The study looked at how companies in the S&P1500 group handled dividend payments during the COVID-19 crisis. Most companies either kept their dividends the same or increased them, even though their earnings available to shareholders were lower. This suggests that their current dividend policies might not be sustainable. The researchers also found that future earnings forecasts were negatively linked to current dividend levels, indicating that companies might need to rethink their payout strategies. Similar trends were seen in stock repurchases as well.