Leuz, Christian; Deller, Dominic; Stubenrath, Michael - In: Accounting and Business Research 28 (1997) 2, pp. 111-129
<title>Abstract</title> Agency theory shows that payout constraints can play an important role in debt contracting and mitigating debt-related incentive problems. In this paper, we compare how, empirically, corporations in the UK, the US and Germany are restricted in their ability to pay dividends (and other...