FINANCIAL CHARACTERISTICS RELATED TO MANAGEMENTS'STOCK SPLIT AND STOCK DIVIDEND DECISIONS
检验了管理者进行股票拆分和股票股利的实际决策是否与先前调查中提到的动机一致，发现大比例股票拆分（25%及以上）旨在将股价维持在最优区间并向市场传递乐观信号，而低股价公司更倾向于小比例股票拆分（低于25%），信号动机同样起作用。
Several studies have made inquiries of corporate managers concerning their motivations for undertaking stock splits and stock dividends. This paper investigates whether the factors identified by these studies are in fact associated with the actual stock distribution decisions of managers. The results are consistent with the view that managements issue large stock distributions (25 per cent or greater) in order to keep the per share price in an optimal range and to signal optimistic expectations to the market. Firms with relatively low per share prices were inclined to issue small stock distributions (less than 25 per cent); the signaling motivation also played a role here.