This study examines whether societal trust affects information exchange between managers and external investors, with a focus on dividend smoothing as a communication tool. Using a large cross-country sample, we find that firms in high-trust countries are more inclined to engage in dividend smoothing to convey private information. Subsequent analyses reveal that the positive relationship between dividend smoothing and firm value is driven primarily by firms in more trusting countries. Additionally, we observe that the positive effect of societal trust on dividend smoothing is less pronounced in countries with stronger formal institutions, suggesting that trust acts as a substitute for formal institutions. Overall, this research enriches our understanding of how societal trust influences dividend smoothing as a distinct mechanism for information communication on a global scale.