Corporate Payout Policy and Product Market Competition

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Product market power, industry structure, and corporate earnings management (2013, unknown): “A number of studies establish that a firm's product market environment influences its investments, financing, cash distributions, corporate governance and hedging decisions (see e.g., Haushalter, Klasa and Maxwell (2006), Grullon and Michaely (2007) and Fama (1980)).”
Industry Concentration and Corporate Disclosure Policy (2014, background): “Grullon and Michaely (2007) report that firms in more concentrated industries pay out smaller dividends.”
Women in Top Management and Agency Costs (2011, background): “…between product market competition and corporate agency costs, and they support the idea that competition leads managers to be more efficient and more aligned with shareholders (Graham et al., 1983; Nickell, 1996; Berger and Hannan, 1998; Grinstein and Palvia, 2006; Grullon and Michaely, 2007).”
Effect of institutional ownership on dividends: An agency-theory-based analysis (2016, unknown): “…the literature on the interaction between dividends and other monitoring mechanisms (Allen, Bernardo, and Welch, 2000; Grinstein and Michaely, 2005; Grullon and Michaely, 2012; Officer, 2011; Hoberg, Phillips, and Prabhala, 2014, and others) by providing further empirical evidence supporting the…”
Product Market Threats, Payouts, and Financial Flexibility (2012, result): “This result is different from Grullon and Michaely (2007).”