In line with theory on agency cost of dividend, a high rate of dividend payment could make the manager disgorge extra free cash flow, thus reducing the agency cost of free cash flow.
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美
释义
股利代理成本理论认为,较高的股利支付水平可以迫使经理人“吐出”自由现金流,从而降低企业自由现金流代理成本。
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