Hard Times or Great Expectations? Dividend Omissions and Dividend Cuts by UK Firms*
发现英国上市公司省略现金股息的比例上升，利用面板数据Probit模型分析现金流、杠杆、投资机会等财务特征对股息省略和削减的影响，发现这些变量解释了1995年后股息省略的大部分增加，且1997年税收改革的影响证据较弱。
Abstract This paper uncovers an increasing proportion of quoted UK companies omitting cash dividends. Using a large panel of quoted UK firms, we estimate panel data probit models for the incidence of dividend omissions and cuts as functions of financial characteristics including cash flow, leverage, investment opportunities, investment and company size. These variables account for most of the increase in omission since 1995. There is relatively little evidence to link this to the major tax reform of 1997 that abolished tax refunds on dividend income payable to tax‐exempt institutions. Significant persistence effects indicate companies are slow to adjust their balance sheets through their dividend.