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Is the dividend puzzle solved?
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Autores
Orientador(es)
Resumo(s)
Since the 1960's, there is an ongoing debate on dividend policy, which remains a controversial issue to this day. Why do firms pay dividends? The academics have not been able to agree on any convincing explanation, and the same time, many even claim that firms should not pay dividends, and so we have a "dividend puzzle ". The purpose of this paper is to summarize the main findings of two more recent fields of research, and to discuss why they seem to be the most promising avenues for further research, to solve the "dividendpuzzle", and to build a complete payout policy theory. These fields are: (i) the agency theory and (ii) the lifecycle theory. Besides being very intuitive, these theories are consistent with most empirical facts on U.S. firms' payout policy.
Descrição
Palavras-chave
Firms Payout Policy Dividends United States
Contexto Educativo
Citação
Borges, Maria Rosa. (2008). "Is the dividend puzzle solved?". Instituto Superior de Economia e Gestão - DE Working papers nº 38-2008/DE/CIEF
Editora
ISEG – Departamento de Economia