Browsing by Author "Prates do Amaral, Adriano"
Prates do Amaral, Adriano; Aekkachai Nittayagasetwat (National Institute of Development Administration, 2016)
Dividend smoothing is a well-known empirical phenomenon which is extensively described and analyzed in the financial literature. However, the motivation behind this widespread firm's policy is not totally understood. The signaling approach is one model employed to explain dividend smoothing: managers reduce information asymmetry between firm insiders and other stakeholders by maintaining dividends stable, thus signaling their confidence in the firm's future performance. Nevertheless, results from empirical studies are incomplete and ...