Dividend Policy, Earnings, and Cash Flow: A Dynamic Panel Data Analysis
Benefiting from recent advances in panel data estimation, the chapter estimates the Lintner model for German firms. The Lintner model is estimated using both cash flow data and published earnings data. When the former are used, the implicit target payout ratio is much closer to the observed target payout ratio than when the latter is used. We conclude that target payout ratios of German firms are based on cash flow figures rather than published earnings figures.
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