On the Motivation for Paying Scrip Dividends
研究发现英国公司支付股票股利并非出于税收考虑或现金短缺，反而加剧了自由现金流的代理成本，对研究股利政策动机的学者有参考价值。
Firms in the United Kingdom that pay scrip (i.e., in stock) dividends do not appear to be following optimal dividend policies. Scrip dividends are not driven by tax considerations or cash shortages. The payment of scrip dividends exacerbates the agency costs of free cash flow.