The evolving relation between dividends and flexible payouts: A different evolution
研究了1993-2018年英国上市公司支付方式的变化，发现常规股息仍是主要渠道，但灵活支付（特别股息和回购）增长，使总支付对盈利更敏感，且灵活支付补充而非替代常规股息。
Abstract We study payout by UK listed companies during 1993–2018. Regular dividends remain the dominant channel, but flexible payouts (special dividends and repurchases) have grown, and they make total payout more responsive to earnings. Flexible payouts are used to augment regular dividends: few companies pay out by flexible means only, and tests indicate that they augment rather than replace regular dividends. Comparison with US evidence shows that UK companies make greater use of dividends (including specials) in relation to repurchases, and have a greater willingness to change regular dividend per share.