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dc.contributor.author서정원-
dc.date.accessioned2016-08-28T12:08:17Z-
dc.date.available2016-08-28T12:08:17Z-
dc.date.issued2009-
dc.identifier.issn0304-405X-
dc.identifier.otherOAK-5752-
dc.identifier.urihttps://dspace.ewha.ac.kr/handle/2015.oak/220208-
dc.description.abstractThe importance of cash-flow uncertainty in payout policy has received little attention in empirical studies, while survey studies such as [Lintner, J., 1956. Distribution of incomes of operations among dividends, retained earnings, and taxes. American Economic Review 46, 97-113.] and [Brav, A., Graham, J., Harvey C., Michaely, R., 2005. Payout policy in the 21st century. Journal of Financial Economics 77, 483-527.] indicate its importance. With worldwide firm-level data, we present evidence that cash-flow uncertainty is an important cross-sectional determinant of corporate payout policy. Our results show that across countries, cash-flow uncertainty, as proxied by stock return volatility, has a negative impact on the amount of dividends as well as the probability of paying dividends. The impact of cash-flow uncertainty on dividends is generally stronger than the impact of other potential determinants of payout policy-such as the earned/contributed capital mix, agency conflicts, and investment opportunities. We also find that the effect of cash-flow uncertainty on dividends is distinct from the effect of a firm's financial life-cycle stage. © 2009 Elsevier B.V. All rights reserved.-
dc.languageEnglish-
dc.titlePayout policy and cash-flow uncertainty-
dc.typeArticle-
dc.relation.issue1-
dc.relation.volume93-
dc.relation.indexSSCI-
dc.relation.indexSCOPUS-
dc.relation.startpage88-
dc.relation.lastpage107-
dc.relation.journaltitleJournal of Financial Economics-
dc.identifier.doi10.1016/j.jfineco.2008.12.001-
dc.identifier.wosidWOS:000267836600006-
dc.identifier.scopusid2-s2.0-67449095146-
dc.author.googleChay J.B.-
dc.author.googleSuh J.-
dc.contributor.scopusid서정원(8544227000)-
dc.date.modifydate20211210153751-
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경영대학 > 경영학전공 > Journal papers
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