National culture and dividend policy

@article{Shao2010NationalCA,
  title={National culture and dividend policy},
  author={Liang Frank Shao and Chuck C.Y. Kwok and Omrane Guedhami},
  journal={Journal of International Business Studies},
  year={2010},
  volume={41},
  pages={1391-1414}
}
This interdisciplinary study examines how national culture affects corporate dividend policies. The dividend puzzle is one of the most studied, yet unresolved, issues in financial economics. Prior theoretical and empirical research has suggested several explanations of the dividend puzzle that are rooted mainly in agency, asymmetric information, “bird in hand”, and pecking order theories. The main intuition behind our analysis is that dividend policy may be determined not only by an objective… 
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