We consider a setting in which insiders have information about income that outside shareholders do not, but property … rights ensure that outside shareholders can enforce a fair payout. To avoid intervention, insiders report income consistent …

weakens the relationship between corporate earnings and payout dynamics.While the impact of the voting power of shareholders … block holders (i.e. industrial firms, outside individuals, directors, financial institutions).The controlling shareholders …

that, in the UK, firms do not demonstrate a decreasing propensity to distribute funds to shareholders.The role of share … shareholders. …