The quality of political signals and corporate payouts

被引：0

作者：

Nguyen, Thanh Cong ^{[1
]}

Thuy, Tien Ho ^{[2
]}

Ngo, Van Toan ^{[2
]}

机构：

[1] Phenikaa Univ, Fac Econ & Business, Hanoi 12116, Vietnam

[2] Univ Finance Mkt, Banking & Finance Dept, Ho Chi Minh City, Vietnam

来源：

APPLIED ECONOMICS LETTERS | 2024年

关键词：

Political signal quality; corporate payouts; share buyback; precautionary motive; RISK;

D O I：

10.1080/13504851.2024.2383253

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This study contributes to the broader field of financial economics by highlighting the important role of the quality of political signals in shaping corporate financial strategies. Using a sample of 17,635 US firms over the period 2001-2021, this paper examines how corporate payouts respond to low-quality political signals. We find evidence that such signals trigger corporate precautionary behaviour, leading to more conservative payout policies. Given the stickiness of dividends, we find that firms prefer cutting share repurchases over cash dividends.

引用

页数：6

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