The paper was published in the Economic Modelling journal by Ciaran Driver, Anna Grosman and Pasquale Scaramozzino from the School of Finance and Management, SOAS, University of London and School of Business and Economics, Loughborough University.
The economics of dividend policy has focused on the single tight narrative that dividends keep managers honest, mitigating concerns that they over-invest. This article provides a critique of that agency narrative, arguing that pressure from short-term focused investors, executives and board members pushes the firm into preemptive actions of returning too much cash via dividends.
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