What obvious question arises when we examine cross-sectional patterns in the dividend payouts of individual companies?

Question:

What obvious question arises when we examine cross-sectional patterns in the payouts of individual companies?
Dividend
A dividend is a distribution of a portion of company’s earnings, decided and managed by the company’s board of directors, and paid to the shareholders. Dividends are given on the shares. It is a token reward paid to the shareholders for their...