Dividend policy and the earned/contributed capital mix: a test of the life-cycle theory

By H. DeAngelo, L. DeAngelo, René M. Stulz. 2006

1,690 citations recorded by the source corpus.

Subfields: Accounting, Strategy and Management

View Paper: https://www.semanticscholar.org/paper/a897014ff61aee7ee282616312f4051ad816ab7b

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Citations in the corpus

Measuring Firm Size in Empirical Corporate Finance (2018, neutral): “We choose the 20 representative specifications from Coles, Daniel, and Naveen (2006), Comment and Schwert (1995), Core and Guay (1999), DeAngelo, DeAngelo, and Stulz (2006), Graham, Li, and Qiu (2012), Harford (1999), Harford, Mansi, and Maxwell (2008), Lemmon, Roberts, and Zender (2008), Linck,…”
Dividend policy, creditor rights, and the agency costs of debt. (2009, methodology): “13 This is consistent with the life-cycle explanation of dividends of DeAngelo and DeAngelo (2006), DeAngelo, DeAngelo, and Stulz (2006), and Denis and Osobov (2008).”
Financial Flexibility and Capital Structure Decision (2011, background): “DeAngelo, DeAngelo, and Stulz (2006, 2007) argue that firms with low earned capital relative to total capital tend to be in the capital infusion stage, whereas firms with greater earned capital tend to be more mature with ample cumulative profits that make them largely self-financing.”
Financial Expert CEOs: CEO’s Work Experience and Firm’s Financial Policies (2014, neutral): “Firmlevel controls include size, ROA, leverage, previous year dividend payout, asset growth, and cash (see DeAngelo, DeAngelo, and Stulz, 2006).”
Firm Life Cycle, Corporate Risk Taking, and Investor Sentiment (2017, positive): “Other studies (e.g., Bulan et al. 2007; DeAngelo et al. 2006; Fama and French, 2001) acknowledge the role of the firm life cycle in determining dividend payout policy and the cost of capital (Hasan et al. 2015).”
Corporate Life Cycle and Cost of Equity Capital (2015, positive): “…Observations (N) 3888 3564 3483 3888 Number of firms 704 679 656 704 Panel B: Association between cost of equity and RE/TA (life cycle proxy of DeAngelo et al. (2006)) R RE TA SIZE BM BETA LOSSi t i t i t i t i t i t, , , , , ,= + + + + + +−α β β β β β0 1 2 3 4 5 1 β β α ε6 7LEV ZSCORE YEAR…”
Corporate life cycle and M&A activity (2010, methodology): “Our proxies for corporate life cycle are the proportion of retained earnings to equity (RE/TE) and to total assets (RE/TA).”
Why Do Firms Pay Dividends? International Evidence on the Determinants of Dividend Policy (2008, methodology): “DeAngelo, DeAngelo, and Stulz (2006) report that the propensity to pay dividends is most strongly associated with the company’s earned/contributed equity mix; that is, the proportion of the firm’s equity that is internally generated.”