This article investigates the relation between dividend payout policy and financial constraints, focusing on Italian SMEs 2015 2019 adopting credit ratings as a measure of access to external resources. According our findings, there is positive firm solvency payment dividends, suggesting that, when companies’ constraints are higher, we can expect lower odds that they will pay out dividends. Neve...

Payouts play an important role in the relationship between shareholders and agents in terms of rewarding the decisions of shareholders. Previous studies have observed that payout decisions appear in different ways depending on an industry's financial and operating structures. Since the airline industry has been characterized as high debt dependency, this study presumes distinctive characteristi...