DIVIDENDS AND CASH-FLOW UNCERTAINTY: EVIDENCE FROM CHINA

摘要：

　　This paper examines the impact of cash-flow uncertainty on dividend policy with direct cash flow measure in China.We find that firms with greater cash-flow uncertainty have lower probability of paying dividends and pay lower dividends.By observing change of dividend policies, we find that facing greater cash-flow uncertainty, firms less likely initiate dividends payout and increase dividends, and more likely omit dividends.

关键词： Cash-flow Dividend Policy Uncertainty

作者: Zichao Jia

作者单位: School of Economics and Management, Beihang University, Beijing 100191, China

会议类型: 国际会议

会议名称: The 12th International Conference on Industrial Management(第十二届工业管理国际会议)

会议地点: 成都

会议语种:英文

页码: 540-542

在线出版日期: 2014-09-03（万方平台首次上网日期，不代表论文的发表时间）