In an empirical paper by John, Knyazeva and Knyazeva (2011), the authors show that, in the U.S., a firms geographic location influences its payout policy.

Briefly discuss whether the results reported in the study of John Knyazeva and Knyazeva (2011) can be generalized to firms located in smaller countries like Belgium, Denmark, Kuwait, Lebanon, or Tunisia.

Reference (the PDF version of the study is available on the course website):

John, K, Knyazeva, A., and Knyazeva, D., (2011). Does geography matter? Firm location and corporate payout policy. Journal of Financial Economics, Vol. 101, Issue 3. Page 533.