Kowalewski, Oskar; Stetsyuk, Ivan; Talavera, Oleksandr - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2007
that companies with weak shareholder rights pay dividends less generously than do firms with high corporate governance … standards. Therefore, minority shareholders often use power to extract dividends. We also find that large and more profitable … companies have a higher dividend payout ratio, while riskier and more indebted firms prefer to pay lower dividends. …