The dividend payout has long been considered a corporate policy commonly used to send signals to the market. According to signaling theory, companies tend to pay dividends to convey a positive message to investors about profits and cash flow. The O&G industry is known for maintaining a stable dividend payout, increasing dividends when companies decide they also need to boost the share price and, therefore, the company's value. Some analysts argue that an increase in dividend payments encourages pension funds to own more energy stocks. However,…
