Purpose

The paper uses firm level data for the top listed firms in New York exchange stock over the period 2000–2017. The analysis is mainly based on 237 firms that already experienced losses at the end of the fiscal year. The study aims to use the properties of the dynamic panel data, specifically the methodology proposed by Arenllo and Bond (1991), to fulfill the objectives of the paper.

Design/methodology/approach

This paper focuses on the dividend policy management of the firms when they experience a loss at the end of the fiscal year. The objective is to examine how such a policy management affects the sustainability of the firm (measured by the future sales and total factor productivity[TFP]) and the wealth of its shareholders (measured by the Stock Returns).

Findings

The results show that the distressed firms that distribute dividends at the end of the loss period are able to maintain sustainability and to reach more favorable wealth situation of their shareholders relative to the firms who abstain to pay; the dividend policy during periods of loss is still able to send positive signals about the firm in the market; and the dividend policy can be considered as a predictive indicator for a sustainable firm whose shareholders can also predict their capital gains.

Originality/value

Agreed upon the literature that the firms during the period of crisis are likely to change their dividend policy, this study offers robust evidence that the dividend policy of distressed firms affects their sustainability (measured by sales and TFP) and the wealth status of their shareholders (measured by the Stock Returns).

中文翻译：

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评估股利政策对陷入困境的公司可持续性的影响

目的

该论文使用了 2000 年至 2017 年期间纽约交易所股票的顶级上市公司的公司层面数据。该分析主要基于 237 家在财政年度结束时已经亏损的公司。该研究旨在使用动态面板数据的属性，特别是 Arenllo 和 Bond (1991) 提出的方法来实现本文的目标。

设计/方法论/方法

本文重点研究企业在财政年度末亏损时的股利政策管理。目的是研究这种政策管理如何影响公司的可持续性（以未来销售额和全要素生产率 [TFP] 衡量）及其股东的财富（以股票回报衡量）。

发现

结果表明，在亏损期末分配股息的陷入困境的公司相对于弃权的公司能够保持可持续性并达到其股东更有利的财富状况；亏损期间的股息政策仍然能够在市场上发出有关公司的积极信号；股息政策可以被视为可持续公司的预测指标，其股东也可以预测其资本收益。

创意/价值

同意危机期间公司可能会改变其股息政策的文献，本研究提供了强有力的证据，表明陷入困境的公司的股息政策会影响其可持续性（以销售额和 TFP 衡量）及其股东的财富状况（以股票收益衡量）。