Unlocking Dividends: The impact of managerial social capital on international corporate payouts
研究发现管理者社会资本能缓解信息不对称和融资约束，从而促使全球企业增加股息发放，且这一效应在现金持有成本高的公司中更显著。
We present robust international evidence that managerial social capital is a significant determinant of dividend policy worldwide. Our analysis reveals that social capital mitigates information asymmetry and financial constraints, thereby resulting in increased dividend payouts. The effect is particularly pronounced for firms anticipating high cash retention costs. These findings are consistent with the pecking-order perspective of corporate payouts. Moreover, we identify a significant moderating role of shareholder legal protection and national cultural characteristics. Our results remain robust across alternative model specifications and tests for endogeneity.