簡介／

【About the Speaker】

https://researchportal.bath.ac.uk/en/persons/winifred-huang

【Abstract】

In this study, we examine the relationship between innovation and dividend smoothing, finding that more innovative firms tend to have higher dividend smoothing. This relationship continues to hold after correcting the endogeneity bias and replacing ex-post measures of innovation with the ex-ante R&D intensity. We further introduce the financial constraints, finding that instead of encouraging dividend smoothing, financial constraints alleviate dividend smoothing in the innovative companies. Our study also demonstrates that innovative firms with low cash holdings tend to have higher dividend smoothing, while it is especially attractive to those without sufficient cash reserve. Finally, we show that innovative firms covered by more analysts show less dividend smoothing than those with fewer analysts. Overall, this study provides novel empirical evidence on the relationship between innovation and dividend smoothing.

*This seminar focus on research. It will suitable for young reserachers and the gruadate students.

報名資訊／