, greater long-term investor ownership is associated with more investment, more equity financing, and less payouts to … shareholders. Our results do not appear to be explained by long-term investor self-selection, monitoring (corporate governance), or …

. Shareholders trade off the cost of dismissing the manager with the cost of managerial discretion over the use of liquid funds. An …'s liquidity levels and the collective propensity of shareholders and managers to reduce cash flow risk. We also discuss the firm …'s risk management strategies as well as derive implications of the presence of an investment opportunity, debt financing, and …

hypothesis better explains firms' dividend policy. Investors value more the cash dividends of firms with fewer investment … dividends on asset expropriation of the controlling shareholders in Chinese listed firms. Investors value more the cash … more consistent with the tunneling hypothesis. However, when investment opportunities are considered, the free cash flow …

explore corporate data to investigate how economic uncertainty affected investment, dividend payouts and cash holdings, based … of England. These data demonstrate that heightened economic uncertainty lowered investment even after controlling for … investment opportunities, sales growth, and the firm's own stock volatility. Economic uncertainty also explains the rise in cash …

We investigate how a firm's decision to hold excessive cash or to over-invest could influence its dividend payout … a data set of Indonesian listed firms for the period from 1995 to 2014, we find that excessive cash holding (over-investment …' wealth by major shareholders. These findings strongly support the expropriation hypothesis that commonly applies to firms …

time of a dividend drop. Our evidence suggests that a reduction in a firm's established dividend coincides with a decrease …Dividend reductions have long been considered a "last resort" action for firm managers. Managerial reluctance to reduce … dividends emanates from the view that dividend drops signal managerial pessimism regarding future earnings. Contrary to …