TY  - JOUR
AB  - This article investigates the relation between dividend payout policy and financial constraints, focusing on the Italian SMEs between 2015 and 2019 and adopting credit ratings as a measure of access to external financial resources. According to our findings, there is a positive relation between firm solvency and the payment of dividends, suggesting that, when companies’ financial constraints are higher, we can expect lower odds that they will pay out dividends. Nevertheless, there is also evidence that younger SMEs are interested in signaling their expected profitability to attract future investors and support access to the capital market.
DA  - 2021
DO  - 10.3390/su13116334
KW  - financial constraints
KW  - credit ratings
KW  - payout policy
KW  - manufacturing industry
KW  - SME
LA  - eng
IS  - 11
PY  - 2021
T2  - Sustainability
TI  - Financial Constraints and the Sustainability of Dividend Payout Policy
UR  - https://nbn-resolving.org/urn:nbn:de:0070-pub-29553423
Y2  - 2024-11-22T08:14:06
ER  -