Financing payouts
We find that 43% of firms that make payouts also raise capital during the same year, resulting in 31% of aggregate payouts being externally financed, primarily with debt. Most financed payouts cannot be explained by payout-smoothing in response to volatile earnings or investment—rather, they are the...
| Main Authors: | , , |
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| Format: | Journal article |
| Language: | English |
| Published: |
Cambridge University Press
2024
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