By Alex Shek, Benzinga Staff Writer

A management team's commitment to dividend payments might be a viewed as a positive signal for stocks, implying that executives believe their companies will continue to generate cash.

Of course, this commitment might also be a negative signal, as it could imply that the company does not have viable investment opportunities to pursue with its cash.

Regardless, companies that have a high dividend yield can interest traders and investors alike. Here are five communications companies with dividend yields above 7%:

CenturyLink (CTL): Shares of this phone, television and Internet provider have enjoyed a 6% rally this year. But even with that rally, the stock is still down 4% from a year ago.

On June 14, CenturyLink announced a $233 million networking solutions deal with the Social Security Administration. According to the company, this was the largest ever telecommunications contract from the federal government. On the day of this announcement, shares of CenturyLink rose around 1%.

Pitney Bowes (PBI): This communications software and equipment provider has seen its shares decline around 37% over the last year. Since 2007, shares of the company have fallen approximately 68%. Over this same period, however, the company increased its quarterly dividend four times.

On June 22, the company announced that it would partner with digital information management company Systemware to develop a secure digital communication service.

Frontier Communications Corporation (FTR): This communications service firm has seen its shares rally around 12% since early June. In February, the company declared a quarterly dividend of 10 cents, a reduction from a previous dividend of 18.75 cents.

R.R. Donnelley & Sons (RRD): In May, this commercial communications printing company announced that it would acquire EDGAR online, a regulatory reporting system provider, for approximately $70.5 million. Since then, the shares of R.R. Donnelley have rallied approximately 10%. However, shares are still down around approximately 20% this year.

Windstream Corporation (WIN): This phone, Internet and television provider formed in 2006 when Alltel spun off its landline phone services (which then merged with Valor Communications Group).

Shares of Windstream declined around 26% over the past 12 months, as the company reported earnings that missed analyst estimates for each of the three most recent quarters.

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