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Renneboog, Luc; Goergen, M.; Correia Da Silva, L. - Tilburg University, Center for Economic Research - 2004

target payout ratio. We find that German firms do not base their dividend decisions on published earnings, but on cash flows … their dividend policy whereas German are more willing to cut the dividend in the wake of a temporary decrease in ….e., frequent annual small adjustments in the dividend per share) observed in the US and the UK. …

Persistent link: https://www.econbiz.de/10011092638

Insider Trading, Option Exercises and Private Benefits of Control (Revision of DP 2010-32)

de Goeij, Peter; Renneboog, Luc; Cziraki, P. - Tilburg University, Center for Economic Research - 2010

We investigate patterns of abnormal stock performance around insider trades and option exercises on the Dutch market. Listed firms in the Netherlands have a long tradition of employing many anti-shareholder mechanisms limiting shareholders rights. Our results imply that insider transactions are...

Persistent link: https://www.econbiz.de/10011092693

Corporate Governance Structures, Control and Performance in European Markets : A Tale of Two Systems

Renneboog, Luc; Crama, Y.; Leruth, L.; Urbain, J-P. - Tilburg University, Center for Economic Research - 1999

Traditionally share price returns and their variance have been explained by factors linked to the operations of the company such as systematic risk, corporate size and P/E ratios or by factors related to the influence of the macro-economic environment. In these models, the institutional...

Persistent link: https://www.econbiz.de/10011092775

Do Corporate Control and Product Market Competition Lead to Stronger Productivity Growth? Evidence from Market-Oriented and Blockholder-Based Governance Regimes

Renneboog, Luc; Koke, J. - Tilburg University, Center for Economic Research - 2003

This study investigates the impact of corporate governance and product market competition on total factor productivity growth for two large samples of German and UK firms. In poorly performing UK firms, the presence of strong outside blockholders lead to substantial increases in productivity....

Persistent link: https://www.econbiz.de/10011092792

Shareholding Cascades : The Separation of Ownership and Control in Belgium

Renneboog, Luc; Becht, M.C.; Chapelle, A. - Tilburg University, Center for Economic Research - 1999

This paper analyses the control of Belgian listed companies. The analysis reveals that control of listed companies in Belgium is highly concentrated. Business groups, holding companies, and voting pacts, play an important role in bringing about this concentration. The main characteristics of the...

Persistent link: https://www.econbiz.de/10011092838

Share Price Reactions to CEO Resignations and Large Shareholder Monitoring in Listed French Companies

Renneboog, Luc; Dherment-Ferere, I. - Tilburg University, Center for Economic Research - 2000

This study has analysed the share price reactions to changes in top management.A distinction was made among different types of CEO turnover: forced resignation, voluntary departures and age-related retirements.The announcement of a forced CEO resignation is hailed favourably by the market with a...

Persistent link: https://www.econbiz.de/10011092880

How Relevant is Dividend Policy under Low Shareholder Protection?

Renneboog, Luc; Szilagyi, P.G. - Tilburg University, Center for Economic Research - 2006

concerns, by examining dividend behavior when shareholder control is restricted in the firm.We consider the stakeholder … dividend payouts are generally low, unresponsive to earnings changes and show little relationship with size, leverage, and … investment opportunities.Shareholder power restrictions affect dividend behavior to varying degrees, but those that do are used …

Persistent link: https://www.econbiz.de/10011092883

Do UK Institutional Shareholders Monitor their Investee Firms?

Renneboog, Luc; Goergen, M.; Zhang, C. - Tilburg University, Center for Economic Research - 2008

As institutional investors are the largest shareholders in most listed UK firms, one expects them to monitor the firms they invest in. However, there is mounting empirical evidence which suggests that they do not perform any monitoring. This paper provides a new test on whether UK institutional...

Persistent link: https://www.econbiz.de/10011090281

Control Structures and Payout Policy

Renneboog, Luc; Trojanowski, G. - Tilburg University, Center for Economic Research - 2005

This paper examines the payout policies of UK firms listed on the London Stock Exchange during the 1990s.It complements the existing literature by analyzing the trends in both dividends and total payouts (including share repurchases).In a dynamic panel data regression setting, we relate target...

Persistent link: https://www.econbiz.de/10011090300

Investment Policy, Internal Financing and ownership Concentration in the UK

Renneboog, Luc; Goergen, M. - Tilburg University, Center for Economic Research - 2000

This paper investigates whether investment spending of firms is sensitive to the availability of internal funds.Imperfect capital markets create a hierarchy for the different sources of funds such that investment and financial decisions are not independent.The relation between corporate...

Persistent link: https://www.econbiz.de/10011090481