摘要：The decision to adopt cash dividend policy is influenced by the environment of and the context of such decision. On average, companies that pay cash dividends are associated with higher liquidity ratios, higher profitability ratios, larger sized and higher research and developments than companies that do not pay dividends. Also, it is found that some companies with financial difficulties still paying cash dividends. Also, there are solid financial companies that do not pay cash dividends at all. It seems that managerial and behavioral issues are important factors to determine a company’s cash dividend policy
