Excess corporate payouts and financial distress risk
研究发现过度支付的企业比支付不足的企业面临更高的财务困境风险、更低的生存率，以及更差的未来销售和资产增长，并在债券和股票市场出现负异常回报。
Abstract Firms that follow excessive payout policies (over‐payers) are higher on the financial distress spectrum and have lower survival rates than under‐payers. In addition, over‐payers endure lower future sales and asset growth than under‐payers and experience negative abnormal returns in the bond and stock markets. Exogenous import tariff reductions and commodity price jumps reduce the likelihood of overpayment. We interpret this as evidence consistent with financial flexibility considerations, rather than risk‐shifting, explaining the decision to overpay. We also find that CEO overconfidence and catering incentives affect overpayment.