Dividend Puzzle
Does Lintner's Model Support Corporate Dividend Payments?
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While we are still in the dilemma yet to have a consensus in our understanding of dividends, the empirical modeling of dividend policy has overwhelmingly relied on the model proposed by Lintner (1956). Despite the huge literature in dividends, a number of key issues remain unresolved and clear guidelines for an optimal payout policy have not emerged. The aim of this manuscript is to assess whether Lintner s dividend model supports dividend payments in corporate firms. In attempt to test whether the Lintner s model explains the dividend payments of the corporate firms, the manuscript tries to a...
While we are still in the dilemma yet to have a consensus in our understanding of dividends, the empirical modeling of dividend policy has overwhelmingly relied on the model proposed by Lintner (1956). Despite the huge literature in dividends, a number of key issues remain unresolved and clear guidelines for an optimal payout policy have not emerged. The aim of this manuscript is to assess whether Lintner s dividend model supports dividend payments in corporate firms. In attempt to test whether the Lintner s model explains the dividend payments of the corporate firms, the manuscript tries to answer the following questions; Do corporate firms have long-term target dividend payout ratios?, Do managers focus more on dividend changes than on absolute levels?, Does Dividend follow a smoother path than earnings? And Are managers reluctant to make changes to dividends that might have to be reversed?
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