{"id":"https://openalex.org/W11601926","doi":"https://doi.org/10.1016/s0927-0507(05)80069-6","title":"Chapter 25 Dividend policy","display_name":"Chapter 25 Dividend policy","publication_year":1995,"publication_date":"1995-01-01","ids":{"openalex":"https://openalex.org/W11601926","doi":"https://doi.org/10.1016/s0927-0507(05)80069-6","mag":"11601926"},"language":"en","primary_location":{"id":"doi:10.1016/s0927-0507(05)80069-6","is_oa":true,"landing_page_url":"https://doi.org/10.1016/s0927-0507(05)80069-6","pdf_url":null,"source":{"id":"https://openalex.org/S4210170083","display_name":"Handbooks in operations research and management science","issn_l":"0927-0507","issn":["0927-0507","2212-1323"],"is_oa":false,"is_in_doaj":false,"is_core":true,"host_organization":"https://openalex.org/P4310320990","host_organization_name":"Elsevier BV","host_organization_lineage":["https://openalex.org/P4310320990"],"host_organization_lineage_names":["Elsevier BV"],"type":"book series"},"license":"cc-by-nc-nd","license_id":"https://openalex.org/licenses/cc-by-nc-nd","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Handbooks in Operations Research and Management Science","raw_type":"book-chapter"},"type":"book-chapter","indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"hybrid","oa_url":"https://doi.org/10.1016/s0927-0507(05)80069-6","any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5051966809","display_name":"Franklin Allen","orcid":"https://orcid.org/0000-0003-2706-3872"},"institutions":[{"id":"https://openalex.org/I79576946","display_name":"University of Pennsylvania","ror":"https://ror.org/00b30xv10","country_code":"US","type":"education","lineage":["https://openalex.org/I79576946"]}],"countries":["US"],"is_corresponding":true,"raw_author_name":"Franklin Allen","raw_affiliation_strings":["Wharton School, University of Pennsylvania, Philadelphia, PA 19104-6367, U.S.A"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Wharton School, University of Pennsylvania, Philadelphia, PA 19104-6367, U.S.A","institution_ids":["https://openalex.org/I79576946"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5021139306","display_name":"Roni Michaely","orcid":"https://orcid.org/0000-0003-2675-9667"},"institutions":[{"id":"https://openalex.org/I205783295","display_name":"Cornell University","ror":"https://ror.org/05bnh6r87","country_code":"US","type":"education","lineage":["https://openalex.org/I205783295"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Roni Michaely","raw_affiliation_strings":["Johnson Graduate School of Management, Malott Hall, Cornell University, Ithaca, NY 14853-4201, U.S.A"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Johnson Graduate School of Management, Malott Hall, Cornell University, Ithaca, NY 14853-4201, U.S.A","institution_ids":["https://openalex.org/I205783295"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":2,"corresponding_author_ids":["https://openalex.org/A5051966809"],"corresponding_institution_ids":["https://openalex.org/I79576946"],"apc_list":null,"apc_paid":null,"fwci":7.4933,"has_fulltext":false,"cited_by_count":63,"citation_normalized_percentile":{"value":0.96434938,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":90,"max":99},"biblio":{"volume":null,"issue":null,"first_page":"793","last_page":"837"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9991000294685364,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9991000294685364,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11508","display_name":"Corporate Taxation and Avoidance","score":0.9945999979972839,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12675","display_name":"Financial Reporting and Valuation Research","score":0.9940000176429749,"subfield":{"id":"https://openalex.org/subfields/1408","display_name":"Strategy and Management"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/dividend","display_name":"Dividend","score":0.9273356199264526},{"id":"https://openalex.org/keywords/dividend-policy","display_name":"Dividend policy","score":0.8881797790527344},{"id":"https://openalex.org/keywords/retained-earnings","display_name":"Retained earnings","score":0.7512115240097046},{"id":"https://openalex.org/keywords/earnings","display_name":"Earnings","score":0.6572290658950806},{"id":"https://openalex.org/keywords/monetary-economics","display_name":"Monetary economics","score":0.5591508746147156},{"id":"https://openalex.org/keywords/economics","display_name":"Economics","score":0.5100551247596741},{"id":"https://openalex.org/keywords/financial-economics","display_name":"Financial economics","score":0.499086856842041},{"id":"https://openalex.org/keywords/value","display_name":"Value (mathematics)","score":0.47277238965034485},{"id":"https://openalex.org/keywords/business","display_name":"Business","score":0.33701854944229126},{"id":"https://openalex.org/keywords/finance","display_name":"Finance","score":0.20903289318084717}],"concepts":[{"id":"https://openalex.org/C116168712","wikidata":"https://www.wikidata.org/wiki/Q181201","display_name":"Dividend","level":2,"score":0.9273356199264526},{"id":"https://openalex.org/C59399099","wikidata":"https://www.wikidata.org/wiki/Q5284040","display_name":"Dividend policy","level":3,"score":0.8881797790527344},{"id":"https://openalex.org/C2778098874","wikidata":"https://www.wikidata.org/wiki/Q240691","display_name":"Retained earnings","level":3,"score":0.7512115240097046},{"id":"https://openalex.org/C2781426361","wikidata":"https://www.wikidata.org/wiki/Q5326940","display_name":"Earnings","level":2,"score":0.6572290658950806},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.5591508746147156},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.5100551247596741},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.499086856842041},{"id":"https://openalex.org/C2776291640","wikidata":"https://www.wikidata.org/wiki/Q2912517","display_name":"Value (mathematics)","level":2,"score":0.47277238965034485},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.33701854944229126},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.20903289318084717},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.0},{"id":"https://openalex.org/C119857082","wikidata":"https://www.wikidata.org/wiki/Q2539","display_name":"Machine learning","level":1,"score":0.0}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.1016/s0927-0507(05)80069-6","is_oa":true,"landing_page_url":"https://doi.org/10.1016/s0927-0507(05)80069-6","pdf_url":null,"source":{"id":"https://openalex.org/S4210170083","display_name":"Handbooks in operations research and management science","issn_l":"0927-0507","issn":["0927-0507","2212-1323"],"is_oa":false,"is_in_doaj":false,"is_core":true,"host_organization":"https://openalex.org/P4310320990","host_organization_name":"Elsevier BV","host_organization_lineage":["https://openalex.org/P4310320990"],"host_organization_lineage_names":["Elsevier BV"],"type":"book series"},"license":"cc-by-nc-nd","license_id":"https://openalex.org/licenses/cc-by-nc-nd","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Handbooks in Operations Research and Management Science","raw_type":"book-chapter"}],"best_oa_location":{"id":"doi:10.1016/s0927-0507(05)80069-6","is_oa":true,"landing_page_url":"https://doi.org/10.1016/s0927-0507(05)80069-6","pdf_url":null,"source":{"id":"https://openalex.org/S4210170083","display_name":"Handbooks in operations research and management science","issn_l":"0927-0507","issn":["0927-0507","2212-1323"],"is_oa":false,"is_in_doaj":false,"is_core":true,"host_organization":"https://openalex.org/P4310320990","host_organization_name":"Elsevier BV","host_organization_lineage":["https://openalex.org/P4310320990"],"host_organization_lineage_names":["Elsevier BV"],"type":"book series"},"license":"cc-by-nc-nd","license_id":"https://openalex.org/licenses/cc-by-nc-nd","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Handbooks in Operations Research and Management Science","raw_type":"book-chapter"},"sustainable_development_goals":[{"id":"https://metadata.un.org/sdg/8","display_name":"Decent work and economic growth","score":0.4399999976158142}],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":116,"referenced_works":["https://openalex.org/W71113477","https://openalex.org/W169327172","https://openalex.org/W1486742411","https://openalex.org/W1486993561","https://openalex.org/W1493636442","https://openalex.org/W1510716131","https://openalex.org/W1519832565","https://openalex.org/W1551986381","https://openalex.org/W1576401391","https://openalex.org/W1577643870","https://openalex.org/W1582688450","https://openalex.org/W1584950101","https://openalex.org/W1585500105","https://openalex.org/W1587222246","https://openalex.org/W1588499854","https://openalex.org/W1596347046","https://openalex.org/W1600999493","https://openalex.org/W1605387388","https://openalex.org/W1974675048","https://openalex.org/W1983131287","https://openalex.org/W1983429103","https://openalex.org/W1985580119","https://openalex.org/W1986777287","https://openalex.org/W1993093318","https://openalex.org/W1997680043","https://openalex.org/W1998352758","https://openalex.org/W2000429174","https://openalex.org/W2000578291","https://openalex.org/W2003606137","https://openalex.org/W2003644932","https://openalex.org/W2004501718","https://openalex.org/W2006949193","https://openalex.org/W2009989271","https://openalex.org/W2012717586","https://openalex.org/W2013868786","https://openalex.org/W2015716299","https://openalex.org/W2020764437","https://openalex.org/W2024935505","https://openalex.org/W2026648205","https://openalex.org/W2039167111","https://openalex.org/W2040354841","https://openalex.org/W2046999060","https://openalex.org/W2047153781","https://openalex.org/W2047171075","https://openalex.org/W2049440762","https://openalex.org/W2050061463","https://openalex.org/W2056763091","https://openalex.org/W2058783960","https://openalex.org/W2067253559","https://openalex.org/W2067527621","https://openalex.org/W2068258432","https://openalex.org/W2071177271","https://openalex.org/W2071681097","https://openalex.org/W2077877739","https://openalex.org/W2083257361","https://openalex.org/W2084695533","https://openalex.org/W2084934575","https://openalex.org/W2086298426","https://openalex.org/W2088957698","https://openalex.org/W2089302026","https://openalex.org/W2093618542","https://openalex.org/W2095354744","https://openalex.org/W2096145649","https://openalex.org/W2097025272","https://openalex.org/W2104795328","https://openalex.org/W2112970138","https://openalex.org/W2122291533","https://openalex.org/W2122341650","https://openalex.org/W2123343520","https://openalex.org/W2126306973","https://openalex.org/W2129935464","https://openalex.org/W2135334498","https://openalex.org/W2142856961","https://openalex.org/W2144470805","https://openalex.org/W2148198877","https://openalex.org/W2148402268","https://openalex.org/W2148587860","https://openalex.org/W2151624457","https://openalex.org/W2151976875","https://openalex.org/W2152969713","https://openalex.org/W2153232707","https://openalex.org/W2158925814","https://openalex.org/W2163111320","https://openalex.org/W2164426272","https://openalex.org/W2170700680","https://openalex.org/W2223768511","https://openalex.org/W2317732556","https://openalex.org/W2323331210","https://openalex.org/W2752617332","https://openalex.org/W2890299060","https://openalex.org/W3024000571","https://openalex.org/W3121131820","https://openalex.org/W3121206765","https://openalex.org/W3121825198","https://openalex.org/W3124114405","https://openalex.org/W3124391568","https://openalex.org/W3124556288","https://openalex.org/W3125697080","https://openalex.org/W3125902854","https://openalex.org/W3126135334","https://openalex.org/W3126289917","https://openalex.org/W4253971021","https://openalex.org/W4301858457","https://openalex.org/W6629670066","https://openalex.org/W6630562409","https://openalex.org/W6633004210","https://openalex.org/W6635284897","https://openalex.org/W6636267298","https://openalex.org/W6647351933","https://openalex.org/W6679210197","https://openalex.org/W6681076836","https://openalex.org/W6681741816","https://openalex.org/W6682593625","https://openalex.org/W6683131607","https://openalex.org/W6683485709","https://openalex.org/W6689232535"],"related_works":["https://openalex.org/W11601926","https://openalex.org/W3200849755","https://openalex.org/W3021702656","https://openalex.org/W2356514433","https://openalex.org/W2990308011","https://openalex.org/W654831177","https://openalex.org/W2541275353","https://openalex.org/W2972718877","https://openalex.org/W2743014658","https://openalex.org/W2265037066"],"abstract_inverted_index":{"This":[0],"chapter":[1,153],"discusses":[2],"the":[3,45,56,141,156,162,165,174,184],"dividend":[4,25,91,98,114],"policy":[5,115],"that":[6,105,128,186,196],"is":[7,127,131,140,148],"crucial":[8],"for":[9],"areas":[10],"of":[11,24,35,48,74,90,97,124,158,164,173],"financial":[12],"economics.":[13],"Five":[14],"empirical":[15,168],"observations":[16],"have":[17,43,103],"played":[18],"an":[19],"important":[20],"role":[21],"in":[22,61,68],"discussions":[23],"policy:":[26],"(1)":[27],"corporations":[28],"typically":[29],"pay":[30,71,187,197],"out":[31,188,198],"a":[32,112,150],"significant":[33],"percentage":[34],"their":[36,125],"earnings":[37,144],"as":[38],"dividends.":[39,78,82,200],"(2)":[40],"Historically,":[41],"dividends":[42,69,178,190],"been":[44,180],"predominant":[46],"form":[47],"payout;":[49],"share":[50],"repurchases":[51],"were":[52],"relatively":[53],"unimportant":[54],"until":[55],"mid":[57],"1980s.":[58],"(3)":[59],"Individuals":[60],"high":[62,189],"tax":[63],"brackets":[64],"receive":[65],"large":[66],"amounts":[67,73],"and":[70,93,101,108,145,147,160],"substantial":[72],"taxes":[75],"on":[76,155,161,177],"these":[77],"(4)":[79],"Corporations":[80],"smooth":[81],"(5)":[83],"The":[84,121,137,152,170],"market":[85],"reacts":[86],"positively":[87],"to":[88,95,181],"announcements":[89,96],"increases":[92],"negatively":[94],"decreases.":[99],"Miller":[100],"Modigliani":[102],"showed":[104],"with":[106],"perfect":[107],"complete":[109],"capital":[110],"markets,":[111],"firm's":[113],"will":[116],"not":[117],"affect":[118],"its":[119],"value.":[120],"basic":[122,171],"premise":[123],"argument":[126],"firm":[129],"value":[130],"determined":[132],"by":[133],"choosing":[134],"optimal":[135],"investments.":[136],"net":[138],"payout":[139],"difference":[142],"between":[143],"investment,":[146],"simply":[149],"residual.":[151],"focuses":[154],"importance":[157],"taxes,":[159],"reconciliation":[163],"first":[166],"three":[167],"observations.":[169],"aim":[172],"tax-related":[175],"literature":[176],"has":[179],"investigate":[182],"whether":[183],"firms":[185,195],"are":[191],"less":[192],"valuable":[193],"than":[194],"low":[199]},"counts_by_year":[{"year":2025,"cited_by_count":2},{"year":2024,"cited_by_count":5},{"year":2023,"cited_by_count":7},{"year":2022,"cited_by_count":1},{"year":2021,"cited_by_count":3},{"year":2020,"cited_by_count":2},{"year":2019,"cited_by_count":3},{"year":2018,"cited_by_count":1},{"year":2017,"cited_by_count":3},{"year":2016,"cited_by_count":2},{"year":2015,"cited_by_count":2},{"year":2014,"cited_by_count":2},{"year":2013,"cited_by_count":3},{"year":2012,"cited_by_count":3}],"updated_date":"2026-05-05T08:41:31.759640","created_date":"2025-10-10T00:00:00"}