Information asymmetry and dividend pay-out policy for Dutch listed non-financial firms

This study investigates the relationship between Information Asymmetry and dividend pay-out policy for Dutch listed non-financial firms. A total of 621 analysts’ forecasts and 65 Dutch listed non-financial firms are used to make an OLS regression analysis. Previous research indicates that for Dutch listed non-financial firms the Pecking order theory would be applicable instead of the Signalling theory. Meaning that there would be a negative relationship between Information asymmetry and Dividend pay-outs. However, no evidence was found for Dutch listed non-financial firms.