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| Tekijä: | Sarig, O. |
| Otsikko: | A time-series analysis of corporate payout policies |
| Lehti: | Review of finance
2004 : VOL. 8:4, p. 515-536 |
| Asiasana: | Corporate finance Dividend policy |
| Kieli: | eng |
| Tiivistelmä: | This article provides a time-series analysis of corporate dividend policies and the interaction among investment decisions and payout policies. The author finds that: (1) an increase in capital gains taxation relative to dividends shifts the split of total payout away from share repurchase and towards dividends; (2) corporate investment decisions lead payout policies and not the other way around; (3) increases in total payout are associated with long-term subsequent increases in earnings; (4) changes in the composition of corporate payout away from share repurchases and toward dividends are associated with subsequent increases in earnings. |
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