in dividend payout in the …

problem. We hypothesize that firms which face limitations on debt may use increased dividend payments as a second-best bonding …

firm which remains the relation with major customer in a longer period pays higher dividend. This finding is unbiased by … the substitutional effect between dividend and repurchase and robust in different model specifications. Digging deeper, I … find that the positive effect of relationship duration with major customer on supplier dividend payout is contributable to …

manage earnings upward when pre-managed earnings are expected to fall short of dividend payments. However, we find that this … dividend payments. Overall, our evidence suggests that firms that face dividend constraints are more likely to cut dividends … than to manage earnings to avoid dividend cuts …

holding on financed dividend payouts. This study also analyzes the dependence of standalone firms (i.e., those that are not …

ambiguity on payout, we find that dividend initiation announcement returns increase in ambiguity …