Financial Constraints and the Sustainability of Dividend Payout Policy

被引：6

作者：

Falavigna, Greta ^{[1
]}

Ippoliti, Roberto ^{[2
]}

机构：

[1] Natl Res Council Italy CNR, Res Inst Sustainable Econ Growth IRCrES, I-10024 Moncalieri, Italy

[2] Bielefeld Univ, Fac Business Adm & Econ, D-33615 Bielefeld, Germany

来源：

SUSTAINABILITY | 2021年 / 13卷 / 11期

关键词：

financial constraints; credit ratings; payout policy; manufacturing industry; SMEs; RESEARCH-AND-DEVELOPMENT; TRADE CREDIT; INTERNAL FINANCE; FIRMS; SENSITIVITY; INFORMATION; INVESTMENT; MATTER; YOUNG; PANEL;

D O I：

10.3390/su13116334

中图分类号：

X [环境科学、安全科学];

学科分类号：

08 ; 0830 ;

摘要：

This article investigates the relation between dividend payout policy and financial constraints, focusing on the Italian SMEs between 2015 and 2019 and adopting credit ratings as a measure of access to external financial resources. According to our findings, there is a positive relation between firm solvency and the payment of dividends, suggesting that, when companies' financial constraints are higher, we can expect lower odds that they will pay out dividends. Nevertheless, there is also evidence that younger SMEs are interested in signaling their expected profitability to attract future investors and support access to the capital market.

引用

页数：15

共 47 条

[1] Capital expenditures, financial constraints, and the use of options [J].