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政大典藏 > College of Commerce > Department of Finance > Periodical Articles > Item 140.119/70687

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/70687

Title:	Optimal payout ratio under uncertainty and the flexibility hypothesis: Theory and empirical evidence
Authors:	陳鴻毅 Lee, Cheng-Few;Gupta, Manak C.;Chen, Hong-Yi;Lee, Alice C.
Contributors:	財管系
Keywords:	Dividends;Flexibility hypothesis;Payout policy;Fixed-effects model
Date:	2011.06
Issue Date:	2014-10-22 12:25:10 (UTC+8)
Abstract:	Following the dividend flexibility hypothesis used by DeAngelo and DeAngelo (2006), Blau and Fuller (2008), and others, we theoretically extend the proposition of DeAngelo and DeAngelo (2006) optimal payout policy in terms of the flexibility dividend hypothesis. In addition, we also introduce growth rate, systematic risk, and total risk variables into the theoretical model.To test the theoretical results derived in this paper, we use the data collected in the US from 1969 to 2009 to investigate the impact of the growth rate, systematic risk, and total risk on the optimal payout ratio in terms of the fixed-effect model. We find that based on flexibility considerations, a company will reduce its payout when the growth rate increases. In addition, we find that a nonlinear relationship exists between the payout ratio and the risk. In other words, the relationship between the payout ratio and the risk is negative (or positive) when the growth rate is higher (or lower) than the rate of return on total assets. Our theoretical model and empirical results can therefore be used to identify whether flexibility or the free cash flow hypothesis should be used to determine the dividend policy.
Relation:	Journal of Corporate Finance, 17, 483-501
Data Type:	article
DOI link:	http://dx.doi.org/10.1016/j.jcorpfin.2011.02.004
DOI:	10.1016/j.jcorpfin.2011.02.004
Appears in Collections:	[Department of Finance] Periodical Articles

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