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Please use this identifier to cite or link to this item: http://hdl.handle.net/10400.5/2362

Title: Is the Dividend Puzzle Solved?
Authors: Borges, Maria Rosa
Issue Date: 2008
Publisher: ISEG – Departamento de Economia
Citation: Borges, Maria Rosa. 2008. "Is the Dividend Puzzle Solved?". Instituto Superior de Economia e Gestão - DE Working papers nº 38-2008/DE/CIEF
Series/Report no.: DE Working papers;nº 38-2008/DE/CIEF
Abstract: 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.
URI: http://hdl.handle.net/10400.5/2362
ISSN: 0874-4548
Publisher version: https://aquila1.iseg.utl.pt/aquila/getFile.do?method=getFile&fileId=26539
Appears in Collections:CIEF - Documentos de Trabalho / CIEF - Working Papers
DE - Documentos de trabalho / Working Papers

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