This study examines the decision to underwrite dividend reinvestment plans (DRPs) by Australian listed firms over the sample period 1995–2013. We find that the decision to underwrite a DRP for non-financial firms is negatively related to the level of franking credits attached to dividends, but positively related to the leverage of the firm and the discount for new shares issued in lieu of dividends. Non-financial and financial firms that are larger in size are more likely to underwrite their DRP. Lastly, underwriting of DRPs decreased with the onset of and subsequent to the height of the global financial crisis.

中文翻译：

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承销澳大利亚股息再投资计划

本研究考察了 1995 年至 2013 年样本期间澳大利亚上市公司承销股息再投资计划 (DRP) 的决定。我们发现，为非金融公司承销 DRP 的决定与股息附加的红利信用水平呈负相关，但与公司的杠杆率和发行新股代替股息的折扣呈正相关。规模较大的非金融和金融公司更有可能为其 DRP 提供承保。最后，随着全球金融危机的爆发和之后的高潮，DRP 的承保减少。