Dividend Policy: An Empirical Analysis
股利政策的实证分析
Starting with the “partial adjustment model” suggested by Lintner [10, 11], this paper examines the dividend policies of individual firms. The Lintner model, in which the change in dividends from year t-1 to year t is regressed on a constant, the level of dividends for t-1, and the level of profits for t, explains dividend changes for individual firms fairly well relative to other models tested. But a model in which the constant term is suppressed and the level of earnings…