Tax codes regularly create conflicts of interests between small and large shareholders with respect to the payout … shareholders. Based on an extensive data set covering 3,944 European firms over the 1999-2008 period, we find that payout behavior … preferences of minority shareholders are more likely to be partially reflected in the payout decision. Our results are stable …

Around the world (with the U.S. and U.K. as exceptions) concentrated ownership structures and controlling shareholders … are predominant even among listed firms. We provide novel empirical evidence how such controlling shareholders, in … family and non-family controlling shareholders and tensions within the founding family are important determinants of payout …

Around the world (with the U.S. and U.K. as exceptions) concentrated ownership structures and controlling shareholders … are predominant even among listed firms. We provide novel empirical evidence how such controlling shareholders, in … family and non-family controlling shareholders and tensions within the founding family are important determinants of payout …