Access the full text.
Sign up today, get DeepDyve free for 14 days.
R. Watts (1973)
The information content of dividendsThe Journal of Business, 46
E. Fama, Harvey Babiak (1968)
Dividend Policy: An Empirical AnalysisJournal of the American Statistical Association, 63
J. Lintner (1956)
DISTRIBUTION OF INCOMES OF CORPORATIONS AMONG DIVIDENDS, RETAINED EARNINGS AND TAXES, 46
Jensen Jensen, Meckling Meckling (1976)
Theory of the firm: Managerial behavior, agency costs, and ownership structureJournal of Financial Economics, 3
A. Kalay (1980)
Signaling, Information Content, and the Reluctance to Cut DividendsJournal of Financial and Quantitative Analysis, 15
James Brickley (1983)
Shareholder wealth, information signaling and the specially designated dividend: An empirical study☆Journal of Financial Economics, 12
R. Pettit (1972)
DIVIDEND ANNOUNCEMENTS, SECURITY PERFORMANCE, AND CAPITAL MARKET EFFICIENCYJournal of Finance, 27
Healy Healy, Palepu Palepu (1988)
Earnings information conveyed by dividend initiations and omissionsJournal of Financial Economics, 21
A. Kalay (1982)
Stockholder-bondholder conflict and dividend constraintsJournal of Financial Economics, 10
Clifford Smith, Jerold Warner (1979)
On financial contracting: An analysis of bond covenantsJournal of Financial Economics, 7
Michael Jensen, W. Meckling (1976)
Theory of the Firm
ABSTRACT This paper studies the dividend policy adjustments of 80 NYSE firms to protracted financial distress as evidenced by multiple losses during 1980–1985. Almost all sample firms reduced dividends, and more than half apparently faced binding debt covenants in years they did so. Absent binding debt covenants, dividends are cut more often than omitted, suggesting that managerial reluctance is to the omission and not simply the reduction of dividends. Moreover, managers of firms with long dividend histories appear particularly reluctant to omit dividends. Finally, some dividend reductions seem strategically motivated, e.g., designed to enhance the firm's bargaining position with organized labor.
The Journal of Finance – Wiley
Published: Dec 1, 1990
Read and print from thousands of top scholarly journals.
Already have an account? Log in
Bookmark this article. You can see your Bookmarks on your DeepDyve Library.
To save an article, log in first, or sign up for a DeepDyve account if you don’t already have one.
Copy and paste the desired citation format or use the link below to download a file formatted for EndNote
Access the full text.
Sign up today, get DeepDyve free for 14 days.
All DeepDyve websites use cookies to improve your online experience. They were placed on your computer when you launched this website. You can change your cookie settings through your browser.