Corporate Dividend Policy: The Views of British Financial Managers
通过问卷调查，研究英国公司经理对股利理论重要性的看法，发现信号传递和所有权结构理论比资本结构、投资决策和代理问题更受支持，且公司规模、行业等因素影响经理观点。
Abstract: Using a survey approach, this paper examines the importance and relevance of the various theories of dividend policy for UK companies. Further, it evaluates the extent to which corporate characteristics such as size and industry influence managerial responses to the survey. In general, the results support dividend hypotheses relating to signalling and ownership structure, in preference to those about capital structure and investment decisions and agency issues. At a more detailed level, the cross sectional analysis reveals important differences between managers’ responses, based on company size, industry sector, growth opportunities, ownership structure and information asymmetry.