explanation for the heretofore puzzling finding that, following the unprecedented 2003 reduction in dividend tax rates, non-dividend …-paying firms outperformed dividend-paying firms. Not surprisingly, we find that non-dividend-paying firms are more financial … constrained than dividend-paying firms are. When a firm's financial constraint and dividend choice are jointly considered, we find …

ownership of publicly listed firms and dividend policy. Using a worldwide sample of 1,906 publicly listed firms that were … government shareholder are sufficiently binding, its ownership is positively associated with dividend payments. Our results are … institution-based perspective on the dividend policies of firms with government ownership …