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| Author: | Simons, K. |
| Title: | The relationship between dividend changes and cash flow: an empirical analysis |
| Journal: | Journal of Business Finance and Accounting
1994 : JUN, VOL. 21:4, p. 577-587 |
| Index terms: | CASH FLOW DIVIDENDS CHANGE |
| Language: | eng |
| Abstract: | It is often assumed that cash flow affects dividend payout. This study provides evidence on the incremental information content of cash flow numbers over Profits and Previous Year's Dividends (Lintner's model) in explaining changes in cash dividends. It further examines whether different measures of cash flow differ in information content for dividend-increasing and dividend-decreasing firms. Lintner's model of dividend changes is robust across firms with either dividend increases or decreases. |
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