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Why do Firms Change Their Dividend Policy?

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Academic year: 2020

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Figure

Table 1: Number of switchers and non-switchers by year
Table 2: Characteristics of various dividend groups
Table 2 reports that during the pre-switch period negative switchers have higher RE/TE ratio than positive switchers
Table 3: Cross-sectional logit regressions for positive switchers (size and industry matched)
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