Aggarwal, Raj; Dow, Sandra M. - In: Journal of Economics and Business 64 (2012) 3, pp. 214-230
dividend policy, we document that the probability of dividend payment by firms in Japanese business groups declines as the … affiliation to the business group strengthens – a finding consistent with transferring cash from weakly associated firms to those … strongly associated with the business group. Further, the contractual claimant position of main banks seems important as the …