Dividend policy issues in regulated and unregulated firms: a managerial perspective Available to Purchase

Outlines previous research on four explanations for and various factors influencing dividend policy; and reports a survey of senior managers in US listed companies to determine their views. Finds strong support for the signalling explanation and some support for the bird‐in‐hand, tax‐preference and agency costs explanations, especially from regulated companies. Ranks the perceived importance of 20 factors influencing policy and discusses the top five (future earnings, past dividends, share price, concern over false signals and cash flow); and the differences between regulated and unregulated companies. Compares the rankings with Farrelly, Baker and Edelman (1986), recognizes the limitations of the study and considers consistency with other research.