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| Author: | Hansen, R. Kumar, R. Shome, D. |
| Title: | Dividend policy and corporate monitoring: evidence from the regulated electric utility industry |
| Journal: | Financial Management
1994 : SPRING, VOL. 23:1, p. 16-22 |
| Index terms: | DIVIDEND POLICY REGULATIONS ELECTRICITY INDUSTRY |
| Language: | eng |
| Abstract: | The payment of dividends imposes costs on the firm's shareholders in the form of higher taxes (relative to capital gains) and issuance costs arising from the dividend-induced need to aquire external equity, given the firm's investment and capital structure policies. Why then do firms pay dividends? In particular, why do the more capital intensive electric utilities have a dividend payout rate more than twice that of industrial firms? In this study the authors provide some possible insights into the larger dividend puzzle through an empirical investigation. |
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