References

Quoc Trung Tran (Foreign Trade University, Vietnam)

ISBN: 978-1-83797-988-2, eISBN: 978-1-83797-987-5

Publication date: 19 February 2024

pdf (288 KB) ePub (2.2 MB)

Citation

Tran, Q.T. (2024), "References", Dividend Policy, Emerald Publishing Limited, Leeds, pp. 113-143. https://doi.org/10.1108/978-1-83797-987-520241012

Publisher

:

Emerald Publishing Limited

Abor and Fiador, 2013 Abor, J. , & Fiador, V. (2013). Does corporate governance explain dividend policy in Sub-Saharan Africa? International Journal of Law and Management, 55(3), 201–225.

Adaoglu, 2000 Adaoglu, C. (2000). Instability in the dividend policy of the Istanbul Stock Exchange (ISE) corporations: Evidence from an emerging market. Emerging Markets Review, 1(3), 252–270. https://doi.org/10.1016/S1566-0141(00)00011-X

Adhikari and Agrawal, 2018 Adhikari, B. K. , & Agrawal, A. (2018). Peer influence on payout policies. Journal of Corporate Finance, 48, 615–637. https://doi.org/10.1016/j.jcorpfin.2017.12.010

Adjaoud, 1984 Adjaoud, F. (1984). The information content of dividends. A Canadian test. Canadian Journal of Administrative Sciences [Revue Canadienne des Sciences de l'Administration], 1(2), 338–351. https://doi.org/10.1111/j.1936-4490.1984.tb00295.x

Adjaoud and Ben-Amar, 2010 Adjaoud, F. , & Ben-Amar, W. (2010). Corporate governance and dividend policy: Shareholders' protection or expropriation? Journal of Business Finance & Accounting, 37(5–6), 648–667. https://doi.org/10.1111/j.1468-5957.2010.02192.x

Aggarwal and Goodell, 2014 Aggarwal, R. , & Goodell, J. W. (2014). Cross-national differences in access to finance: Influence of culture and institutional environments. Research in International Business and Finance, 31, 193–211. https://doi.org/10.1016/j.ribaf.2013.09.004

Aharony and Swary, 1980 Aharony, J. , & Swary, I. (1980). Quarterly dividend and earnings announcements and stockholders' returns: An empirical analysis. The Journal of Finance, 35(1), 1–12. https://doi.org/10.1111/j.1540-6261.1980.tb03466.x

Ahmad et al., 2023 Ahmad, M. F. , Aziz, S. , El-Khatib, R. , & Kowalewski, O. (2023). Firm-level political risk and dividend payout. International Review of Financial Analysis, 86, 102546. https://doi.org/10.1016/j.irfa.2023.102546

Ahmad and Kowalewski, 2021 Ahmad, M. F. , & Kowalewski, O. (2021). Collective bargaining power and corporate cash policy. International Review of Law and Economics, 68, 106007. https://doi.org/10.1016/j.irle.2021.106007

Ahmed and Javid, 2009 Ahmed, H. , & Javid, A. (2009). Dynamics and determinants of dividend policy in Pakistan (Evidence from Karachi stock exchange non-financial listed firms). International Research Journal of Finance and Economics, 1(25), 148–171.

Ain et al., 2021 Ain, Q. U. , Yuan, X. , Javaid, H. M. , Zhao, J. , & Xiang, L. (2021). Board gender diversity and dividend policy in Chinese listed firms. Sage Open, 11(1). https://doi.org/10.1177/2158244021997807

Ainsworth et al., 2016 Ainsworth, A. , Fong, K. Y. , Gallagher, D. R. , & Partington, G. (2016). Institutional trading around the ex-dividend day. Australian Journal of Management, 41(2), 299–323.

Ainsworth et al., 2018 Ainsworth, A. B. , Fong, K. Y. L. , Gallagher, D. R. , & Partington, G. (2018). Taxes, order imbalance and abnormal returns around the ex-dividend day. International Review of Finance, 18(3), 379–409. https://doi.org/10.1111/irfi.12155

Ainsworth and Lee, 2023 Ainsworth, A. , & Lee, A. D. (2023). Sharing the dividend tax credit pie: The influence of individual investors on ex-dividend day returns. Journal of Financial Markets, 62, 100740. https://doi.org/10.1016/j.finmar.2022.100740

Ainsworth et al., 2020 Ainsworth, A. , Lee, A. D. , & Walter, T. (2020). Can firm-specific dividend drop-off ratios be used to infer shareholder marginal tax rates? Accounting and Finance, 60(1), 507–534. https://doi.org/10.1111/acfi.12322

Aivazian et al., 2003 Aivazian, V. , Booth, L. , & Cleary, S. (2003). Do emerging market firms follow different dividend policies from U.S. firms? Journal of Financial Research, 26(3), 371–387. https://doi.org/10.1111/1475-6803.00064

Akerlof, 1970 Akerlof, G. A. (1970). The market for ‘lemons’: Quality uncertainty and the market mechanism. Quarterly Journal of Economics, 84(3), 488–500.

Akindayomi and Amin, 2022 Akindayomi, A. , & Amin, M. R. (2022). Does business strategy affect dividend payout policies? Journal of Business Research, 151, 531–550. https://doi.org/10.1016/j.jbusres.2022.07.028

Al Shabibi and Ramesh, 2011 Al Shabibi, B. K. , & Ramesh, G. (2011). An empirical study on the determinants of dividend policy in the UK. International Research Journal of Finance & Economics, 80, 105–120.

Al Yahyaee et al., 2008 Al Yahyaee, K. , Pham, T. , & Walter, T. (2008). Ex-dividend day behavior in the absence of taxes and price discreteness. International Review of Finance, 8(3–4), 103–123. https://doi.org/10.1111/j.1468-2443.2008.00078.x

Al-Malkawi, 2007 Al-Malkawi, H.-A. N. (2007). Determinants of corporate dividend policy in Jordan: An application of the tobit model. Journal of Economic and Administrative Sciences, 23(2), 26. https://doi.org/10.1108/10264116200700007

Al-Najjar, 2009 Al-Najjar, B. (2009). Dividend behaviour and smoothing new evidence from Jordanian panel data. Studies in Economics and Finance, 26(3), 182–197. https://doi.org/10.1108/10867370910974017

Al-Najjar and Hussainey, 2009 Al-Najjar, B. , & Hussainey, K. (2009). The association between dividend payout and outside directorships. Journal of Applied Accounting Research, 10(1), 15. https://doi.org/10.1108/09675420910963360

Al-Najjar and Kilincarslan, 2016 Al-Najjar, B. , & Kilincarslan, E. (2016). The effect of ownership structure on dividend policy: Evidence from Turkey. Corporate Governance: The International Journal of Business in Society, 16(1), 135–161. https://doi.org/10.1108/CG-09-2015-0129

Al-Shattarat et al., 2018 Al-Shattarat, W. K. , Al-Shattarat, B. K. , & Hamed, R. (2018). Do dividends announcements signal future earnings changes for Jordanian firms? Journal of Financial Reporting & Accounting, 16(3), 417–442. https://doi.org/10.1108/JFRA-03-2017-0021

Albouy et al., 2012 Albouy, M. , Bah, R. , Bonnet, C. , & Thévenin, D. (2012). The perception of dividends by managers: Do French CFOs differ from their North-American peers? Bankers, Markets & Investors, 116, 52–64.

Ali, 2022 Ali, H. (2022). Corporate dividend policy in the time of COVID-19: Evidence from the G-12 countries. Finance Research Letters, 46, 102493. https://doi.org/10.1016/j.frl.2021.102493

Ali et al., 2019 Ali, Z. , Ullah, A. , & Ali, A. (2019). Board structure and dividend smoothing: A case of Pakistani listed firms. IBA Business Review, 14(2).

Alimov, 2014 Alimov, A. (2014). Product market competition and the value of corporate cash: Evidence from trade liberalization. Journal of Corporate Finance, 25(0), 122–139. https://doi.org/10.1016/j.jcorpfin.2013.11.011

Allen et al., 2012 Allen, L. , Gottesman, A. , Saunders, A. , & Tang, Y. (2012). The role of banks in dividend policy. Financial Management, 41(3), 591–613. https://doi.org/10.1111/j.1755-053X.2012.01207.x

Allen and Michaely, 1995 Allen, F. , & Michaely, R. (1995). Chapter 25 dividend policy. In V. M. R. A. Jarrow & W. T. Ziemba (Eds.), Handbooks in operations research and management science (Vol. 9, pp. 793–837). Elsevier.

Allen and Rachim, 1996 Allen, D. E. , & Rachim, V. S. (1996). Dividend policy and stock price volatility: Australian evidence. Applied Financial Economics, 6(2), 175–188.

Alli et al., 1993 Alli, K. L. , Khan, A. Q. , & Ramirez, G. G. (1993). Determinants of corporate dividend policy: A factorial analysis. Financial Review, 28(4), 523–547. https://doi.org/10.1111/j.1540-6288.1993.tb01361.x

Almeida et al., 2004 Almeida, H. , Campello, M. , & Weisbach, M. S. (2004). The cash flow sensitivity of cash. The Journal of Finance, 59(4), 1777–1804.

Ambarish et al., 1987 Ambarish, R. , John, K. , & Williams, J. (1987). Efficient signaling with dividends and investments. The Journal of Finance, 42(2), 321–343.

Amidu and Abor, 2006 Amidu, M. , & Abor, J. (2006). Determinants of dividend payout ratios in Ghana. The Journal of Risk Finance, 7(2), 136–145. https://doi.org/10.1108/15255940610648580

Amihud and Lev, 1981 Amihud, Y. , & Lev, B. (1981). Risk reduction as a managerial motive for conglomerate mergers. The Bell Journal of Economics, 605–617.

Andres et al., 2013 Andres, C. , Betzer, A. , van den Bongard, I. , Haesner, C. , & Theissen, E. (2013). The information content of dividend surprises: Evidence from Germany. Journal of Business Finance & Accounting, 40(5–6), 620–645. https://doi.org/10.1111/jbfa.12036

Ang et al., 2000 Ang, J. S. , Cole, R. A. , & Lin, J. W. (2000). Agency costs and ownership structure. The Journal of Finance, 55(1), 81–106. https://doi.org/10.1111/0022-1082.00201

Anwar et al., 2017 Anwar, S. , Singh, S. , & Jain, P. (2017). Impact of cash dividend announcements: Evidence from the Indian manufacturing companies. Journal of Emerging Market Finance, 16(1), 29–60.

Arora and Srivastava, 2019 Arora, R. K. , & Srivastava, A. (2019). Ownership concentration and dividend payout in emerging markets: Evidence from India. Global Business Review, 22(5), 1276–1288. https://doi.org/10.1177/0972150918824953

Arslan et al., 2006 Arslan, Ö. , Florackis, C. , & Ozkan, A. (2006). The role of cash holdings in reducing investment–Cash flow sensitivity: Evidence from a financial crisis period in an emerging market. Emerging Markets Review, 7(4), 320–338. https://doi.org/10.1016/j.ememar.2006.09.003

Asem, 2009 Asem, E. (2009). Dividends and price momentum. Journal of Banking & Finance, 33(3), 486–494. https://doi.org/10.1016/j.jbankfin.2008.09.004

Ashraf et al., 2016 Ashraf, B. N. , Bibi, B. , & Zheng, C. (2016). How to regulate bank dividends? Is capital regulation an answer? Economic Modelling, 57, 281–293. https://doi.org/10.1016/j.econmod.2016.05.005

Asimakopoulos et al., 2007 Asimakopoulos, P. , Lambrinoudakis, C. , Tsangarakis, N. , & Tsiritakis, E. D. (2007). Signaling with mandatory dividends: The case of the Greek stock market. SSRN 984445.

Asquith and Mullins, 1983 Asquith, P. , & Mullins, D. W. Jr . (1983). The impact of initiating dividend payments on shareholders' wealth. Journal of Business, 56(1), 77–96.

Attig et al., 2016 Attig, N. , Boubakri, N. , El Ghoul, S. , & Guedhami, O. (2016). The global financial crisis, family control, and dividend policy. Financial Management, 45(2), 291–313. https://doi.org/10.1111/fima.12115

Attig et al., 2018 Attig, N. , El Ghoul, S. , Guedhami, O. , & Zheng, X. (2018). Dividends and economic policy uncertainty: International evidence. SSRN 3295228.

Baba, 2009 Baba, N. (2009). Increased presence of foreign investors and dividend policy of Japanese firms. Pacific-Basin Finance Journal, 17(2), 163–174. https://doi.org/10.1016/j.pacfin.2008.04.001

Babar and Habib, 2021 Babar, M. , & Habib, A. (2021). Product market competition in accounting, finance, and corporate governance: A review of the literature. International Review of Financial Analysis, 73, 101607. https://doi.org/10.1016/j.irfa.2020.101607

Badru and Qasem, 2021 Badru, B. O. , & Qasem, A. (2021). Corporate social responsibility and dividend payments in the Malaysian capital market: The interacting effect of family-controlled companies. Journal of Sustainable Finance & Investment, 1–24. https://doi.org/10.1080/20430795.2021.1979926

Bae et al., 2012 Bae, S. C. , Chang, K. , & Kang, E. (2012). Culture, corporate governance, and dividend policy: International evidence. Journal of Financial Research, 35(2), 289–316. https://doi.org/10.1111/j.1475-6803.2012.01318.x

Baker, 2009 Baker, H. K. (2009). Dividends and dividend policy. John Wiley.

Baker and Farrelly, 1988 Baker, H. K. , & Farrelly, G. E. (1988). Dividend achievers: A behavioral look. Akron Business & Economic Review, 19(1), 79–92.

Baker et al., 1985 Baker, H. K. , Farrelly, G. E. , & Edelman, R. B. (1985/1972). A survey of management views on dividend policy. Financial Management, 14(3), 78–84.

Baker et al., 2018 Baker, H. K. , Kapoor, S. , & Jabbouri, I. (2018). Institutional perspectives of dividend policy in India. Qualitative Research in Financial Markets, 10(3), 324–342. https://doi.org/10.1108/QRFM-07-2017-0067

Baker et al., 2006 Baker, H. K. , Mukherjee, T. K. , & Paskelian, O. G. (2006). How Norwegian managers view dividend policy. Global Finance Journal, 17(1), 155–176. https://doi.org/10.1016/j.gfj.2006.06.005

Baker and Powell, 1999 Baker, H. K. , & Powell, G. E. (1999). How corporate managers view dividend policy. Quarterly Journal of Business & Economics, 38(2), 17.

Baker and Powell, 2000 Baker, H. K. , & Powell, G. E. (2000). Determinants of corporate dividend policy: A survey of NYSE firms. Financial Practice & Education, 10(1), 29–40.

Baker et al., 2001 Baker, H. K. , Powell, G. E. , & Veit, E. T. (2001). Factors influencing dividend policy decisions of Nasdaq firms. Financial Review, 36(3), 19.

Baker et al., 2007 Baker, H. K. , Saadi, S. , Dutta, S. , & Gandhi, D. (2007). The perception of dividends by Canadian managers: New survey evidence. International Journal of Managerial Finance, 3(1), 70–91. https://doi.org/10.1108/17439130710721662

Baker et al., 2006 Baker, M. , Nagel, S. , & Wurgler, J. (2006). The effect of dividends on consumption. National Bureau of Economic Research Cambridge, MA, USA.

Baker and Stein, 2004 Baker, M. , & Stein, J. C. (2004). Market liquidity as a sentiment indicator. Journal of Financial Markets, 7(3), 271–299. https://doi.org/10.1016/j.finmar.2003.11.005

Baker and Wurgler, 2004a Baker, M. , & Wurgler, J. (2004a). Appearing and disappearing dividends: The link to catering incentives. Journal of Financial Economics, 73(2), 271–288. https://doi.org/10.1016/j.jfineco.2003.08.001

Baker and Wurgler, 2004b Baker, M. , & Wurgler, J. (2004b). A catering theory of dividends. The Journal of Finance, 59(3), 1125–1165. https://doi.org/10.1111/j.1540-6261.2004.00658.x

Balachandran et al., 2019 Balachandran, B. , Khan, A. , Mather, P. , & Theobald, M. (2019). Insider ownership and dividend policy in an imputation tax environment. Journal of Corporate Finance, 54, 153–167. https://doi.org/10.1016/j.jcorpfin.2017.01.014

Balachandran and Nguyen, 2018 Balachandran, B. , & Nguyen, J. H. (2018). Does carbon risk matter in firm dividend policy? Evidence from a quasi-natural experiment in an imputation environment. Journal of Banking & Finance, 96, 249–267. https://doi.org/10.1016/j.jbankfin.2018.09.015

Bali and Hite, 1998 Bali, R. , & Hite, G. L. (1998). Ex dividend day stock price behavior: Discreteness or tax-induced clienteles? Journal of Financial Economics, 47(2), 127–159. https://doi.org/10.1016/S0304-405X(97)00041-X

Bancel et al., 2009 Bancel, F. , Bhattacharyya, N. , Mittoo, U. R. , & Baker, H. K. (2009). Cross-country determinants of payout policy: European firms. In Dividends and dividend policy (pp. 71–93). John Wiley & Sons, Inc.

Banerjee et al., 2008 Banerjee, S. , Dasgupta, S. , & Kim, Y. (2008). Buyer–supplier relationships and the stakeholder theory of capital structure. The Journal of Finance, 63(5), 2507–2552. https://doi.org/10.1111/j.1540-6261.2008.01403.x

Banerjee et al., 2007 Banerjee, S. , Gatchev, V. A. , & Spindt, P. A. (2007). Stock market liquidity and firm dividend policy. Journal of Financial and Quantitative Analysis, 42(2), 369–397. https://doi.org/10.1017/S0022109000003318

Barclay, 1987 Barclay, M. J. (1987). Dividends, taxes, and common stock prices: The ex-dividend day behavior of common stock prices before the income tax. Journal of Financial Economics, 19(1), 31–44. https://doi.org/10.1016/0304-405X(87)90027-4

Baskin, 1989 Baskin, J. (1989). Dividend policy and the volatility of common stocks. Journal of Portfolio Management, 15(3), 19.

Basse et al., 2011 Basse, T. , Gruppe, M. , Reddemann, S. , & Schwope, F. (2011). Dividend policy issues in the financial crisis: The example of the German automotive industry. International Journal of Applied Decision Sciences, 4(3), 247–259. https://doi.org/10.1504/IJADS.2011.040881

Basse and Reddemann, 2011 Basse, T. , & Reddemann, S. (2011). Inflation and the dividend policy of US firms. Managerial Finance, 37(1), 34–46. https://doi.org/10.1108/03074351111092139

Bataineh, 2021 Bataineh, H. (2021). The impact of ownership structure on dividend policy of listed firms in Jordan. Cogent Business & Management, 8(1), 1863175. https://doi.org/10.1080/23311975.2020.1863175

Bates et al., 2009 Bates, T. W. , Kahle, K. M. , & Stulz, R. M. (2009). Why do US firms hold so much more cash than they used to? The Journal of Finance, 64(5), 1985–2021.

Baxamusa and Jalal, 2014 Baxamusa, M. , & Jalal, A. (2014). The effects of corruption on capital structure: When does it matter? The Journal of Developing Areas, 48(1), 315–335.

Bebczuk, 2005 Bebczuk, R. N. (2005). Corporate governance and ownership: Measurement and impact on corporate performance and dividend policies in Argentina. https://www.depeco.econo.unlp.edu.ar/doctrab/doc59.pdf

Bekaert et al., 2011 Bekaert, G. , Harvey, C. R. , Lundblad, C. T. , & Siegel, S. (2011). What segments equity markets? Review of Financial Studies, 24(12), 3841–3890. https://doi.org/10.1093/rfs/hhr082

Ben-Nasr and Ghouma, 2022 Ben-Nasr, H. , & Ghouma, H. H. (2022). Dividend policy and religion: International evidence from firms with Islamic Label. Emerging Markets Review, 50, 100840. https://doi.org/10.1016/j.ememar.2021.100840

Benartzi et al., 1997 Benartzi, S. , Michaely, R. , & Thaler, R. (1997). Do changes in dividends signal the future or the past? The Journal of Finance, 52(3), 1007–1034.

Benjamin and Biswas, 2019 Benjamin, S. J. , & Biswas, P. (2019). Board gender composition, dividend policy and COD: The implications of CEO duality. Accounting Research Journal, 32(3), 454–476. https://doi.org/10.1108/ARJ-02-2018-0035

Benlemlih, 2019 Benlemlih, M. (2019). Corporate social responsibility and dividend policy. Research in International Business and Finance, 47, 114–138. https://doi.org/10.1016/j.ribaf.2018.07.005

Berle and Means, 1932 Berle, A. A. , & Means, G. C. (1932). The modern corporation and private property. The Macmillan Company.

Bernanke, 1983 Bernanke, B. S. (1983). Irreversibility, uncertainty, and cyclical investment. Quarterly Journal of Economics, 98(1), 85–106. https://doi.org/10.2307/1885568

Bertrand and Mullainathan, 2003 Bertrand, M. , & Mullainathan, S. (2003). Enjoying the quiet life? Corporate governance and managerial preferences. Journal of Political Economy, 111(5), 1043–1075. https://doi.org/10.1086/376950

Bhabra et al., 2002 Bhabra, G. S. , Jeong, J. , & Powell, J. G. (2002). Dividend smoothing and the cross-sectional determinants of corporate payout policy. In M. Hirschey , K. John , & A. K. Makhija (Eds.), Innovations in investments and corporate finance (Vol. 7, pp. 163–183). Emerald Publishing Limited.

Bhattacharya, 1979 Bhattacharya, S. (1979). Imperfect information, dividend policy, and “the bird in the hand” fallacy. The Bell Journal of Economics, 10(1), 259–270. https://doi.org/10.2307/3003330

Black, 1976 Black, F. (1976). The dividend puzzle. Journal of Portfolio Management, 2(2), 5–8.

Black and Scholes, 1974 Black, F. , & Scholes, M. (1974). The effects of dividend yield and dividend policy on common stock prices and returns. Journal of Financial Economics, 1(1), 1–22. https://doi.org/10.1016/0304-405X(74)90006-3

Block, 2012 Block, J. H. (2012). R&D investments in family and founder firms: An agency perspective. Journal of Business Venturing, 27(2), 248–265. https://doi.org/10.1016/j.jbusvent.2010.09.003

Bogolebska, 2023 Bogolebska, J. (2023). Catering theory of dividend policy in Polish listed companies. European Research Studies Journal, 26(2), 197–208.

Bolster and Janjigian, 1991 Bolster, P. J. , & Janjigian, V. (1991). Dividend policy and valuation effects of the Tax Reform Act of 1986. National Tax Journal, 44(4), 511–518. https://doi.org/10.2307/41788937

Bolton and Scharfstein, 1990 Bolton, P. , & Scharfstein, D. S. (1990). A theory of predation based on agency problems in financial contracting. The American Economic Review, 80(1), 93–106. https://www.jstor.org/stable/2006736

Booth and Johnston, 1984 Booth, L. D. , & Johnston, D. J. (1984). The ex-dividend day behavior of Canadian stock prices: Tax changes and clientele effects. The Journal of Finance, 39(2), 457–476.

Booth and Zhou, 2015 Booth, L. , & Zhou, J. (2015). Market power and dividend policy. Managerial Finance, 41(2), 145–163. https://doi.org/10.1108/MF-12-2013-0346

Borokhovich et al., 2005 Borokhovich, K. A. , Brunarski, K. R. , Harman, Y. , & Kehr, J. B. (2005). Dividends, corporate monitors and agency costs. Financial Review, 40(1), 37–65. https://doi.org/10.1111/j.0732-8516.2005.00092.x

Boshnak, 2021 Boshnak, H. A. (2021). The impact of board composition and ownership structure on dividend payout policy: Evidence from Saudi Arabia. International Journal of Emerging Markets. ahead-of-print(ahead-of-print). https://doi.org/10.1108/IJOEM-05-2021-0791

Boyd and Jagannathan, 1994 Boyd, J. H. , & Jagannathan, R. (1994). Ex-dividend price behavior of common stocks. Review of Financial Studies, 7(4).

Brav et al., 2005 Brav, A. , Graham, J. R. , Harvey, C. R. , & Michaely, R. (2005). Payout policy in the 21st century. Journal of Financial Economics, 77(3), 483–527. https://doi.org/10.1016/j.jfineco.2004.07.004

Bremberger et al., 2016 Bremberger, F. , Cambini, C. , Gugler, K. , & Rondi, L. (2016). Dividend policy in regulated network industries: Evidence from the EU. Economic Inquiry, 54(1), 408–432. https://doi.org/10.1111/ecin.12238

Brennan, 1970 Brennan, M. (1970). Tax reform and the stock market: An asset price approach. The American Economic Review, 23(4), 417–427.

Brennan and Thakor, 1990 Brennan, M. J. , & Thakor, A. V. (1990). Shareholder preferences and dividend policy. The Journal of Finance, 45(4), 993–1018. https://doi.org/10.1111/j.1540-6261.1990.tb02424.x

Brockman et al., 2022 Brockman, P. , Hanousek, J. , Tresl, J. , & Unlu, E. (2022). Dividend smoothing and firm valuation. Journal of Financial and Quantitative Analysis, 57(4), 1621–1647. https://doi.org/10.1017/S0022109021000673

Brockman et al., 2014 Brockman, P. , Tresl, J. , & Unlu, E. (2014). The impact of insider trading laws on dividend payout policy. Journal of Corporate Finance, 29(0), 263–287. https://doi.org/10.1016/j.jcorpfin.2014.09.002

Brockman and Unlu, 2009 Brockman, P. , & Unlu, E. (2009). Dividend policy, creditor rights, and the agency costs of debt. Journal of Financial Economics, 92(2), 276–299. https://doi.org/10.1016/j.jfineco.2008.03.007

Bronars and Deere, 1991 Bronars, S. G. , & Deere, D. R. (1991). The threat of unionization, the use of debt, and the preservation of shareholder wealth. Quarterly Journal of Economics, 106(1), 231–254. https://doi.org/10.2307/2937914

Brown et al., 2006 Brown, W. O. , Helland, E. , & Smith, J. K. (2006). Corporate philanthropic practices. Journal of Corporate Finance, 12(5), 855–877. https://doi.org/10.1016/j.jcorpfin.2006.02.001

Buchanan et al., 2017 Buchanan, B. G. , Cao, C. X. , Liljeblom, E. , & Weihrich, S. (2017). Uncertainty and firm dividend policy – A natural experiment. Journal of Corporate Finance, 42, 179–197. https://doi.org/10.1016/j.jcorpfin.2016.11.008

Bulan and Hull, 2013 Bulan, L. , & Hull, T. (2013). The impact of technical defaults on dividend policy. Journal of Banking & Finance, 37(3), 814–823. https://doi.org/10.1016/j.jbankfin.2012.10.014

Byrne and O'Connor, 2017 Byrne, J. , & O'Connor, T. (2017). Creditor rights, culture and dividend payout policy. Journal of Multinational Financial Management, 39, 60–77. https://doi.org/10.1016/j.mulfin.2016.12.002

Caliskan and Doukas, 2015 Caliskan, D. , & Doukas, J. A. (2015). CEO risk preferences and dividend policy decisions. Journal of Corporate Finance, 35, 18–42. https://doi.org/10.1016/j.jcorpfin.2015.08.007

Campello et al., 2010 Campello, M. , Graham, J. R. , & Harvey, C. R. (2010). The real effects of financial constraints: Evidence from a financial crisis. Journal of Financial Economics, 97(3), 470–487. https://doi.org/10.1016/j.jfineco.2010.02.009

Cao et al., 2016 Cao, C. , Jia, F. , Zhang, X. , & Chan, K. C. (2016). Does religion matter to dividend policy? Evidence from Buddhism and Taoism in China. Nankai Business Review International, 7(4), 510–541. https://doi.org/10.1108/NBRI-12-2015-0033

Cao et al., 2017 Cao, L. , Du, Y. , & Hansen, J. Ø. (2017). Foreign institutional investors and dividend policy: Evidence from China. International Business Review, 26(5), 816–827.

Cao et al., 2022 Cao, Z. , Chen, S. X. , Harakeh, M. , & Lee, E. (2022). Do non-financial factors influence corporate dividend policies? Evidence from business strategy. International Review of Financial Analysis, 82, 102211. https://doi.org/10.1016/j.irfa.2022.102211

Capaul, 2003 Capaul, M. (2003). Corporate governance in Latin America. Whither Latin American Capital Markets.

Casey and Dickens, 2000 Casey, K. M. , & Dickens, R. N. (2000). The effects of tax and regulatory changes on commercial bank dividend policy. The Quarterly Review of Economics and Finance, 40(2), 279–293. https://doi.org/10.1016/S1062-9769(99)00051-4

Castillo and Jakob, 2006 Castillo, A. , & Jakob, K. (2006). The Chilean ex-dividend day. Global Finance Journal, 17(1), 105–118. https://doi.org/10.1016/j.gfj.2006.06.002

Cejnek et al., 2021 Cejnek, G. , Randl, O. , & Zechner, J. (2021). The COVID-19 pandemic and corporate dividend policy. Journal of Financial and Quantitative Analysis, 56(7), 2389–2410. https://doi.org/10.1017/S0022109021000533

Chang et al., 2020 Chang, M. , Chang, B. , & Dutta, S. (2020). National culture, firm characteristics, and dividend policy. Emerging Markets Finance and Trade, 56(1), 149–163. https://doi.org/10.1080/1540496X.2019.1627518

Chang et al., 2016 Chang, K. , Kang, E. , & Li, Y. (2016). Effect of institutional ownership on dividends: An agency-theory-based analysis. Journal of Business Research, 69(7), 2551–2559. https://doi.org/10.1016/j.jbusres.2015.10.088

Chang and Rhee, 1990 Chang, R. P. , & Rhee, S. G. (1990). The impact of personal taxes on corporate dividend policy and capital structure decisions. FM: The Journal of the Financial Management Association, 19(2), 21–31.

Chapple et al., 2013 Chapple, L. , Clarkson, P. M. , & Gold, D. L. (2013). The cost of carbon: Capital market effects of the proposed emission trading scheme (ETS). Abacus, 49(1), 1–33. https://doi.org/10.1111/abac.12006

Charest, 1978 Charest, G. (1978). Dividend information, stock returns and market efficiency-II. Journal of Financial Economics, 6(2), 297–330. https://doi.org/10.1016/0304-405X(78)90033-8

Chasiotis et al., 2022 Chasiotis, I. , Georgakopoulos, G. , Konstantios, D. , & Toudas, K. (2022). Climate risk and corporate dividend smoothing: Some international evidence. SSRN 4280214. https://ssrn.com/abstract=4280214

Chateau, 1979 Chateau, J.-P. D. (1979). Dividend policy revisted: Within - and out -of-sample tests. Journal of Business Finance & Accounting, 6(3), 355–370. https://doi.org/10.1111/j.1468-5957.1979.tb01097.x

Chatterjee et al., 2021 Chatterjee, C. , Dutta, P. , & Basu, S. (2021). Evidence-based stock price behaviour around cash dividend announcements in an emerging market set-up. Global Business Review. https://doi.org/10.1177/09721509211052126

Cheibub and Przeworski, 1999 Cheibub, J. A. , & Przeworski, A. (1999). Democracy, elections, and accountability for economic outcomes. Democracy, Accountability, and Representation, 2, 222–250.

Chemmanur et al., 2010 Chemmanur, T. J. , He, J. , Hu, G. , & Liu, H. (2010). Is dividend smoothing universal?: New insights from a comparative study of dividend policies in Hong Kong and the U.S. Journal of Corporate Finance, 16(4), 413–430. https://doi.org/10.1016/j.jcorpfin.2010.03.001

Chen et al., 2005 Chen, Z. , Cheung, Y.-L. , Stouraitis, A. , & Wong, A. W. S. (2005). Ownership concentration, firm performance, and dividend policy in Hong Kong. Pacific-Basin Finance Journal, 13(4), 431–449. https://doi.org/10.1016/j.pacfin.2004.12.001

Chen et al., 2022 Chen, X. , Chih-Chieh Chris, H. , Tsang, A. , & Xiang, Y. (2022). Cross-border enforcement of securities laws and dividend payouts. The British Accounting Review, 54(6), 101117. https://doi.org/10.1016/j.bar.2022.101117

Chen et al., 2013 Chen, H.-L. , Chow, E. H. , & Shiu, C.-Y. (2013). Ex-dividend prices and investor trades: Evidence from Taiwan. Pacific-Basin Finance Journal, 24(0), 39–65. https://doi.org/10.1016/j.pacfin.2013.02.004

Chen and Dhiensiri, 2009 Chen, J. , & Dhiensiri, N. (2009). Determinants of dividend policy: The evidence from New Zealand. International Research Journal of Finance and Economics, 34, 18–28.

Chen et al., 2017 Chen, J. , Leung, W. S. , & Goergen, M. (2017). The impact of board gender composition on dividend payouts. Journal of Corporate Finance, 43, 86–105. https://doi.org/10.1016/j.jcorpfin.2017.01.001

Chen and Silva Gao, 2012 Chen, L. H. , & Silva Gao, L. (2012). The pricing of climate risk. Journal of Financial and Economic Practice, 12, 115–131.

Chen and Wu, 1999 Chen, C. , & Wu, C. (1999). The dynamics of dividends, earnings and prices: Evidence and implications for dividend smoothing and signaling. Journal of Empirical Finance, 6(1), 29–58. https://doi.org/10.1016/S0927-5398(98)00008-5

Chen et al., 2022 Chen, M. , Xie, J. , & Li, Y. (2022). Heterogeneity of dividend smoothing: A strategic response to peer competition in China. Pacific-Basin Finance Journal, 76, 101874. https://doi.org/10.1016/j.pacfin.2022.101874

Chen and Yang, 2017 Chen, N. , & Yang, T.-C. (2017). Democracy, rule of law, and corporate governance – A liquidity perspective. Economics of Governance, 18(1), 35–70. https://doi.org/10.1007/s10101-016-0182-4

Cheung et al., 2018 Cheung, A. , Hu, M. , & Schwiebert, J. (2018). Corporate social responsibility and dividend policy. Accounting and Finance, 58(3), 787–816. https://doi.org/10.1111/acfi.12238

Chintrakarn et al., 2019 Chintrakarn, P. , Chatjuthamard, P. , Jiraporn, P. , & Kim, Y. S. (2019). Exploring the causal effect of religious piety on dividend policy: Evidence from historical religious identification. Applied Economics Letters, 26(4), 306–310. https://doi.org/10.1080/13504851.2018.1467550

Choi et al., 2022 Choi, W. , Chung, C. Y. , & Wang, K. (2022). Firm-level political risk and corporate investment. Finance Research Letters, 46, 102307. https://doi.org/10.1016/j.frl.2021.102307

Choi and Wong, 2007 Choi, J.-H. , & Wong, T. J. (2007). Auditors' governance functions and legal environments: An international investigation. Contemporary Accounting Research, 24(1), 13–46. https://doi.org/10.1506/X478-1075-4PW5-1501

Chonko and Hunt, 1985 Chonko, L. B. , & Hunt, S. D. (1985). Ethics and marketing management: An empirical examination. Journal of Business Research, 13(4), 339–359.

Chowdhury and Sonaer, 2016 Chowdhury, J. , & Sonaer, G. (2016). Ex-dividend day abnormal returns for special dividends. Journal of Economics and Finance, 40(4), 631–652. https://doi.org/10.1007/s12197-015-9317-7

Cohen and Nelson, 1992 Cohen, D. V. , & Nelson, K. A. (1992). Multinational ethics programs: Cases in corporate practice.

Coleman, 1988 Coleman, J. S. (1988). Social capital in the creation of human capital. American Journal of Sociology, 94, S95–S120. https://doi.org/10.1086/228943

Cong et al., 2018 Cong, L. W. , Gao, H. , Ponticelli, J. , & Yang, X. (2018). Credit allocation under economic stimulus: Evidence from China. Buffett Institute Global Poverty Research Lab Working Paper (17-108).

Correia da Silva et al., 2004 Correia da Silva, L. , Goergen, M. , & Renneboog, L. (2004). Dividend policy and corporate governance (p. 325). Connect to electronic book (University of Melbourne only). https://doi.org.ezp.lib.unimelb.edu.au/10.1093/0199259305.001.0001

Crane et al., 2016 Crane, A. D. , Michenaud, S. , & Weston, J. P. (2016). The effect of institutional ownership on payout policy: Evidence from index thresholds. Review of Financial Studies, 29(6), 1377–1408. https://doi.org/10.1093/rfs/hhw012

Cremers et al., 2008 Cremers, K. J. M. , Nair, V. B. , & Peyer, U. (2008). Takeover defenses and competition: The role of stakeholders. Journal of Empirical Legal Studies, 5(4), 791–818. https://doi.org/10.1111/j.1740-1461.2008.00141.x

Cullinan and Bline, 2003 Cullinan, C. P. , & Bline, D. M. (2003). The effects of labour on accounting choice in Canada. Canadian Accounting Perspectives, 2(2), 135–151. https://doi.org/10.1506/J0YC-861K-YV60-M5VA

D'Souza et al., 2000 D'Souza, J. , Jacob, J. , & Ramesh, K. (2000). The use of accounting flexibility to reduce labor renegotiation costs and manage earnings. Journal of Accounting and Economics, 30(2), 187–208. https://doi.org/10.1016/S0165-4101(01)00004-0

Dahl, 2000 Dahl, O. (2000). The grammar of future time reference in European languages. Empirical Approaches to Language Typology, 6, 309–328.

Dang et al., 2021 Dang, H. N. , Vu, V. T. T. , Ngo, X. T. , & Hoang, H. T. V. (2021). Impact of dividend policy on corporate value: Experiment in Vietnam. International Journal of Finance & Economics, 26(4), 5815–5825. https://doi.org/10.1002/ijfe.2095

Das, 2017 Das, S. (2017). Firm characteristics and dividend policy in India. Transnational Corporations Review, 9(3), 190–200. https://doi.org/10.1080/19186444.2017.1362862

Dasgupta and Sengupta, 1993 Dasgupta, S. , & Sengupta, K. (1993). Sunk investment, bargaining and choice of capital structure. International Economic Review, 34(1), 203–220. https://doi.org/10.2307/2526957

Dasilas, 2009 Dasilas, A. (2009). The ex-dividend day stock price anomaly: Evidence from the Greek stock market. Financial Markets and Portfolio Management, 23(1), 59–91. https://doi.org/10.1007/s11408-008-0094-6

Dasilas and Leventis, 2011 Dasilas, A. , & Leventis, S. (2011). Stock market reaction to dividend announcements: Evidence from the Greek stock market. International Review of Economics & Finance, 20(2), 302–311. https://doi.org/10.1016/j.iref.2010.06.003

Daunfeldt et al., 2009 Daunfeldt, S.-O. , Selander, C. , & Wikström, M. (2009). Taxation, dividend payments and ex-day price-changes. Multinational Finance Journal, 13(1/2), 141–160.

Davaadorj, 2019 Davaadorj, Z. (2019). Does social capital affect dividend policy? Journal of Behavioral and Experimental Finance, 22, 116–128. https://doi.org/10.1016/j.jbef.2019.02.010

De Tocqueville, 1988 De Tocqueville, A. (1988/1840). Democracy in America (Trans. George Lawrence). Harper Perennial.

DeAngelo and DeAngelo, 1990 DeAngelo, H. , & DeAngelo, L. (1990). Dividend policy and financial distress: An empirical investigation of troubled NYSE firms. The Journal of Finance, 45(5), 1415–1431.

DeAngelo and DeAngelo, 1991 DeAngelo, H. , & DeAngelo, L. (1991). Union negotiations and corporate policy: A study of labor concessions in the domestic steel industry during the 1980s. Journal of Financial Economics, 30(1), 3–43. https://doi.org/10.1016/0304-405X(91)90021-B

DeAngelo and DeAngelo, 2006 DeAngelo, H. , & DeAngelo, L. (2006). The irrelevance of the MM dividend irrelevance theorem. Journal of Financial Economics, 79(2), 293–315. https://doi.org/10.1016/j.jfineco.2005.03.003

DeAngelo et al., 1996 DeAngelo, H. , DeAngelo, L. , & Skinner, D. J. (1996). Reversal of fortune dividend signaling and the disappearance of sustained earnings growth. Journal of Financial Economics, 40(3), 341–371. https://doi.org/10.1016/0304-405X(95)00850-E

DeAngelo et al., 2006 DeAngelo, H. , DeAngelo, L. , & Stulz, R. M. (2006). Dividend policy and the earned/contributed capital mix: A test of the life-cycle theory. Journal of Financial Economics, 81(2), 227–254. https://doi.org/10.1016/j.jfineco.2005.07.005

Delis et al., 2020 Delis, M. D. , Hasan, I. , & Ongena, S. (2020). Democracy and credit. Journal of Financial Economics, 136(2), 571–596. https://doi.org/10.1016/j.jfineco.2019.09.013

DeMarzo and Sannikov, 2008 DeMarzo, P. , & Sannikov, Y. (2008). Learning in dynamic incentive contracts (pp. 867–876). Mimeo, Stanford University.

Denis and Osobov, 2008 Denis, D. J. , & Osobov, I. (2008). Why do firms pay dividends? International evidence on the determinants of dividend policy. Journal of Financial Economics, 89(1), 62–82. https://doi.org/10.1016/j.jfineco.2007.06.006

Deshmukh et al., 2013 Deshmukh, S. , Goel, A. M. , & Howe, K. M. (2013). CEO overconfidence and dividend policy. Journal of Financial Intermediation, 22(3), 440–463. https://doi.org/10.1016/j.jfi.2013.02.003

Dewasiri and Abeysekera, 2022 Dewasiri, N. J. , & Abeysekera, N. (2022). Corporate social responsibility and dividend policy in Sri Lankan firms: A data triangulation approach. Journal of Public Affairs, 22(1), e2283. https://doi.org/10.1002/pa.2283

Dewasiri and Banda, 2015 Dewasiri, N. , & Banda, Y. W. (2015). Dividend policy and stock price volatility: An error corrected approach. Asia-Pacific Journal of Management Research and Innovation, 11(3), 165–171.

Dewenter and Warther, 1998 Dewenter, K. L. , & Warther, V. A. (1998). Dividends, asymmetric information, and agency conflicts: Evidence from a comparison of the dividend policies of Japanese and U.S. firms. The Journal of Finance, 53(3), 879–904. https://www.scopus.com/inward/record.url?eid=2-s2.0-0038371974&partnerID=40&md5=62419df15133ced2ef061346577f40dd

Ding et al., 2021 Ding, C. , Ho, C. Y. , & Chang, M. (2021). CEO and CFO equity compensation and dividend payout over the firm lifecycle. Global Finance Journal, 49, 100562. https://doi.org/10.1016/j.gfj.2020.100562

Dinh Nguyen et al., 2021 Dinh Nguyen, D. , To, T. H. , Nguyen, D. V. , & Phuong Do, H. (2021). Managerial overconfidence and dividend policy in Vietnamese enterprises. Cogent Economics & Finance, 9(1), 1885195. https://doi.org/10.1080/23322039.2021.1885195

Dong et al., 2022 Dong, B. , Chen, Y. , & Fan, C. (2022). Local corruption and dividend policy: Evidence from China. Finance Research Letters, 47, 102698. https://doi.org/10.1016/j.frl.2022.102698

Driver et al., 2020 Driver, C. , Grosman, A. , & Scaramozzino, P. (2020). Dividend policy and investor pressure. Economic Modelling, 89, 559–576. https://doi.org/10.1016/j.econmod.2019.11.016

Dubofsky, 1992 Dubofsky, D. A. (1992). A market microstructure explanation of ex-day abnormal returns. The Journal of the Financial Management Association, 21(4), 32.

Dubofsky, 1997 Dubofsky, D. A. (1997). Limit orders and ex-dividend day return distributions. Journal of Empirical Finance, 4(1), 47–65. https://doi.org/10.1016/S0927-5398(96)00012-6

Du et al., 2020 Du, Q. , Hasan, I. , Wang, Y. , & Wei, K. (2020, May 1). Local corruption, whistleblowing, and debt financing. Whistleblowing, and Debt Financing .

Dupuis, 2019 Dupuis, D. (2019). Ex-dividend day price behavior and liquidity in a tax-free emerging market. Emerging Markets Review, 38, 239–250. https://doi.org/10.1016/j.ememar.2019.02.001

Dyer et al., 2021 Dyer, J. H. , Godfrey, P. C. , Jensen, R. J. , & Bryce, D. J. (2021). Strategic management: Concepts and cases. John Wiley & Sons.

Eades et al., 1984 Eades, K. M. , Hess, P. J. , & Kim, E. H. (1984). On interpreting security returns during the ex-dividend period. Journal of Financial Economics, 13(1), 3–34. https://doi.org/10.1016/0304-405X(84)90030-8

Easterbrook, 1984 Easterbrook, F. H. (1984). Two agency cost explanations of dividends. The American Economic Review, 74(4), 650.

Efthymiou et al., 2021 Efthymiou, V. A. , Episcopos, A. , Leledakis, G. N. , & Pyrgiotakis, E. G. (2021). Intraday analysis of the limit order bias on the ex-dividend day of U.S. common stocks. International Review of Economics & Finance, 72, 405–421. https://doi.org/10.1016/j.iref.2020.11.017

El Ghoul et al., 2011 El Ghoul, S. , Guedhami, O. , Kwok, C. C. Y. , & Mishra, D. R. (2011). Does corporate social responsibility affect the cost of capital? Journal of Banking & Finance, 35(9), 2388–2406. https://doi.org/10.1016/j.jbankfin.2011.02.007

ElBannan, 2020 ElBannan, M. A. (2020). Does catering behavior persist? Evidence on dividend sentiment in emerging financial markets. International Review of Economics & Finance, 69, 350–373. https://doi.org/10.1016/j.iref.2020.06.016

Elton and Gruber, 1970 Elton, E. J. , & Gruber, M. J. (1970). Marginal stockholder tax rates and the clientele effect. The Review of Economics and Statistics, 52(1), 68–74.

Esqueda, 2016 Esqueda, O. A. (2016). Signaling, corporate governance, and the equilibrium dividend policy. The Quarterly Review of Economics and Finance, 59, 186–199. https://doi.org/10.1016/j.qref.2015.06.005

Faccio et al., 2016 Faccio, M. , Marchica, M.-T. , & Mura, R. (2016). CEO gender, corporate risk-taking, and the efficiency of capital allocation. Journal of Corporate Finance, 39, 193–209. https://doi.org/10.1016/j.jcorpfin.2016.02.008

Faleye and Trahan, 2011 Faleye, O. , & Trahan, E. A. (2011). Labor-Friendly corporate practices: Is what is good for employees good for shareholders? Journal of Business Ethics, 101(1), 1–27. https://doi.org/10.1007/s10551-010-0705-9

Fama, 1974 Fama, E. F. (1974). The empirical relationships between the dividend and investment decisions of firms. The American Economic Review, 64(3), 304.

Fama and Babiak, 1968 Fama, E. F. , & Babiak, H. (1968). Dividend policy: An empirical analysis. Journal of the American Statistical Association, 63(324), 1132.

Fama and French, 1988 Fama, E. F. , & French, K. R. (1988). Dividend yields and expected stock returns. Journal of Financial Economics, 22(1), 3–25. https://doi.org/10.1016/0304-405X(88)90020-7

Fama and French, 2001 Fama, E. F. , & French, K. R. (2001). Disappearing dividends: Changing firm characteristics or lower propensity to pay? Journal of Financial Economics, 60(1), 3–43. https://doi.org/10.1016/S0304-405X(01)00038-1

Fama and French, 2015 Fama, E. F. , & French, K. R. (2015). A five-factor asset pricing model. Journal of Financial Economics, 116(1), 1–22.

Fan and Wong, 2005 Fan, J. P. H. , & Wong, T. J. (2005). Do external auditors perform a corporate governance role in emerging markets? Evidence from east Asia. Journal of Accounting Research, 43(1), 35–72. https://doi.org/10.1111/j.1475-679x.2004.00162.x

Farooq and Ahmed, 2019 Farooq, O. , & Ahmed, N. (2019). Dividend policy and political uncertainty: Evidence from the US presidential elections. Research in International Business and Finance, 48, 201–209. https://doi.org/10.1016/j.ribaf.2019.01.003

Farooque et al., 2021 Farooque, O. A. , Hamid, A. , & Sun, L. (2021). Does corporate governance have a say on dividends in Australian listed companies? Australasian Accounting, Business and Finance Journal, 15(4), 47–75.

Fee and Hadlock, 2000 Fee, C. E. , & Hadlock, C. J. (2000). Management turnover and product market competition: Empirical evidence from the U.S. newspaper industry. Journal of Business, 73(2), 205–243. https://doi.org/10.1086/209640

Felimban et al., 2022 Felimban, R. , Badreddine, S. , & Floros, C. (2022). Share price informativeness and dividend smoothing behavior in GCC markets. Journal of Economic Studies, 49(6), 978–1001. https://doi.org/10.1108/JES-08-2020-0379

Felimban et al., 2018 Felimban, R. , Floros, C. , & Nguyen, A.-N. (2018). The impact of dividend announcements on share price and trading volume. Journal of Economic Studies, 45(2), 210–230. https://doi.org/10.1108/JES-03-2017-0069

Ferris et al., 2009 Ferris, S. P. , Jayaraman, N. , & Sabherwal, S. (2009). Catering effects in corporate dividend policy: The international evidence. Journal of Banking & Finance, 33(9), 1730–1738. https://doi.org/10.1016/j.jbankfin.2009.04.005

Ferris et al., 2006 Ferris, S. P. , Sen, N. , & Pei, HoY. (2006). God save the queen and her dividends: Corporate payouts in the United Kingdom. Journal of Business, 79(3), 1149–1173. https://doi.org/10.1086/500672

Fisher, 1961 Fisher, G. R. (1961). Some factors influencing share prices. The Economic Journal, 71(281), 121–141. https://doi.org/10.2307/2228227

Fliers, 2019 Fliers, P. T. (2019). What is the relation between financial flexibility and dividend smoothing? Journal of International Money and Finance, 92, 98–111. https://doi.org/10.1016/j.jimonfin.2018.12.009

Florentsen and Rydqvist, 2002 Florentsen, B. , & Rydqvist, K. (2002). Ex-day behavior when investors and professional traders assume reverse roles: The case of Danish lottery bonds. Journal of Financial Intermediation, 11(2), 152–175. https://doi.org/10.1006/jfin.2001.0332

Fonseka and Richardson, 2023 Fonseka, M. , & Richardson, G. (2023). The effect of mandatory corporate social responsibility disclosure and performance on firms' dividend decisions: Evidence from China. Economic Modelling, 120, 106152. https://doi.org/10.1016/j.econmod.2022.106152

Frankfurter and Wood, 1997 Frankfurter, G. M. , & Wood, B. G., Jr . (1997). The evolution of corporate dividend policy. Journal of Financial Education, 16–33.

Frankfurter et al., 2003 Frankfurter, G. , Wood, B. G. , & Wansley, J. (2003). Dividend policy: Theory and practice. Elsevier.

Frank and Jagannathan, 1998 Frank, M. , & Jagannathan, R. (1998). Why do stock prices drop by less than the value of the dividend? Evidence from a country without taxes. Journal of Financial Economics, 47(2), 161–188. https://doi.org/10.1016/S0304-405X(97)80053-0

Freedman, 2006 Freedman, R. S. (2006). Introduction to financial technology. Elsevier.

Fritz Foley et al., 2007 Fritz Foley, C. , Hartzell, J. C. , Titman, S. , & Twite, G. (2007). Why do firms hold so much cash? A tax-based explanation. Journal of Financial Economics, 86(3), 579–607. https://doi.org/10.1016/j.jfineco.2006.11.006

Fudenberg and Tirole, 1995 Fudenberg, D. , & Tirole, J. (1995). A theory of income and dividend smoothing based on incumbency rents. Journal of Political Economy, 103(1), 75–93. https://doi.org/10.1086/261976

Fukuda, 2000 Fukuda, A. (2000). Dividend changes and earnings performance in Japan. Pacific-Basin Finance Journal, 8(1), 53–66. https://doi.org/10.1016/S0927-538X(99)00024-4

Fuller, 2001 Fuller, K. P. (2001). The influence of managerial reputation on dividend smoothing. In Advances in financial economics (Vol. 6, pp. 83–115). Emerald Publishing Limited.

García-Feijóo et al., 2021 García-Feijóo, L. , Hossain, M. M. , & Javakhadze, D. (2021). Managerial social capital and dividend smoothing. Journal of Corporate Finance, 66, 101811. https://doi.org/10.1016/j.jcorpfin.2020.101811

Garel and Petit-Romec, 2021 Garel, A. , & Petit-Romec, A. (2021). Engaging employees for the long run: Long-term investors and employee-related CSR. Journal of Business Ethics, 174(1), 35–63. https://doi.org/10.1007/s10551-020-04572-8

Gârleanu and Zwiebel, 2009 Gârleanu, N. , & Zwiebel, J. (2009). Design and renegotiation of debt covenants. Review of Financial Studies, 22(2), 749–781. https://doi.org/10.1093/rfs/hhn017

Gervais and Odean, 2001 Gervais, S. , & Odean, T. (2001). Learning to be overconfident. Review of Financial Studies, 14(1), 1–27. https://doi.org/10.1093/rfs/14.1.1

Glen, 1995 Glen, J. D. (1995). Dividend policy and behavior in emerging markets: To pay or not to pay. World Bank.

Godfrey et al., 2009 Godfrey, P. C. , Merrill, C. B. , & Hansen, J. M. (2009). The relationship between corporate social responsibility and shareholder value: An empirical test of the risk management hypothesis. Strategic Management Journal, 30(4), 425–445. https://doi.org/10.1002/smj.750

Gomez and Korine, 2005 Gomez, P.-Y. , & Korine, H. (2005). Democracy and the evolution of corporate governance. Corporate Governance: An International Review, 13(6), 739–752. https://doi.org/10.1111/j.1467-8683.2005.00467.x

Gonedes, 1978 Gonedes, N. J. (1978). Corporate signaling, external accounting, and capital market equilibrium: Evidence on dividends, income, and extraordinary items. Journal of Accounting Research, 16(1), 26–79.

Gonzalez et al., 2017 Gonzalez, M. , Molina, C. A. , Pablo, E. , & Rosso, J. W. (2017). The effect of ownership concentration and composition on dividends: Evidence from Latin America. Emerging Markets Review, 30, 1–18. https://doi.org/10.1016/j.ememar.2016.08.018

Gordon, 1959 Gordon, M. (1959). Osmotic and ionic regulation in Scottish brown trout and sea trout (Sulmo truttu L.), Journal of Experimental Biology, 36(2), 253–260.

Gordon, 1959 Gordon, M. J. (1959). Dividends, earnings, and stock prices. The Review of Economics and Statistics, 41(2), 99–105.

Gordon, 1962 Gordon, M. J. (1962). The savings investment and valuation of a corporation. The Review of Economics and Statistics, 37–51.

Gordon and Lintner, 1956 Gordon, M. , & Lintner, J. (1956). Distribution of income of corporations among dividend, retained earning and taxes. The American Economic Review, 46(2), 97–113.

Gounopoulos et al., 2021 Gounopoulos, D. , Huang, W. , & Yang, M. (2021). Innovation and dividend smoothing. https://www.efmaefm.org/0EFMAMEETINGS/EFMA%20ANNUAL%20MEETINGS/2022-Rome/papers/EFMA%202022_stage-3032_question-Full%20Paper_id-152.pdf

Goyal et al., 2020 Goyal, A. , Jategaonkar, S. P. , & Muckley, C. B. (2020). Why do privatized firms pay higher dividends? Journal of Corporate Finance, 60, 101493. https://doi.org/10.1016/j.jcorpfin.2019.101493

Graham and Harvey, 2001 Graham, J. R. , & Harvey, C. R. (2001). The theory and practice of corporate finance: Evidence from the field. Journal of Financial Economics, 60(2–3), 187–243. https://doi.org/10.1016/S0304-405X(01)00044-7

Graham et al., 2003 Graham, J. R. , Michaely, R. , & Roberts, M. R. (2003). Do price discreteness and transactions costs affect stock returns? Comparing ex-dividend pricing before and after decimalization. The Journal of Finance, 58(6), 2611–2636. https://doi.org/10.1046/j.1540-6261.2003.00617.x

Grant, 1991 Grant, R. (1991). Contemporary strategy analysis. Oxford.

Grennan, 2019 Grennan, J. (2019). Dividend payments as a response to peer influence. Journal of Financial Economics, 131(3), 549–570. https://doi.org/10.1016/j.jfineco.2018.01.012

Grullon and Michaely, 2007 Grullon, G. , & Michaely, R. (2007). Corporate payout policy and product market competition. Paper presented at the AFA 2008 New Orleans meetings paper.

Grullon et al., 2002 Grullon, G. , Michaely, R. , & Swaminathan, B. (2002). Are dividend changes a sign of firm maturity? Journal of Business, 75(3), 387–424.

Guedhami et al., 2017 Guedhami, O. , Kwok, C. C. Y. , & Shao, L. (2017). Political freedom and corporate payouts. Journal of Corporate Finance, 43, 514–529. https://doi.org/10.1016/j.jcorpfin.2017.02.002

Gugler, 2003 Gugler, K. (2003). Corporate governance, dividend payout policy, and the interrelation between dividends, R&D, and capital investment. Journal of Banking & Finance, 27(7), 1297–1321. https://doi.org/10.1016/S0378-4266(02)00258-3

Guttman et al., 2010 Guttman, I. , Kadan, O. , & Kandel, E. (2010). Dividend stickiness and strategic pooling. Review of Financial Studies, 23(12), 4455–4495. https://doi.org/10.1093/rfs/hhq096

Gyapong et al., 2021 Gyapong, E. , Ahmed, A. , Ntim, C. G. , & Nadeem, M. (2021). Board gender diversity and dividend policy in Australian listed firms: The effect of ownership concentration. Asia Pacific Journal of Management, 38(2), 603–643. https://doi.org/10.1007/s10490-019-09672-2

Habib, 2004 Habib, A. (2004). Accounting-based equity valuation techniques and the value relevance of dividend information: Empirical evidence from Japan. Pacific Accounting Review, 16(2), 23–44. https://doi.org/10.1108/01140580410818478

Haesner and Schanz, 2013 Haesner, C. , & Schanz, D. (2013). Payout policy tax clienteles, ex-dividend day stock prices and trading behavior in Germany: The case of the 2001 tax reform. Journal of Business Finance & Accounting, 40(3–4), 527–563. https://doi.org/10.1111/jbfa.12018

Ham et al., 2020 Ham, C. G. , Kaplan, Z. R. , & Leary, M. T. (2020). Do dividends convey information about future earnings? Journal of Financial Economics, 136(2), 547–570. https://doi.org/10.1016/j.jfineco.2019.10.006

Handjinicolaou and Kalay, 1984 Handjinicolaou, G. , & Kalay, A. (1984). Wealth redistributions or changes in firm value: An analysis of returns to bondholders and stockholders around dividend announcements. Journal of Financial Economics, 13(1), 35–63. https://doi.org/10.1016/0304-405X(84)90031-X

Harada and Nguyen, 2011 Harada, K. , & Nguyen, P. (2011). Ownership concentration and dividend policy in Japan. Managerial Finance, 37(4), 362–379. https://doi.org/10.1108/03074351111115313

Hart, 1983 Hart, O. D. (1983). The market mechanism as an incentive scheme. The Bell Journal of Economics, 14(2), 366–382. https://doi.org/10.2307/3003639

Hauser, 2013 Hauser, R. (2013). Did dividend policy change during the financial crisis? Managerial Finance, 39(6), 584–606. https://doi.org/10.1108/03074351311322861

Haushalter et al., 2007 Haushalter, D. , Klasa, S. , & Maxwell, W. F. (2007). The influence of product market dynamics on a firm's cash holdings and hedging behavior. Journal of Financial Economics, 84(3), 797–825.

He, 2012 He, W. (2012). Agency problems, product market competition and dividend policies in Japan. Accounting and Finance, 52(3), 873–901. https://doi.org/10.1111/j.1467-629X.2011.00414.x

Healy and Palepu, 1988 Healy, P. M. , & Palepu, K. G. (1988). Earnings information conveyed by dividend initiations and omissions. Journal of Financial Economics, 21(2), 149–175. https://doi.org/10.1016/0304-405X(88)90059-1

Heinkel, 1978 Heinkel, R. (1978). Dividend policy as a signal of firm value in Essays on financial markets with imperfect information. Ph.D. Thesis, University of California.

He et al., 2012 He, T. T. , Li, W. X. B. , & Tang, G. Y. N. (2012). Dividends behavior in state- versus family-controlled firms: Evidence from Hong Kong. Journal of Business Ethics, 110(1), 97–112. https://doi.org/10.1007/s10551-011-1150-0

Hendijani Zadeh, 2021 Hendijani Zadeh, M. (2021). The effect of corporate social responsibility transparency on corporate payout policies. International Journal of Managerial Finance, 17(5), 708–732. https://doi.org/10.1108/IJMF-07-2020-0386

He and Zhang, 2022 He, W. , & Zhang, F. (2022). Languages and dividends. The British Accounting Review, 54(6), 101132. https://doi.org/10.1016/j.bar.2022.101132

Hietala, 1990 Hietala, P. T. (1990). Equity markets and personal taxation: The ex-dividend day behaviour of Finnish stock prices. Journal of Banking & Finance, 14(2–3), 327–350. https://doi.org/10.1016/0378-4266(90)90053-5

Higgins, 1972 Higgins, R. C. (1972). The corporate dividend-saving decision. Journal of Financial and Quantitative Analysis, 7(2), 1527–1541.

Hilliard et al., 2019 Hilliard, J. , Jahera, J. S. , & Zhang, H. (2019). The US financial crisis and corporate dividend reactions: For better or for worse? Review of Quantitative Finance and Accounting, 53(4), 1165–1193. https://doi.org/10.1007/s11156-018-0778-6

Hoang and Hoxha, 2021 Hoang, E. C. , & Hoxha, I. (2021). A tale of two emerging market economies: Evidence from payout smoothing in China and Taiwan. International Journal of Managerial Finance, 17(3), 361–376. https://doi.org/10.1108/IJMF-03-2019-0114

Hoberg et al., 2014 Hoberg, G. , Phillips, G. , & Prabhala, N. (2014). Product market threats, payouts, and financial flexibility. The Journal of Finance, 69(1), 293–324.

Hofstede, 1984 Hofstede, G. (1984). Culture's consequences: International differences in work-related values (Vol. 5). Sage.

Hofstede, 1990 Hofstede, G. (1990). Cultures and organizations: Software of the mind. McGraw-Hill.

Hofstede et al., 2010 Hofstede, G. , Hofstede, G. J. , & Minkov, M. (2010). Cultures and organizations: Software of the mind (3rd ed.). Citeseer.

Holder et al., 1998 Holder, M. E. , Langrehr, F. W. , & Hexter, J. L. (1998). Dividend policy determinants: An investigation of the influences of stakeholder theory. FM: The Journal of the Financial Management Association, 27(3), 73.

Hossain et al., 2021 Hossain, A. T. , Hossain, T. , & Kryzanowski, L. (2021). Political corruption and corporate payouts. Journal of Banking & Finance, 123, 106016. https://doi.org/10.1016/j.jbankfin.2020.106016

Hossain et al., 2023 Hossain, M. N. , Rabarison, M. K. , Ater, B. , & Sobngwi, C. K. (2023). CEO marital status and dividend policy. Journal of Corporate Finance, 78, 102342. https://doi.org/10.1016/j.jcorpfin.2022.102342

Ho and Wu, 2001 Ho, S.-J. K. , & Wu, C. (2001). The earnings information content of dividend initiations and omissions. Journal of Business Finance & Accounting, 28(7–8), 963–977. https://doi.org/10.1111/1468-5957.00400

Huang et al., 2018 Huang, H. H. , Kerstein, J. , & Wang, C. (2018). The impact of climate risk on firm performance and financing choices: An international comparison. Journal of International Business Studies, 49(5), 633–656. https://doi.org/10.1057/s41267-017-0125-5

Huang et al., 2015 Huang, T. , Wu, F. , Yu, J. , & Zhang, B. (2015). Political risk and dividend policy: Evidence from international political crises. Journal of International Business Studies, 46(5), 574–595. https://doi.org/10.1057/jibs.2015.2

Hu and Chang, 2022 Hu, Z. , & Chang, J.-C. (2022). Does air pollution affect dividend policy. Finance Research Letters, 49, 103183. https://doi.org/10.1016/j.frl.2022.103183

Imamah et al., 2019 Imamah, N. , Lin, T.-J. , SuhadakHandayani, S. R. , & Hung, J.-H. (2019). Islamic law, corporate governance, growth opportunities and dividend policy in Indonesia stock market. Pacific-Basin Finance Journal, 55, 110–126. https://doi.org/10.1016/j.pacfin.2019.03.008

Jabbouri, 2016 Jabbouri, I. (2016). Determinants of corporate dividend policy in emerging markets: Evidence from MENA stock markets. Research in International Business and Finance, 37, 283–298. https://doi.org/10.1016/j.ribaf.2016.01.018

Jacob and Jijo Lukose, 2018 Jacob, C. , & Jijo Lukose, P. J. (2018). Institutional ownership and dividend payout in emerging markets: Evidence from India. Journal of Emerging Market Finance, 17(Suppl. 1), S54–S82. https://doi.org/10.1177/0972652717751538

Jain, 2001 Jain, A. K. (2001). Corruption: A review. Journal of Economic Surveys, 15(1), 71–121.

Jain et al., 2017 Jain, P. K. , Kuvvet, E. , & Pagano, M. S. (2017). Corruption's impact on foreign portfolio investment. International Business Review, 26(1), 23–35. https://doi.org/10.1016/j.ibusrev.2016.05.004

Jakob and Ma, 2004 Jakob, K. , & Ma, T. (2004). Tick size, NYSE rule 118, and ex-dividend day stock price behavior. Journal of Financial Economics, 72(3), 605–625. https://doi.org/10.1016/S0304-405X(03)00189-2

James et al., 2017 James, H. , Benson, B. W. , & Wu, C. (2017). Does CEO ownership affect payout policy? Evidence from using CEO scaled wealth-performance sensitivity. The Quarterly Review of Economics and Finance, 65, 328–345. https://doi.org/10.1016/j.qref.2016.10.003

Javakhadze et al., 2014 Javakhadze, D. , Ferris, S. P. , & Sen, N. (2014). An international analysis of dividend smoothing. Journal of Corporate Finance, 29(0), 200–220. https://doi.org/10.1016/j.jcorpfin.2014.09.007

Jensen, 1986 Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. The American Economic Review, 76(2), 323.

Jensen and Meckling, 1976 Jensen, M. C. , & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305–360. https://doi.org/10.1016/0304-405X(76)90026-X

Jensen et al., 1992 Jensen, G. R. , Solberg, D. P. , & Zorn, T. S. (1992). Simultaneous determination of insider ownership, debt, and dividend policies. Journal of Financial and Quantitative Analysis, 27(2), 247–263. https://search.ebscohost.com/login.aspx?direct=true&db=bth&AN=5722920&lang=fr&site=ehost-live

Jeong, 2013 Jeong, J. (2013). Determinants of dividend smoothing in emerging market: The case of Korea. Emerging Markets Review, 17(0), 76–88. https://doi.org/10.1016/j.ememar.2013.08.007

Jeon et al., 2011 Jeon, J. Q. , Lee, C. , & Moffett, C. M. (2011). Effects of foreign ownership on payout policy: Evidence from the Korean market. Journal of Financial Markets, 14(2), 344–375. https://doi.org/10.1016/j.finmar.2010.08.001

Jerry, 1980 Jerry, R. G. (1980). Taxation and the ex-dividend day behavior of common stock prices.

Jiraporn, 2006 Jiraporn, P. (2006). Share repurchases, shareholder rights, and corporate governance provisions. The North American Journal of Economics and Finance, 17(1), 35–47. https://doi.org/10.1016/j.najef.2005.03.003

Jiraporn et al., 2011 Jiraporn, P. , Kim, J. C. , & Kim, Y. S. (2011). Dividend payouts and corporate governance quality: An empirical investigation. Financial Review, 46(2), 251–279. https://doi.org/10.1111/j.1540-6288.2011.00299.x

Johnson et al., 2000 Johnson, S. , Boone, P. , Breach, A. , & Friedman, E. (2000). Corporate governance in the Asian financial crisis. Journal of Financial Economics, 58(1–2), 141–186. https://doi.org/10.1016/S0304-405X(00)00069-6

Johnson et al., 2010 Johnson, W. C. , Kang, J.-K. , & Yi, S. (2010). The certification role of large customers in the new issues market. Financial Management, 39(4), 1425–1474. https://doi.org/10.1111/j.1755-053X.2010.01118.x

John and Williams, 1985 John, K. , & Williams, J. (1985). Dividends, dilution, and taxes: A signalling equilibrium. The Journal of Finance, 40(4), 1053–1070.

Jose and Stevens, 1989 Jose, M. L. , & Stevens, J. L. (1989). Capital market valuation of dividend policy. Journal of Business Finance & Accounting, 16(5), 651–661. https://doi.org/10.1111/j.1468-5957.1989.tb00044.x

Kalay, 1980 Kalay, A. (1980). Signaling, information content, and the reluctance to cut dividends. Journal of Financial and Quantitative Analysis, 15(4), 855–869. https://doi.org/10.2307/2330564

Kalay, 1982 Kalay, A. (1982). The ex-dividend day behavior of stock prices: A re-examination of the clientele effect. The Journal of Finance, 37(4), 1059–1070. https://doi.org/10.1111/j.1540-6261.1982.tb03598.x

Kale and Noe, 1990 Kale, J. R. , & Noe, T. H. (1990). Dividends, uncertainty and underwriting costs under asymetric information. Journal of Financial Research, 13(4), 265. https://doi.org/10.1111/j.1475-6803.1990.tb00631.x

Kale and Shahrur, 2007 Kale, J. R. , & Shahrur, H. (2007). Corporate capital structure and the characteristics of suppliers and customers. Journal of Financial Economics, 83(2), 321–365. https://doi.org/10.1016/j.jfineco.2005.12.007

Kang and Kim, 2021 Kang, E. , & Kim, R. (2021). Product market competition, reputation, and dividend policy. Applied Economics, 53(29), 3334–3346. https://doi.org/10.1080/00036846.2021.1877255

Kao and Chen, 2013 Kao, L. , & Chen, A. (2013). How product market competition affects dividend payments in a weak investor protection economy: Evidence from Taiwan. Pacific-Basin Finance Journal, 25, 21–39. https://doi.org/10.1016/j.pacfin.2013.08.004

Kaplan and Reishus, 1990 Kaplan, S. N. , & Reishus, D. (1990). Outside directorships and corporate performance. Journal of Financial Economics, 27(2), 389–410. https://doi.org/10.1016/0304-405X(90)90061-4

Karpavičius, 2014 Karpavičius, S. (2014). Dividends: Relevance, rigidity, and signaling. Journal of Corporate Finance, 25, 289–312. https://doi.org/10.1016/j.jcorpfin.2013.12.014

Karpavičius and Yu, 2018 Karpavičius, S. , & Yu, F. (2018). Dividend premium: Are dividend-paying stocks worth more? International Review of Financial Analysis, 56, 112–126. https://doi.org/10.1016/j.irfa.2018.01.004

Karpoff and Walkling, 1988 Karpoff, J. M. , & Walkling, R. A. (1988). Short-term trading around ex-dividend days: Additional evidence. Journal of Financial Economics, 21(2), 291–298. https://doi.org/10.1016/0304-405X(88)90063-3

Karpoff and Walkling, 1990 Karpoff, J. M. , & Walkling, R. A. (1990). Dividend capture in NASDAQ stocks. Journal of Financial Economics, 28(1–2), 39–65. https://doi.org/10.1016/0304-405X(90)90047-4

Karuna, 2007 Karuna, C. (2007). Industry product market competition and managerial incentives. Journal of Accounting and Economics, 43(2), 275–297. https://doi.org/10.1016/j.jacceco.2007.02.004

Kato et al., 1995 Kato, K. , Kato, K. , Loewenstein, U. , & Loewenstein, U. (1995). The ex-dividend-day behavior of stock prices: The case of Japan. Review of Financial Studies, 8(3).

Kent Baker and De Ridder, 2018 Kent Baker, H. , & De Ridder, A. (2018). Payout policy in industrial and financial firms. Global Finance Journal, 37, 138–151. https://doi.org/10.1016/j.gfj.2018.05.005

Khambata and Liu, 2005 Khambata, D. , & Liu, W. (2005). Cultural dimensions, risk aversion and corporate dividend policy. Journal of Asia-Pacific Business, 6(4), 31–43. https://doi.org/10.1300/J098v06n04_03

Kilincarslan, 2021 Kilincarslan, E. (2021). Smoothed or not smoothed: The impact of the 2008 global financial crisis on dividend stability in the UK. Finance Research Letters, 38, 101423. https://doi.org/10.1016/j.frl.2019.101423

Kim et al., 2020 Kim, W. S. , Kiymaz, H. , & Oh, S. (2020). Do country-level legal, corporate governance, and cultural characteristics influence the relationship between insider ownership and dividend policy? Pacific-Basin Finance Journal, 64, 101457. https://doi.org/10.1016/j.pacfin.2020.101457

Kindleberger, 2000 Kindleberger, C. P. (2000). Manias, panics, and crashes: A history of financial crises. The Scriblerian and the Kit-Cats, 32(2), 379.

Klasa et al., 2009 Klasa, S. , Maxwell, W. F. , & Ortiz-Molina, H. (2009). The strategic use of corporate cash holdings in collective bargaining with labor unions. Journal of Financial Economics, 92(3), 421–442. https://doi.org/10.1016/j.jfineco.2008.07.003

Kobrin, 2022 Kobrin, S. (2022). Managing political risk assessment: Strategic response to environmental change. University of California Press.

Koo et al., 2017 Koo, D. S. , Ramalingegowda, S. , & Yu, Y. (2017). The effect of financial reporting quality on corporate dividend policy. Review of Accounting Studies, 22(2), 753–790. https://doi.org/10.1007/s11142-017-9393-3

Koussis and Makrominas, 2019 Koussis, N. , & Makrominas, M. (2019). What factors determine dividend smoothing by US and EU banks? Journal of Business Finance & Accounting, 46(7–8), 1030–1059. https://doi.org/10.1111/jbfa.12399

Kowalewski et al., 2007 Kowalewski, O. , Stetsyuk, I. , & Talavera, O. (2007). Corporate governance and dividend policy in Poland. Working papers Article. Financial Institutions Center at The Wharton School.

Krieger et al., 2021 Krieger, K. , Mauck, N. , & Pruitt, S. W. (2021). The impact of the COVID-19 pandemic on dividends. Finance Research Letters, 42, 101910. https://doi.org/10.1016/j.frl.2020.101910

Kumar, 1988 Kumar, P. (1988). Shareholder-manager conflict and the information content of dividends. Review of Financial Studies, 1(2), 111–136.

Kumar, 2017 Kumar, S. (2017). New evidence on stock market reaction to dividend announcements in India. Research in International Business and Finance, 39, 327–337. https://doi.org/10.1016/j.ribaf.2016.09.009

Kumar and Lee, 2001 Kumar, P. , & Lee, B. S. (2001). Discrete dividend policy with permanent earnings. Financial Management, 30(3), 55–76.

La Porta et al., 1998 La Porta, R. , Lopez-de-Silanes, F. , Shleifer, A. , & Vishny, R. (1998). Law and finance. Journal of Political Economy, 106, 42.

La Porta et al., 2000 La Porta, R. , Lopez-De-Silanes, F. , Shleifer, A. , & Vishny, R. W. (2000). Agency problems and dividend policies around the world. The Journal of Finance, 55(1), 1–33. https://doi.org/10.1111/0022-1082.00199

Labhane, 2018a Labhane, N. B. (2018a). Dividend policy decisions in India: Standalone versus business group-affiliated firms. Global Business Review, 20(1), 133–150. https://doi.org/10.1177/0972150918803990

Labhane, 2018b Labhane, N. B. (2018b). Why do firms smooth dividends? Empirical evidence from an emerging economy India. Afro-Asian Journal of Finance and Accounting, 8(3), 237–256. https://doi.org/10.1504/AAJFA.2018.093463

Labhane and Mahakud, 2016 Labhane, N. B. , & Mahakud, J. (2016). Determinants of dividend policy of Indian companies: A panel data analysis. Paradigm, 20(1), 36–55. https://doi.org/10.1177/0971890716637698

Labhane and Mahakud, 2018 Labhane, N. B. , & Mahakud, J. (2018). Dividend smoothing and business groups: Evidence from Indian companies. Global Business Review, 19(3), 690–706.

Lakonishok and Vermaelen, 1986 Lakonishok, J. , & Vermaelen, T. (1986). Tax-induced trading around ex-dividend days. Journal of Financial Economics, 16(3), 287–319. https://doi.org/10.1016/0304-405X(86)90032-2

Lambrecht and Myers, 2010 Lambrecht, B. M. , & Myers, S. C. (2010). A Lintner model of dividends and managerial rents. National Bureau of Economic Research.

Lamdin, 1993 Lamdin, D. J. (1993). Shareholder taxation and aggregate dividend payout: Evidence from the Tax Reform Act of 1986. Review of Quantitative Finance and Accounting, 3(4), 459–468. https://doi.org/10.1007/BF02409623

Lam et al., 2012 Lam, K. C. K. , Sami, H. , & Zhou, H. (2012). The role of cross-listing, foreign ownership and state ownership in dividend policy in an emerging market. China Journal of Accounting Research, 5(3), 199–216. https://doi.org/10.1016/j.cjar.2012.06.001

Larkin et al., 2016 Larkin, Y. , Leary, M. T. , & Michaely, R. (2016). Do investors value dividend-smoothing stocks differently? Management Science, 63(12), 4114–4136. https://doi.org/10.1287/mnsc.2016.2551

Lasfer, 1996 Lasfer, M. A. (1996). Taxes and dividends: The UK evidence. Journal of Banking & Finance, 20(3), 455–472. https://doi.org/10.1016/0378-4266(95)00012-7

Lawson and Wang, 2011 Lawson, B. , & Wang, D. (2011). Auditor monitoring and dividend payout policy. SSRN.

Leary and Michaely, 2011 Leary, M. T. , & Michaely, R. (2011). Determinants of dividend smoothing: Empirical evidence. Review of Financial Studies, 24(10), 3197–3249. https://doi.org/10.1093/rfs/hhr072

Lease et al., 1999 Lease, R. C. , John, K. , Kalay, A. , Loewenstein, U. , & Sarig, O. H. (1999). Dividend policy: Its impact on firm value. OUP Catalogue.

Lee, 2020 Lee, K. F. (2020). Peer effects on firm dividend policies in Taiwan. 財務金融學刊, 28(3), 113–144.

Lei et al., 2015 Lei, G. , Wang, W. , & Liu, M. (2015). Political uncertainty, dividend policy adjustments and market effects. China Journal of Accounting Studies, 3(1), 49–83. https://doi.org/10.1080/21697213.2015.1015370

Lewellen et al., 1978 Lewellen, W. G. , Stanley, K. L. , Lease, R. C. , & Schlarbaum, G. G. (1978). Some direct evidence on the dividend clientele phenomenon. The Journal of Finance, 33(5), 1385–1399. https://doi.org/10.1111/j.1540-6261.1978.tb03427.x

Lian et al., 2011 Lian, Y. , Sepehri, M. , & Foley, M. (2011). Corporate cash holdings and financial crisis: An empirical study of Chinese companies. Eurasian Business Review, 1(2), 112–124.

Lieberman and Asaba, 2006 Lieberman, M. B. , & Asaba, S. (2006). Why do firms imitate each other? Academy of Management Review, 31(2), 366–385. https://doi.org/10.5465/amr.2006.20208686

Li et al., 2023 Li, Y. , Liao, M. , & Liu, Y. (2023). How does green credit policy affect polluting firms' dividend policy? The China experience. International Review of Financial Analysis, 88, 102631. https://doi.org/10.1016/j.irfa.2023.102631

Li and Lie, 2006 Li, W. , & Lie, E. (2006). Dividend changes and catering incentives. Journal of Financial Economics, 80(2), 293–308. https://doi.org/10.1016/j.jfineco.2005.03.005

Lintner, 1956 Lintner, J. (1956). Distribution of incomes of corporations among dividends, retained earnings, and taxes. The American Economic Review, 46(2), 97–113. https://www.jstor.org/stable/1910664

Lin and Yu, 2023 Lin, J.-C. , & Yu, M.-T. (2023). Managerial overconfidence and dividend stickiness. Journal of Accounting, Auditing & Finance. https://doi.org/10.1177/0148558X221150102

Litzenberger and Ramaswamy, 1979 Litzenberger, R. H. , & Ramaswamy, K. (1979). The effect of personal taxes and dividends on capital asset prices: Theory and empirical evidence. Journal of Financial Economics, 7(2), 163–195. https://doi.org/10.1016/0304-405X(79)90012-6

Loderer and Mauer, 1992 Loderer, C. F. , & Mauer, D. C. (1992). Corporate dividends and seasoned equity issues: An empirical investigation. The Journal of Finance, 47(1), 201–225. https://doi.org/10.1111/j.1540-6261.1992.tb03983.x

Machlup, 1967 Machlup, F. (1967). Theories of the firm: Marginalist, behavioral, managerial. The American Economic Review, 57(1), 1–33. https://www.jstor.org/stable/1815603

Mahenthiran et al., 2020 Mahenthiran, S. , Cademartori, D. , & Gjerde, T. (2020). Mandatory dividend policy, growth, liquidity and corporate governance: Evidence from Chile. Review of Pacific Basin Financial Markets and Policies, 23(03), 2050025. https://doi.org/10.1142/S0219091520500253

Manos, 2001 Manos, R. (2001). Capital structure and dividend policy: Evidence from emerging markets. PhD Thesis, University of Birmingham.

Martins and Novaes, 2012 Martins, T. C. , & Novaes, W. (2012). Mandatory dividend rules: Do they make it harder for firms to invest? Journal of Corporate Finance, 18(4), 953–967. https://doi.org/10.1016/j.jcorpfin.2012.05.002

Masselman, 1963 Masselman, G. (1963). The cradle of colonialism. Yale University Press.

McCaffrey and Hamill, 2000 McCaffrey, K. , & Hamill, P. (2000). Dividend initiation announcements effects in initial public offerings. Applied Financial Economics, 10(5), 533–542. https://doi.org/10.1080/096031000416415

McCluskey et al., 2006 McCluskey, T. , Burton, B. M. , Power, D. M. , & Sinclair, C. D. (2006). Evidence on the Irish stock market's reaction to dividend announcements. Applied Financial Economics, 16(8), 617–628. https://doi.org/10.1080/09603100600639058

McDonald, 2001 McDonald, R. L. (2001). Cross-border investing with tax arbitrage: The case of German dividend tax credits. Review of Financial Studies, 14(3), 617–657. https://doi.org/10.1093/rfs/14.3.617

McGuinness et al., 2015 McGuinness, P. B. , Lam, K. C. K. , & Vieito, J. P. (2015). Gender and other major board characteristics in China: Explaining corporate dividend policy and governance. Asia Pacific Journal of Management, 32(4), 989–1038. https://doi.org/10.1007/s10490-015-9443-y

McManus et al., 2004 McManus, I. , Ap Gwilym, O. , & Thomas, S. (2004). The role of payout ratio in the relationship between stock returns and dividend yield. Journal of Business Finance & Accounting, 31(9/10), 1355–1387. https://doi.org/10.1111/j.0306-686X.2004.00577.x

Means et al., 1992 Means, D. B. , Charoenwong, C. , & Kang, Y. K. (1992). Changing dividend policies caused by the Tax Reform Act of 1986: An empirical analysis. Journal of Economics and Finance, 16(3), 153–160. https://doi.org/10.1007/BF02920317

Megginson et al., 2014 Megginson, W. L. , Ullah, B. , & Wei, Z. (2014). State ownership, soft-budget constraints, and cash holdings: Evidence from China's privatized firms. Journal of Banking & Finance, 48(0), 276–291. https://doi.org/10.1016/j.jbankfin.2014.06.011

Mehdi et al., 2017 Mehdi, M. , Sahut, J.-M. , & Teulon, F. (2017). Do corporate governance and ownership structure impact dividend policy in emerging market during financial crisis? Journal of Applied Accounting Research, 18(3), 274–297. https://doi.org/10.1108/JAAR-07-2014-0079

Michaely et al., 1995 Michaely, R. , Michaely, R. , Murgia, M. , & Murgia, M. (1995). The effect of tax heterogeneity on prices and volume around the ex-dividend day: Evidence from the Milan stock exchange. Review of Financial Studies, 8(2), 369–399.

Michaely and Roberts, 2012 Michaely, R. , & Roberts, M. R. (2012). Corporate dividend policies: Lessons from private firms. Review of Financial Studies, 25(3), 711–746. https://doi.org/10.1093/rfs/hhr108

Michaely and Vila, 1995 Michaely, R. , & Vila, J.-L. (1995). Investors' heterogeneity, prices, and volume around the ex-dividend day. Journal of Financial and Quantitative Analysis, 30(2), 171–198.

Miles et al., 1978 Miles, R. , Charles, S. , & Alan, D. (1978). Organizational strategy, structure and process. Academy of Management Review, 3(3), 546–562.

Miller and Modigliani, 1961 Miller, M. H. , & Modigliani, F. (1961). Dividend policy, growth, and the valuation of shares. In H. R. Vane & C. Mulhearn (Eds.), Harry M. Markowitz, Merton H. Miller, William F. Sharpe, Robert C. Merton and Myrin S. Scholes (Vol. 2, pp. 113–135). Elgar. Elgar Reference Collection. Pioneering Papers of the Nobel Memorial Laureates in Economics.

Miller and Scholes, 1978 Miller, M. H. , & Scholes, M. S. (1978). Dividends and taxes. Journal of Financial Economics, 6(4), 333–364. https://doi.org/10.1016/0304-405X(78)90009-0

Miller and Scholes, 1982 Miller, M. H. , & Scholes, M. S. (1982). Dividend and taxes: Some empirical evidence. Journal of Political Economy, 90(6), 23.

Milonas et al., 2006 Milonas, N. T. , Travlos, N. G. , Xiao, J. Z. , & Tan, C. (2006). The ex-dividend day stock price behavior in the Chinese stock market. Pacific-Basin Finance Journal, 14(2), 155–174. https://doi.org/10.1016/j.pacfin.2005.06.004

Minnick and Rosenthal, 2014 Minnick, K. , & Rosenthal, L. (2014). Stealth compensation: Do CEOs increase their pay by influencing dividend policy? Journal of Corporate Finance, 25(0), 435–454. https://doi.org/10.1016/j.jcorpfin.2014.01.005

Mishkin, 1992 Mishkin, F. S. (1992). Anatomy of a financial crisis. Journal of Evolutionary Economics, 2(2), 115–130. https://doi.org/10.1007/BF01193536

Mishkin, 1995 Mishkin, F. S. (1995). Symposium on the monetary transmission mechanism. The Journal of Economic Perspectives, 9(4), 3–10. https://doi.org/10.1257/jep.9.4.3

Mitton, 2004 Mitton, T. (2004). Corporate governance and dividend policy in emerging markets. Emerging Markets Review, 5(4), 409–426. https://doi.org/10.1016/j.ememar.2004.05.003

Mollah, 2001 Mollah, A. S. (2001). Dividend policy and behaviour, and security price reaction to the announcement of dividends in an emergency market: A study of companies listed on the Dhaka stock exchange. PhD Thesis, University of Leeds (Business School). https://etheses.whiterose.ac.uk/700/

Mortal et al., 2017 Mortal, S. , Paudel, S. , & Silveri, S. (2017). The impact of market structure on ex-dividend day stock price behavior. Financial Management, 46(4), 1053–1082. https://doi.org/10.1111/fima.12176

Mulchandani et al., 2020 Mulchandani, K. , Mulchandani, K. , & Wasan, P. (2020). Dividends and earnings quality: Evidence from India. IIMB Management Review, 32(2), 166–176. https://doi.org/10.1016/j.iimb.2019.10.001

Muñoz and Rodriguez, 2017 Muñoz, E. , & Rodriguez, A. (2017). Ex-dividend date stock behavior and the clientele effect: Evidence around a tax reduction. Global Finance Journal, 32, 55–61. https://doi.org/10.1016/j.gfj.2016.06.003

Myers, 1977 Myers, S. C. (1977). Determinants of corporate borrowing. Journal of Financial Economics, 5(2), 147–175. https://doi.org/10.1016/0304-405X(77)90015-0

Myers and Majluf, 1984 Myers, S. C. , & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13(2), 187–221. https://doi.org/10.1016/0304-405X(84)90023-0

Naranjo et al., 2000 Naranjo, A. , Nimalendran, M. , & Ryngaert, M. (2000). Time variation of ex-dividend day stock returns and corporate dividend capture: A reexamination. The Journal of Finance, 55(5), 2357–2372.

Nash et al., 2003 Nash, R. C. , Netter, J. M. , & Poulsen, A. B. (2003). Determinants of contractual relations between shareholders and bondholders: Investment opportunities and restrictive covenants. Journal of Corporate Finance, 9(2), 201–232. https://doi.org/10.1016/S0929-1199(02)00007-X

Nguyen, 2014 Nguyen, K. H. (2014). Impact of a dividend initiation wave on shareholder wealth. Applied Financial Economics, 24(8), 573–586. https://doi.org/10.1080/09603107.2014.892197

Nguyen, 2020 Nguyen, T.-G. (2020). Stock liquidity and dividend policy: Evidence from an imputation tax environment. International Review of Financial Analysis, 72, 101559. https://doi.org/10.1016/j.irfa.2020.101559

Nguyen and Tran, 2022 Nguyen, T. T. M. , & Tran, Q. T. (2022). Democracy and dividend policy around the world. The North American Journal of Economics and Finance, 62, 101713. https://doi.org/10.1016/j.najef.2022.101713

Nie and Yin, 2022 Nie, J. , & Yin, L. (2022). Do dividends signal safety? Evidence from China. International Review of Financial Analysis, 82, 102123. https://doi.org/10.1016/j.irfa.2022.102123

Nishikawa et al., 2021 Nishikawa, Y. , Hashemi Joo, M. , & Parhizgari, A. M. (2021). Languages and dividend policy. The Journal of Behavioral Finance, 1–19. https://doi.org/10.1080/15427560.2021.1913158

Nissim and Ziv, 2001 Nissim, D. , & Ziv, A. (2001). Dividend changes and future profitability. The Journal of Finance, 56(6), 2111–2133. https://doi.org/10.1111/0022-1082.00400

Nowak et al., 2021 Nowak, S. , Mrzygłód, U. , Mosionek-Schweda, M. , & Kwiatkowski, J. M. (2021). What do we know about dividend smoothing in this millennium? Evidence from Asian markets. Emerging Markets Finance and Trade, 57(13), 3677–3706. https://doi.org/10.1080/1540496X.2019.1711367

O'Sullivan, 2006 O'Sullivan, M. A. (2006). Living with the U.S. financial system: The experiences of general electric and Westinghouse electric in the last century. Business History Review, 80(4), 621–655.

Ofori-Sasu et al., 2022 Ofori-Sasu, D. , Clarissa Dzeha, G. , Boachie, C. , & Yindenaba Abor, J. (2022). The role of board dynamics in explaining payout policy and shareholders' wealth: Evidence from the banking sector in Africa. Research in Globalization, 5, 100086. https://doi.org/10.1016/j.resglo.2022.100086

Ohlson, 1995 Ohlson, J. A. (1995). Earnings, book values, and dividends in equity valuation. Contemporary Accounting Research, 11(2), 661–687. https://doi.org/10.1111/j.1911-3846.1995.tb00461.x

Ozo and Arun, 2019 Ozo, F. K. , & Arun, T. G. (2019). Stock market reaction to cash dividends: Evidence from the Nigerian stock market. Managerial Finance, 45(3), 366–380. https://doi.org/10.1108/MF-09-2017-0351

Paczkowski, 2012 Paczkowski, J. (2012, March 19). Apple's dividend: Why now? https://allthingsd.com/20120319/apples-dividend-why-now/

Pahi and Yadav, 2022 Pahi, D. , & Yadav, I. S. (2022). Product market competition, agency cost and dividend payouts: New evidence from emerging market. Journal of Management & Governance, 26(3), 925–956. https://doi.org/10.1007/s10997-021-09570-0

Pandey and Bhat, 2007 Pandey, I. , & Bhat, R. (2007). Dividend behaviour of Indian companies under monetary policy restrictions. Managerial Finance, 33(1), 14–25.

Panousi and Papanikolaou, 2012 Panousi, V. , & Papanikolaou, D. (2012). Investment, idiosyncratic risk, and ownership. The Journal of Finance, 67(3), 1113–1148. https://doi.org/10.1111/j.1540-6261.2012.01743.x

Papaioannou and Savarese, 1994 Papaioannou, G. J. , & Savarese, C. M. (1994). Corporate dividend policy response to the Tax Reform Act of 1986. Financial Management, 23(1), 56–63. https://doi.org/10.2307/3666056

Park, 2003 Park, H. (2003). Determinants of corruption: A cross-national analysis. Multinational Business Review, 11(2), 29–48. https://doi.org/10.1108/1525383X200300010

Partington, 1989 Partington, G. H. (1989). Variables influencing dividend policy in Australia: Survey results. Journal of Business Finance & Accounting, 16(2), 165–182.

Pástor and Veronesi, 2012 Pástor, L. u. , & Veronesi, P. (2012). Uncertainty about government policy and stock prices. The Journal of Finance, 67(4), 1219–1264. https://doi.org/10.1111/j.1540-6261.2012.01746.x

Patatoukas, 2012 Patatoukas, P. N. (2012). Customer-base concentration: Implications for firm performance and capital markets. The Accounting Review, 87(2), 363–392. https://www.jstor.org/stable/23245608

Pattenden and Twite, 2008 Pattenden, K. , & Twite, G. (2008). Taxes and dividend policy under alternative tax regimes. Journal of Corporate Finance, 14(1), 1–16. https://doi.org/10.1016/j.jcorpfin.2007.09.002

Pearce and Robinson, 1985 Pearce, J. A. , & Robinson, R. B. (1985). Formulation, implementation and control of competitive strategy.

Pettenuzzo et al., 2023 Pettenuzzo, D. , Sabbatucci, R. , & Timmermann, A. (2023). Dividend suspensions and cash flows during the Covid-19 pandemic: A dynamic econometric model. Journal of Econometrics. https://doi.org/10.1016/j.jeconom.2022.11.008

Pettit, 1972 Pettit, R. R. (1972). Dividend announcements, security performance, and capital market efficiency. The Journal of Finance, 27(5), 993–1007. https://doi.org/10.1111/j.1540-6261.1972.tb03018.x

Pettit, 1977 Pettit, R. R. (1977). Taxes, transactions costs and the clientele effect of dividends. Journal of Financial Economics, 5(3), 419–436. https://doi.org/10.1016/0304-405X(77)90046-0

Phan and Tran, 2019 Phan, T. K. H. , & Tran, N. H. (2019). Dividend policy and stock price volatility in an emerging market: Does ownership structure matter? Cogent Economics & Finance, 7(1), 1637051. https://doi.org/10.1080/23322039.2019.1637051

Poretti and Blal, 2020 Poretti, C. , & Blal, I. (2020). The asset-light strategies and the dividend puzzle: International evidence from the hospitality industry. International Journal of Hospitality Management, 91, 102639. https://doi.org/10.1016/j.ijhm.2020.102639

Porter, 1979 Porter, M. E. (1979). How competitive forces shape strategy. Harvard Business Review, 57(2), 137–145.

Porter, 1980 Porter, M. E. (1980). Competitive strategy: Techniques for analyzing industries and competitors. Free Press.

Porter, 2008 Porter, M. E. (2008). The five competitive forces that shape strategy. Harvard Business Review, 86(1), 78.

Poterba and Summers, 1984 Poterba, J. M. , & Summers, L. H. (1984). New evidence that taxes affect the valuation of dividends. The Journal of Finance, 39(5), 1397–1415.

Prakash and Yogesh, 2021 Prakash, N. , & Yogesh, L. (2021). Market reaction to dividend announcements during pandemic: An event study. Vision. https://doi.org/10.1177/09722629211066288

Pruitt and Gitman, 1991 Pruitt, S. W. , & Gitman, L. J. (1991). The interactions between the investment, financing, and dividend decisions of major U.S. firms. Financial Review, 26(3), 409–430. https://doi.org/10.1111/j.1540-6288.1991.tb00388.x

Pucheta-Martínez and Bel-Oms, 2016 Pucheta-Martínez, M. C. , & Bel-Oms, I. (2016). The board of directors and dividend policy: The effect of gender diversity. Industrial and Corporate Change, 25(3), 523–547. https://doi.org/10.1093/icc/dtv040

Qin et al., 2022 Qin, W. , Liang, Q. , Jiao, Y. , Lu, M. , & Shan, Y. (2022). Social trust and dividend payouts: Evidence from China. Pacific-Basin Finance Journal, 72, 101726. https://doi.org/10.1016/j.pacfin.2022.101726

Raaballe and Hedensted, 2008 Raaballe, J. , & Hedensted, J. S. (2008). Dividend determinants in Denmark. SSRN. https://doi.org/10.2139/ssrn.1123436

Rabbani, 2017 Rabbani, N. (2017). The announcement effect of cash dividend changes on share prices: Evidence from Dhaka stock exchange. Review of Pacific Basin Financial Markets and Policies, 20(04), 1750025. https://doi.org/10.1142/S0219091517500254

Raith, 2003 Raith, M. (2003). Competition, risk, and managerial incentives. The American Economic Review, 93(4), 1425–1436.

Ramezani and Moosavi, 2015 Ramezani, M. , & Moosavi, S. A. (2015). Market power and dividend policy: Evidence from firms listed in Tehran stock exchange. Environment Conservation Journal, 16(SE), 7–14.

Raymond and Charles, 2003 Raymond, E. M. , & Charles, C. S. (2003). Organizational strategy, structure, and process. Stanford University Press.

Renneboog and Trojanowski, 2007 Renneboog, L. , & Trojanowski, G. (2007). Control structures and payout policy. Managerial Finance, 33(1), 43–64. https://doi.org/10.1108/03074350710715809

Rhee and Park, 2018 Rhee, K. , & Park, K. S. (2018). Changes in dividend smoothing after the financial crisis. Economics Letters, 172, 37–39. https://doi.org/10.1016/j.econlet.2018.08.019

Riley, 1975 Riley, J. G. (1975). Competitive signaling. Journal of Economic Theory, 10(2), 174–186. https://doi.org/10.1016/0022-0531(75)90049-6

Robbins et al., 2014 Robbins, S. P. , Bergman, R. , Stagg, I. , & Coulter, M. (2014). Management. Pearson Australia.

Root and Yung, 2022 Root, A. , & Yung, K. (2022). Resolving agency and product market views of cash holdings. Research in International Business and Finance, 59, 101518. https://doi.org/10.1016/j.ribaf.2021.101518

Ross et al., 2010 Ross, S. A. , Westerfield, R. , & Jaffe, J. F. (2010). Corporate finance (9th ed.). McGraw-Hill/Irwin.

Roy, 2015 Roy, A. (2015). Dividend policy, ownership structure and corporate governance: An empirical analysis of Indian firms. Indian Journal of Corporate Governance, 8(1), 1–33. https://doi.org/10.1177/0974686215574422

Rozeff, 1982 Rozeff, M. S. (1982). Growth, beta and agency costs as determinants of dividend payout ratios. Journal of Financial Research, 5(3), 249.

Rozycki, 1997 Rozycki, J. J. (1997). A tax motivation for smoothing dividends. The Quarterly Review of Economics and Finance, 37(2), 563–578. https://doi.org/10.1016/S1062-9769(97)90043-0

Rupasingha et al., 2006 Rupasingha, A. , Goetz, S. J. , & Freshwater, D. (2006). The production of social capital in US counties. The Journal of Socio-Economics, 35(1), 83–101. https://doi.org/10.1016/j.socec.2005.11.001

Saadi and Chkir, 2008 Saadi, S. , & Chkir, I. (2008). Taxation and dividend policy: New empirical evidence. Journal of Corporate Ownership and Control, 5(4), 266–273.

Saeed, 2021 Saeed, A. (2021). The impact of employee friendly practices on dividend payments: Evidence from emerging economies. Journal of Business Research, 135, 592–605. https://doi.org/10.1016/j.jbusres.2021.07.009

Saeed and Zamir, 2021 Saeed, A. , & Zamir, F. (2021). How does CSR disclosure affect dividend payments in emerging markets? Emerging Markets Review, 46, 100747. https://doi.org/10.1016/j.ememar.2020.100747

Saens and Tigero, 2021 Saens, R. , & Tigero, T. (2021). Mandatory dividend rules and the investment decision: The case of Chile. The North American Journal of Economics and Finance, 56, 101373. https://doi.org/10.1016/j.najef.2021.101373

Sahu, 2000 Sahu, C. (2000). An empirical test of association between dividend payout and stock returns. Paradigm, 4(2), 109–130.

Sarwar and Hassan, 2021 Sarwar, B. , & Hassan, M. (2021). Impact of economic policy uncertainty on dividend decision: A moderating role of board financial expertise. Journal of Public Affairs, 21(3), e2613. https://doi.org/10.1002/pa.2613

Sawicki, 2009 Sawicki, J. (2009). Corporate governance and dividend policy in Southeast Asia pre- and post-crisis. The European Journal of Finance, 15(2), 211–230. https://doi.org/10.1080/13518470802604440

Schmidt, 1997 Schmidt, K. M. (1997). Managerial incentives and product market competition. The Review of Economic Studies, 64(2), 191–213. https://doi.org/10.2307/2971709

Schrand and Zechman, 2012 Schrand, C. M. , & Zechman, S. L. C. (2012). Executive overconfidence and the slippery slope to financial misreporting. Journal of Accounting and Economics, 53(1), 311–329. https://doi.org/10.1016/j.jacceco.2011.09.001

Schwartz, 1992 Schwartz, S. H. (1992). Universals in the content and structure of values: Theoretical advances and empirical tests in 20 countries. In M. P. Zanna (Ed.), Advances in experimental social psychology (Vol. 25, pp. 1–65). Academic Press.

Schwartz, 1994 Schwartz, S. H. (1994). Are there universal aspects in the structure and contents of human values? Journal of Social Issues, 50(4), 19–45.

Scott, 1912 Scott, W. R. (1912). The constitution and finance of English, Scottish and Irish joint-stock companies to 1720 (Vol. 1). The University Press.

Setia-Atmaja, 2010 Setia-Atmaja, L. (2010). Dividend and debt policies of family controlled firms: The impact of board independence. International Journal of Managerial Finance, 6(2), 128–142. https://doi.org/10.1108/17439131011032059

Setiawan et al., 2016 Setiawan, D. , Bandi, B. , Kee Phua, L. , & Trinugroho, I. (2016). Ownership structure and dividend policy in Indonesia. Journal of Asia Business Studies, 10(3), 230–252. https://doi.org/10.1108/JABS-05-2015-0053

Shailer and Wang, 2015 Shailer, G. , & Wang, K. (2015). Government ownership and the cost of debt for Chinese listed corporations. Emerging Markets Review, 22(0), 1–17. https://doi.org/10.1016/j.ememar.2014.11.002

Shao et al., 2010 Shao, L. , Kwok, C. C. Y. , & Guedhami, O. (2010). National culture and dividend policy. Journal of International Business Studies, 41(8), 1391–1414. https://doi.org/10.1057/jibs.2009.74

Shao et al., 2013 Shao, L. , Kwok, C. C. Y. , & Guedhami, O. (2013). Dividend policy: Balancing shareholders' and creditors' interests. Journal of Financial Research, 36(1), 43–66. https://doi.org/10.1111/j.1475-6803.2013.12002.x

Sharma, 2011 Sharma, V. (2011). Independent directors and the propensity to pay dividends. Journal of Corporate Finance, 17(4), 1001–1015. https://doi.org/10.1016/j.jcorpfin.2011.05.003

Shefrin and Statman, 1984 Shefrin, H. M. , & Statman, M. (1984). Explaining investor preference for cash dividends. Journal of Financial Economics, 13(2), 253–282. https://doi.org/10.1016/0304-405X(84)90025-4

Sheikh, 2022a Sheikh, S. (2022a). CEO power and the likelihood of paying dividends: Effect of profitability and cash flow volatility. Journal of Corporate Finance, 73, 102186. https://doi.org/10.1016/j.jcorpfin.2022.102186

Sheikh, 2022b Sheikh, S. (2022b). Corporate social responsibility and corporate payout policy: The impact of product market competition. International Journal of Managerial Finance, 18(1), 49–74. https://doi.org/10.1108/IJMF-09-2020-0465

Shelley, 2007 Shelley, R. B. T. (2007). SSE to raise dividend 18 per cent in new payout policy. www.ft.com

Shin et al., 2018 Shin, M. , Kim, S. , Shin, J. , & Lee, J. (2018). Labor union effect on corporate cash holdings and their marginal value. Emerging Markets Finance and Trade, 54(6), 1391–1413. https://doi.org/10.1080/1540496X.2017.1289085

Shinozaki and Uchida, 2017 Shinozaki, S. , & Uchida, K. (2017). Ownership structure, tax regime, and dividend smoothing. In T. Naito , W. Lee , & Y. Ouchida (Eds.), Applied approaches to societal institutions and economics: Essays in honor of Moriki Hosoe (pp. 41–55). Springer Singapore.

Shleifer, 1985 Shleifer, A. (1985). A theory of yardstick competition. The RAND Journal of Economics, 16(3), 319–327. https://doi.org/10.2307/2555560

Shleifer and Vishny, 1986 Shleifer, A. , & Vishny, R. W. (1986). Large shareholders and corporate control. Journal of Political Economy, 94(3, Part 1), 461–488.

Shleifer and Vishny, 1997 Shleifer, A. , & Vishny, R. W. (1997). A survey of corporate governance. The Journal of Finance, 52(2), 737–783. https://doi.org/10.1111/j.1540-6261.1997.tb04820.x

Short et al., 2002 Short, H. , Zhang, H. , & Keasey, K. (2002). The link between dividend policy and institutional ownership. Journal of Corporate Finance, 8(2), 105–122. https://doi.org/10.1016/S0929-1199(01)00030-X

Sibanda, 2014 Sibanda, M. (2014). Do firms smooth their dividends over time? Evidence from the Johannesburg stock exchange. Journal of Economics, 5(3), 333–339. https://doi.org/10.1080/09765239.2014.11885009

Silvers, 2021 Silvers, R. (2021). The effects of cross-border cooperation on disclosure enforcement, earnings attributes, and transparency. Journal of Accounting and Public Policy, 40(4), 106875. https://doi.org/10.1016/j.jaccpubpol.2021.106875

Spence, 1973 Spence, M. (1973). Job market signaling. Quarterly Journal of Economics, 87, 355–374.

Stevens and Jose, 1992 Stevens, J. L. , & Jose, M. L. (1992). The effects of dividend payout, stability, and smoothing on firm value. Journal of Accounting, Auditing and Finance, 7(2), 213–216.

Stulz, 2005 Stulz, R. M. (2005). The limits of financial globalization. The Journal of Finance, 60(4), 1595–1638.

Subramaniam, 1996 Subramaniam, V. (1996). Underinvestment, debt financing, and long-term supplier relations. Journal of Law, Economics, and Organization, 12(2), 461–479. https://doi.org/10.1093/oxfordjournals.jleo.a023371

Subramaniam and Wasiuzzaman, 2019 Subramaniam, V. , & Wasiuzzaman, S. (2019). Corporate diversification and dividend policy: Empirical evidence from Malaysia. Journal of Management & Governance, 23(3), 735–758. https://doi.org/10.1007/s10997-018-9440-x

Syed et al., 2018 Syed, K. B. S. , Zainir, F. B. , & Isa, M. (2018). Does reputation matter in the dividend smoothing policy of emerging market firms? Empirical evidence from India. Borsa Istanbul Review, 18(3), 191–204. https://doi.org/10.1016/j.bir.2017.12.001

Tahir et al., 2020 Tahir, M. , Ibrahim, H. , Zulkafli, A. H. , & Mushtaq, M. (2020). Corruption, national culture, law and dividend repatriation policy. Journal of Multinational Financial Management, 57–58. https://doi.org/10.1016/j.mulfin.2020.100658

Telser, 1966 Telser, L. G. (1966). Cutthroat competition and the long purse. The Journal of Law and Economics, 9, 259–277. https://doi.org/10.1086/466627

Thakur and Kannadhasan, 2019 Thakur, B. P. S. , & Kannadhasan, M. (2019). Corruption and cash holdings: Evidence from emerging market economies. Emerging Markets Review, 38, 1–17. https://doi.org/10.1016/j.ememar.2018.11.008

Thanatawee, 2011 Thanatawee, Y. (2011). Life-Cycle theory and free cash flow hypothesis: Evidence from dividend policy in Thailand. International Journal of Financial Research, 2(2). https://doi.org/10.5430/ijfr.v2n2p52

Thieroff, 2000 Thieroff, R. (2000). On the areal distribution of tense-aspect categories in Europe. Empirical Approaches to Language Typology, 6, 265–308.

Thompson and Adasi Manu, 2021 Thompson, E. K. , & Adasi Manu, S. (2021). The impact of board composition on the dividend policy of US firms. Corporate Governance: The International Journal of Business in Society, 21(5), 737–753. https://doi.org/10.1108/CG-05-2020-0182

Tigero et al., 2023 Tigero, T. , Saens, R. , & Castillo, A. (2023). Dividend smoothing and ownership concentration: Evidence from Latin America. Journal of Corporate Accounting & Finance. n/a(n/a). https://doi.org/10.1002/jcaf.22639

Titman, 1984 Titman, S. (1984). The effect of capital structure on a firm's liquidation decision. Journal of Financial Economics, 13(1), 137–151. https://doi.org/10.1016/0304-405X(84)90035-7

Titman and Wessels, 1988 Titman, S. , & Wessels, R. (1988). The determinants of capital structure choice. The Journal of Finance, 43(1), 1–19.

Tran, 2019a Tran, Q. T. (2019a). Corporate cash holdings and financial crisis: New evidence from an emerging market. Eurasian Business Review, 10(2), 271–285. https://doi.org/10.1007/s40821-019-00134-9

Tran, 2019b Tran, Q. T. (2019b). Corruption, agency costs and dividend policy: International evidence. The Quarterly Review of Economics and Finance, 76, 325–334. https://doi.org/10.1016/j.qref.2019.09.010

Tran, 2019c Tran, Q. T. (2019c). Creditors and dividend policy: Reputation building versus debt covenant. European Research on Management and Business Economics, 25(3), 114–121. https://doi.org/10.1016/j.iedeen.2019.06.001

Tran, 2020 Tran, D. V. (2020). Economic policy uncertainty and bank dividend policy. International Review of Economics, 67(3), 339–361. https://doi.org/10.1007/s12232-020-00344-y

Tran, 2020 Tran, Q. T. (2020). Corruption and corporate cash holdings: International evidence. Journal of Multinational Financial Management, 54, 100611. https://doi.org/10.1016/j.mulfin.2019.100611

Tran, 2021 Tran, Q. T. (2021). Local corruption and dividend policy: Evidence from Vietnam. Economic Analysis and Policy, 70, 195–205. https://doi.org/10.1016/j.eap.2021.02.011

Tran et al., 2017 Tran, Q. T. , Alphonse, P. , & Nguyen, X. M. (2017). Dividend policy: Shareholder rights and creditor rights under the impact of the global financial crisis. Economic Modelling, 64, 502–512. https://doi.org/10.1016/j.econmod.2017.03.010

Tran et al., 2022 Tran, Q. T. , Nguyen, X. M. , & Dao, T. H. (2022). Financial crisis and dividend policy: Evidence from an emerging market. Journal of International Economics and Management, 22(2), 25–41. https://doi.org/10.38203/jiem.022.2.0046

Tran et al., 2019 Tran, Q. T. , Nguyen, X. M. , Nguyen, T. H. A. , Nguyen, T. M. , & Truong, T. T. T. (2019). Monetary loosening and dividend policy: Evidence from Vietnamese stock market. Asian Academy of Management Journal, 24(2).

Trantidis, 2016 Trantidis, A. (2016). Is government contestability an integral part of the definition of democracy? Politics, 37(1), 67–81. https://doi.org/10.1177/0263395715619635

Travlos et al., 2001 Travlos, N. G. , Trigeorgis, L. , & Vafeas, N. (2001). Shareholder wealth effects of dividend policy changes in an emerging stock market: The case of Cyprus. Multinational Finance Journal, 5(2), 87–112.

Twu, 2012 Twu, M. (2012). Stock market development and the decline of the portion of dividend payers throughout the world. Financial Review, 47(2), 401–421. https://doi.org/10.1111/j.1540-6288.2012.00334.x

Ucar, 2016 Ucar, E. (2016). Local culture and dividends. Financial Management, 45(1), 105–140. https://doi.org/10.1111/fima.12118

Ullah et al., 2020 Ullah, I. , Majeed, M. A. , Fang, H.-X. , & Khan, M. A. (2020). Female CEOs and investment efficiency: Evidence from an emerging economy. Pacific Accounting Review, 32(4), 443–474. https://doi.org/10.1108/PAR-08-2019-0099

Utami and Inanga, 2011 Utami, S. R. , & Inanga, E. L. (2011). Agency costs of free cash flow, dividend policy, and leverage of firms in Indonesia. European Journal of Economics, Finance and Administrative Sciences, 33, 7–24.

Van Loon, 1913 Van Loon, H. W. (1913). The fall of the Dutch Republic. Houghton Mifflin.

Villiers and Ma, 2017 Villiers, C. D. , & Ma, D. (2017). The association between corporate social responsibility and dividend pay-outs. International Journal of Critical Accounting, 9(5–6), 460–480. https://doi.org/10.1504/IJCA.2017.090584

von Eije and Megginson, 2008 von Eije, H. , & Megginson, W. L. (2008). Dividends and share repurchases in the European Union. Journal of Financial Economics, 89(2), 347–374. https://doi.org/10.1016/j.jfineco.2007.11.002

Wang, 2012 Wang, J. (2012). Do firms' relationships with principal customers/suppliers affect shareholders' income? Journal of Corporate Finance, 18(4), 860–878. https://doi.org/10.1016/j.jcorpfin.2012.06.007

Wang and Guo, 2011 Wang, C. F. , & Guo, Y. (2011). Do dividend tax cuts lead firms to increase dividends: Evidence from China. China Journal of Accounting Research, 4(4), 197–209. https://doi.org/10.1016/j.cjar.2010.06.001

Wang et al., 2011 Wang, X. , Manry, D. , & Wandler, S. (2011). The impact of government ownership on dividend policy in China. Advances in Accounting, 27(2), 366–372. https://doi.org/10.1016/j.adiac.2011.08.003

Watts, 1973 Watts, R. (1973). The information content of dividends. Journal of Business, 46(2), 191–211.

Wei and Kaufmann, 1999 Wei, S.-J. , & Kaufmann, D. (1999). Does grease money speed up the wheels of commerce? The World Bank.

Wei et al., 2011 Wei, Z. , Wu, S. , Li, C. , & Chen, W. (2011). Family control, institutional environment and cash dividend policy: Evidence from China. China Journal of Accounting Research, 4(1–2), 29–46. https://doi.org/10.1016/j.cjar.2011.04.001

Weston and Brigham, 1979 Weston, J. F. , & Brigham, E. F. (1979). Managerial finance (7th ed.). Dryden Press.

White, 1996 White, L. F. (1996). Executive compensation and dividend policy. Journal of Corporate Finance, 2(4), 335–358. https://doi.org/10.1016/0929-1199(96)00003-X

Whitworth and Rao, 2010 Whitworth, J. , & Rao, R. P. (2010). Do tax law changes influence ex-dividend stock price behavior? Evidence from 1926 to 2005. Financial Management, 39(1), 419–445. https://doi.org/10.1111/j.1755-053X.2010.01078.x

Whorf, 1956 Whorf, B. L. (1956). Language, thought and reality: Selected writings of Benjamin Lee Whorf. MIT Press.

Williston, 1888 Williston, S. (1888). History of the law of business corporations before 1800. Harvard Law Review, 2(3), 105–124.

Xu and Li, 2018 Xu, X. , & Li, Y. (2018). Local corruption and corporate cash holdings: Sheltering assets or agency conflict? China Journal of Accounting Research, 11(4), 307–324. https://doi.org/10.1016/j.cjar.2018.05.001

Xu et al., 2023 Xu, X. , Lin, C. , & Yan, Y. (2023). Covid-19 crisis and corporate cash dividend policies: Evidence from Chinese listed companies. Applied Economics Letters, 30(2), 178–184. https://doi.org/10.1080/13504851.2021.1980485

Xu et al., 2017 Xu, G. , Zhang, D. , & Yano, G. (2017). Can corruption really function as “protection money” and “grease money”? Evidence from Chinese firms. Economic Systems, 41(4), 622–638.

Yang et al., 2017 Yang, X. , Han, L. , Li, W. , Yin, X. , & Tian, L. (2017). Monetary policy, cash holding and corporate investment: Evidence from China. China Economic Review, 46, 110–122.

Yan and Zhu, 2020 Yan, Q. , & Zhu, H. (2020). Peer influence on dividend policy: Evidence from the Chinese stock market. Economics Letters, 192, 109229. https://doi.org/10.1016/j.econlet.2020.109229

Yaseen, 2019 Yaseen, H. (2019). Dividend policy explained by country's standards of living: An international evidence. Paper presented at the Global Versus Local Perspectives on Finance and Accounting.

Yensu and Adusei, 2016 Yensu, J. , & Adusei, C. (2016). Dividend policy decision across African countries. International Journal of Economics and Finance, 8(6), 63–77.

Ye and Zhang, 2011 Ye, K. , & Zhang, R. (2011). Do lenders value corporate social responsibility? Evidence from China. Journal of Business Ethics, 104(2), 197–206. https://doi.org/10.1007/s10551-011-0898-6

Zainudin et al., 2018 Zainudin, R. , Mahdzan, N. S. , & Yet, C. H. (2018). Dividend policy and stock price volatility of industrial products firms in Malaysia. International Journal of Emerging Markets, 13(1), 203–217. https://doi.org/10.1108/IJoEM-09-2016-0250

Zeng and Wang, 2015 Zeng, S. , & Wang, L. (2015). CEO gender and corporate cash holdings. Are female CEOs more conservative? Asia-Pacific Journal of Accounting & Economics, 22(4), 449–474. https://doi.org/10.1080/16081625.2014.1003568

Zhou et al., 2013 Zhou, J. , Booth, L. , & Chang, B. (2013). Import competition and disappearing dividends. Journal of International Business Studies, 44(2), 138–154. https://doi.org/10.1057/jibs.2012.36

Book Chapters

Prelims

Chapter 1 Introduction of Dividend Policy

Chapter 2 Dividend Policy Around the World

Chapter 3 Dividend Policy Theories and Empirical Evidence

Chapter 4 Internal Environment and Dividend Policy

Chapter 5 Industry Environment and Dividend Policy

Chapter 6 Macro-Environment and Dividend Policy

Chapter 7 Business Environment and Dividend Smoothing

Chapter 8 Dividend Policy and Stock Price

References

References

Citation

Publisher

Book Chapters

Something didn’t work…

All feedback is valuable

Platform update page

Questions & More Information

Citation

Publisher

Book Chapters

We’re listening — tell us what you think

Something didn’t work…

All feedback is valuable

Join us on our journey

Platform update page

Questions & More Information