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The sensitivity of payouts to corporate financing decisions

机译：支出对公司融资决策的敏感性

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摘要

Purpose - The purpose of this article is to empirically explore the sensitivity of payouts to cash flows and the other financing decisions, such as debt and investment, of firms. Design/methodology/approach - Using panel regressions based on COMPUSTAT data for 7,544 public firms during the period 1973-2013, we estimate the sensitivity of total payouts. Specifically, following the theory presented in Lambrecht and Myers (2012), we test the interdependent financing decisions of the firm. First, we compute total payout as the sum of cash dividends and net stock repurchases; second, we examine the sensitivity of total payouts to changes in the firm's net income, debt and investment. Furthermore, we present several tests to demonstrate the robustness of our results. Findings - We suggest evidence in support of the theory in Lambrecht and Myers (2012) showing that there is a negative relationship between total payouts and investment. Furthermore, we find that total payouts are positively associated with net income and debt of the firm. Originality/value - Previous research has shown how cash flows affect different financing decisions, but it is not clear how total payouts are sensitive to other financing decisions. The focus of this paper is the response of total payouts to investment policy, debt financing policy and changes in cash flows.
机译：目的-本文的目的是从经验上探讨支出对现金流量和公司其他融资决策（例如债务和投资）的敏感性。设计/方法/方法-使用基于COMPUSTAT数据的1973-2013年间7,544家上市公司的面板回归，我们估算了总支出的敏感性。具体来说，根据Lambrecht和Myers（2012）提出的理论，我们测试了公司相互依赖的融资决策。首先，我们将总支出计算为现金股利和股票净回购之和。其次，我们考察了总支出对公司净收入，债务和投资变化的敏感性。此外，我们提出了一些测试来证明结果的稳健性。发现-我们建议在Lambrecht和Myers（2012）中支持该理论的证据表明，总支出与投资之间存在负相关关系。此外，我们发现总支出与公司的净收入和债务呈正相关。原创性/价值-先前的研究表明现金流量如何影响不同的融资决策，但尚不清楚总支出如何对其他融资决策敏感。本文的重点是总支出对投资政策，债务融资政策和现金流量变化的反应。

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