The Influence of a Credit Rating Change on Dividend and Investment Policy Interactions
研究了企业信用评级变化后如何调整股利和投资活动，发现评级下调会同时减少股利和投资，但能提升过度投资企业的投资效率；评级上调则只增加投资，不增加股利。
Abstract We examine firms’ alterations in dividend and investment activities following credit rating changes. We find that downgraded firms reduce both dividends and investments more than no‐rating‐change firms. However, a silver lining of this doubly negative impact for shareholders is an increase in investment efficiency in firms that are most likely to overinvest. For upgraded firms, investments increase, but dividend outlays do not, compared to firms without rating changes. Our findings of asymmetric dividend stickiness and symmetric investment changes on a credit shock suggest that dividends and investments should not always be considered competing uses of funds.