https://orcid.org/0000-0003-2694-6139
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ABSTRACT
From an agency theory perspective, we find the increase of stock liquidity will lead to more dividend payouts. There are two potential channels, the ‘outcome hypothesis’ (La Porta et al. 2000) and the ‘creditors substitute hypothesis’ (Brockman and Unlu 2009), through which stock liquidity could increase dividend payouts. We confirm that stock liquidity influences dividend payouts mainly through the latter.
Disclosure statement
No potential conflict of interest was reported by the authors.
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