We study how the relationship between a firm’s growth opportunities and its dividend policies shifts in response to a reduction in information asymmetry between investors and firms. Existing literature suggests a negative relationship between growth opportunities and dividend payouts in the presence of information asymmetry. Using the mandatory adoption of IFRS (International Financial Reporting Standards) as an exogenous shock to the information environment of a firm, we document that the negative relationship between growth opportunities and dividend payout strengthens. This suggests IFRS adoption improves capital allocation by shifting dividend demand towards low-growth firms and reducing dividend demand from high-growth firms.

我们研究了公司的增长机会与其股息政策之间的关系如何随着投资者与公司之间信息不对称的减少而发生变化。现有文献表明，在存在信息不对称的情况下，增长机会与股息支付之间存在负相关关系。使用强制采用 IFRS（国际财务报告准则）作为对公司信息环境的外生冲击，我们证明增长机会与股息支付之间的负相关关系得到加强。这表明 IFRS 的采用通过将股息需求转向低增长公司并减少高增长公司的股息需求来改善资本配置。