Changes in dividend smoothing after the financial crisis

초록

This study examines changes in dividend smoothing among Korean firms after the financial crisis in 2008, and analyzes the factors influencing those changes. We find that the speed of adjustment of firms after the crisis has increased above pre-crisis levels, indicating that firms focus more on investments and the appropriate level of cash facing increased corporate risk, while such tendency is stronger for small firms with higher investment levels. (C) 2018 Published by Elsevier B.V.

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