Full metadata record
DC Field | Value | Language |
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dc.contributor.author | 서정원 | - |
dc.date.accessioned | 2016-08-28T12:08:17Z | - |
dc.date.available | 2016-08-28T12:08:17Z | - |
dc.date.issued | 2009 | - |
dc.identifier.issn | 0304-405X | - |
dc.identifier.other | OAK-5752 | - |
dc.identifier.uri | https://dspace.ewha.ac.kr/handle/2015.oak/220208 | - |
dc.description.abstract | The 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.language | English | - |
dc.title | Payout policy and cash-flow uncertainty | - |
dc.type | Article | - |
dc.relation.issue | 1 | - |
dc.relation.volume | 93 | - |
dc.relation.index | SSCI | - |
dc.relation.index | SCOPUS | - |
dc.relation.startpage | 88 | - |
dc.relation.lastpage | 107 | - |
dc.relation.journaltitle | Journal of Financial Economics | - |
dc.identifier.doi | 10.1016/j.jfineco.2008.12.001 | - |
dc.identifier.wosid | WOS:000267836600006 | - |
dc.identifier.scopusid | 2-s2.0-67449095146 | - |
dc.author.google | Chay J.B. | - |
dc.author.google | Suh J. | - |
dc.contributor.scopusid | 서정원(8544227000) | - |
dc.date.modifydate | 20211210153751 | - |