Payout Policy Through the Financial Crisis: The Growth of Repurchases and the Resilience of Dividends

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Evolution in Value Relevance of Accounting Information (2019, positive): “25 The DIV finding is consistent with using the dividend discount model to value banks (Damodaran 2009) and with banks continuing to use dividends to signal future cash flows (Floyd et al. 2015).”
Board gender diversity and dividend policy in Australian listed firms: the effect of ownership concentration (2019, positive): “Miller and Modigliani (1961) suggest that dividend policy is irrelevant in perfect and frictionless markets.”
What Do Firms Do When Dividend Tax Rates Change? An Examination of Alternative Payout Responses (2014, neutral): “Finally, Floyd, Li, and Skinner (2012) conclude that dividends likely did not increase after 2003 due to individual-level taxes, but rather due to other factors (e.g., firm profitability).”
Dividends and economic policy uncertainty: International evidence (2021, positive): “Prior studies suggest that firm-level and macroeconomic uncertainty may influence dividend payout policy (e.g., Chay & Suh, 2009; Floyd et al., 2015).”