. Dividend-paying firms show less evidence of earnings management. Furthermore, nondividend payers changed earnings announcement … behavior more than dividend payers following the Sarbanes-Oxley Act, a law that increased financial disclosures …

We examine how informational asymmetries affect firms' dividend policies. We find that firms that are more subject to … there is a negative relation between asymmetric information and dividend policy. Our results do not support the signaling … theory of dividends …

This paper investigates the effect of corporate risk management on dividend policy. We extend the signaling framework … level, the lower the incremental dividend. This result is in line with the purported positive relation between information … asymmetry and dividend policy (e.g., Miller and Rock, 1985) and the assertion that risk management alleviates the information …

firm and its dividend policy. The agency theory and the pecking order theory show that the problem of cash over …-retention inside the firm exacerbates in the presence of high asymmetric information. At the same time, when managers increase dividend … payments, the level of asymmetric information decreases. This reverse causality between information asymmetry and dividend …