文献详情
Stock liquidity, agency cost, and dividend payouts
文献类型：期刊
通讯作者：Huang, WW (reprint author), Renmin Univ China, 0517a,Mingde Main Bldg, Beijing 100872, Peoples R China.
期刊名称：APPLIED ECONOMICS LETTERS
年：2020
卷：27
期：4
页码：335-339
ISSN：1350-4851
关键词：Stock liquidity; agency cost; dividend payouts; natural experiment
摘要：From an agency theory perspective, we find the increase of stock liquidity will lead to more dividend payouts. There are two potential channels, the 'outcome hypothesis' (La Porta et al. 2000) and the 'creditors substitute hypothesis' (Brockman and Unlu 2009), through which stock liquidity could increase dividend payouts. We confirm that stock liquidity influences dividend payouts mainly through the latter.
DOI：10.1080/13504851.2019.1616052
百度学术：Stock liquidity, agency cost, and dividend payouts
语言：外文
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