Why are corporate payouts so high in the 2000s?

The average annual inflation-adjusted amount paid out through dividends and repurchases by public industrial firms is more than three times larger from 2000 to 2019 1971 1999. We find that an increase in aggregate corporate income accounts for 37% of the payouts, payout rate 63%. Firms have higher rates 2000s not only because they are older, larger, free cash flow, but also pay their flow. Though spend less on capital expenditures before, decrease similarly with payouts without.