Takeover Risk and Dividend Strategy: A Study of UK Firms
研究了英国上市公司股利策略与接管风险的关系，发现高股利支付显著降低被接管概率，且为规避接管，公司应将边际收益用于分红而非投资。
We investigate the relationship between a company’s dividend strategy and its risk of takeover. Our results from a large panel of UK quoted companies suggest that higher dividend payments are associated with a significantly lower conditional probability (hazard) of takeover. Moreover, firms which wish to avoid takeover would be better to distribute the marginal £1 of earnings in dividends rather than investing it in the company. We consider two explanations for these findings. We suggest that the presence of an active market for corporate control could encourage firms to raise dividends to maintain shareholder loyalty.