... and authors. The full terms of this licence may be seen at http://creativecommons.org/licences/by/4.0/legalcode D&O insurance Management tone manipulation Enterprise operation risk Agency cost Text analysis In 2002, the release of the governance standards of listed companies brought...

... of expense variable. Originality/value This paper confirms that dividend regulation serves an important role in corporate governance, which reduces firms' agency costs and thereby decreases cost stickiness. The conclusions shed light on the dividend policies of listed companies and capital market...