Why do firms pay dividends? 180 years of evidence
研究了1838年至2020年比利时企业股息支付的决定因素，发现企业规模、信息透明度、股票面值和流动性影响支付概率，但这些因素的重要性随时间变化，且股息并非用于信号传递。
Abstract We investigate the determinants of dividend payments in Belgium between 1838 and 2020. As the institutional environment changes drastically over time, we explore whether the determinants of dividend payments depend on the environment in which firms operate. Large firms, firms that are not informationally opaque, firms with a high share denomination and firms with liquid shares are more likely to pay. However, the importance of these characteristics changed over time. Surprisingly, firms seemingly do not use dividends for signaling. Our results indicate that the omnipresence of universal banks in pre-war Belgium might have lowered the need for a signal.