haku: @author DeAngelo, H. / yhteensä: 21
viite: 11 / 21
| Tekijä: | DeAngelo, H. DeAngelo, L. |
| Otsikko: | Dividend policy and financial distress: an empirical investigation of troubled NYSE firms |
| Lehti: | Journal of Finance
1990 : DEC, VOL. 45:5, p. 1415-1431 |
| Asiasana: | DIVIDEND POLICY FINANCIAL PERFORMANCE BUSINESS FAILURES DEBT MANAGEMENT STRATEGY BARGAINING |
| Kieli: | eng |
| Tiivistelmä: | The dividend policy adjustment of 80 NYSE firms to financial distress are studied as evidence by multiple losses during 1980-1985. Almost all sample firms reduced dividends, and more than half apparently faced binding debt convenants in years they did so. Absent binding convenants, dividends are cut more often than ommited, suggesting that managerial reluctance is to the omission and not simply the reduction of dividends. Some dividend reductions seem strategically motivated, e.g. designed to enhance the firms' bargaining position with organized labour. |
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