Why Firms Do Not Pay Dividends: The Canadian Experience
通过问卷调查，研究了加拿大企业不支付现金股息的原因，发现增长机会、低盈利和现金约束是主要因素，税收和股票回购的影响较小。
Abstract: We use a survey approach to investigate the factors leading to the decision not to pay cash dividends in Canada. Our results show that Canadian managers perceive growth opportunities, low profitability and cash constraints as the major reasons underlying a firm's decision not to pay dividends. Questionnaire results also show that, for non‐dividend‐paying firms, taxation is at best a second‐order determinant of dividend policy and that stock repurchases are not substitutes for dividends. Finally, our findings are inconclusive regarding managers’ views on the relationship between dividend policy and stock prices and the signaling role of dividend policy.