Asymmetric Information and Dividend Policy
研究信息不对称如何影响公司股利政策，发现信息不对称程度高的公司更少支付、启动或增加股利，且支付金额更小，结果不支持股利信号理论。
We examine how informational asymmetries affect firms' dividend policies. We find that firms that are more subject to information asymmetry are less likely to pay, initiate, or increase dividends, and disburse smaller amounts. We show that our main results are not driven by our sample and that our results persist after accounting for the changing composition of payout over the sample period, the increasing importance of institutional shareholdings, and catering incentives. We conclude that there is a negative relation between asymmetric information and dividend policy. Our results do not support the signaling theory of dividends.