期刊
REVIEW OF FINANCIAL STUDIES
卷 15, 期 1, 页码 1-33出版社
OXFORD UNIV PRESS INC
DOI: 10.1093/rfs/15.1.1
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Confirming predictions shared by the trade-off and pecking order models, more profitable firms and firms with fewer investments have higher dividend payouts. Confirming the pecking order model but contradicting the trade-off model, more profitable firms are less levered. Firms with more investments have less market leverage, which is consistent with the trade-off model and a complex pecking order model. Firms with more investments have lower long-term dividend payouts, but dividends do not vary to accommodate short-term variation in investment. As the pecking order model predicts, short-term variation in investment and earnings is mostly absorbed by debt.
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