A survey of financial executives in three industry groups to ascertain the impact of dividends on stock value. Results reveal that there is a belief dividends are important to investors despite a widespread controversy over that very question. Dividends may serve as a signaling device to investors, regardless of economic impact. Some difference in dividend policy between the utility industry and other industries suggests that industry specific information is lacking.
survey, dividends, earnings, stock prices
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Edelman, Richard B. and Farrelly, Gail E., "Analyzing Dividend Policy: A Questionnaire Survey" (1983). Historical Working Papers. 45.