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The present study examines the signaling effects of a firm’s dividend policy in developing economies (India, Brazil, China, and Taiwan) from 2010 to 2020 in 4,630 companies’ observations. It highlights that the Indian market indicates greater intensity to the signaling model, though no such reactions were recorded in the Brazilian and Taiwanese markets. Further, the Lintner partial adjustment model reveals that companies in India adjust dividends at a slower rate as compared to other emerging markets like China, Brazil, and Taiwan. We found that the Lintner model is the behavioral consequence of the applicability or non-applicability of dividend signaling theory in these emerging economies. JEL Codes: G35, C32, G15
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