What results have empirical studies of the dividend theories produced? How does all this affect what we

Question:

What results have empirical studies of the theories produced? How does all this affect what we can tell managers about payouts?

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...