實證結果方面，說明變數的定義、衡量方式、選樣標準與資料來源，並列示各項實證結果，以進行比較分析。最後的結論與建議，則是彙整本研究之重要結論，說明研究限制，並對後續研究提出建議。 Employing three alternative measures of ability to pay, we find support for the Lintner hypothesis that firms pursue a long-run target payout ratio and also that current earnings better explain long-run dividends than cash flows or stock prices. The evidence further indicates that corporations adjust dividends with a ratchet effect, raising them more readily than they lower them.
More specifically, when dividends are below target levels, firms move toward equilibrium by increasing them, but when dividends are above target levels, firms approach equilibrium by restricting dividend increases as earnings rise.
