CEVAP:

Ross (1977) and Bhattacharya (1979) initiated the dividend signaling hypothesis, also called, dividend information content hypothesis stating that if there is a larger than expected dividend increase, it signals to investors that managers anticipate bright future prospects of the company. On the contrary, if the dividend decreases or it is less than expected, it signals to investors that managers forecast poor future earnings. In another words, as a dividend rise conveys confidence to investors, a dividend cut conveys a lack of confidence.