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| Author: | Dickerson, A. |
| Title: | Takeover risk and dividend strategy: a study of UK firms |
| Journal: | Journal of Industrial Economics
1998 : SEP, VOL. 46:3, p. 281-300 |
| Index terms: | MERGERS RISK STRATEGY |
| Language: | eng |
| Abstract: | The authors investigate the relationship between a company's dividend strategy and its risk or takeover. The results from a large panel of UK quoted companies suggest that higher dividend payments are associated with a significantly lower conditional probability (hazard) of takeover. Moreover, firms which wish to avoid takeover would be better to distribute the marginal 1 pound of earnings in dividends rather than investing it in the company. |
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