The Impact of Dividend Reinvestment Plans on Firm Payout Choices—Evidence from Real Estate Investment Trusts
研究了股息再投资计划（DRIP）如何影响房地产投资信托基金（REITs）的分红决策，发现拥有DRIP的REITs倾向于支付更高股息并维持稳定政策，同时更积极投资而不增加外部融资依赖。
Abstract This study investigates whether firm dividend payout choices are influenced by the presence of a Dividend Reinvestment Plan ( DRIP ). Given that DRIP s help retain capital, we show that dividend‐paying firms with a DRIP will tend to pay a high dividend and maintain a stable payout policy. Using a multinomial logistic model, we show that in comparison to REITs without DRIP s, REITs with DRIP s have a higher payout ratio and are less likely to: (1) pay regular dividends with extra dividends and share repurchases, (2) distribute extra dividends, repurchase shares, yet omit regular dividends and (3) omit all payouts. In addition, we find that REITs with a capital‐retaining DRIP invest more aggressively and such increased investment activities are undertaken without raising the reliance on external financing.