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Dividend policy, corporate control and the tax status of the controlling shareholder
Andres, Christian; Betzer, André; Goergen, Marc - 2012
This paper studies the impact of the concentration of control, the type of controlling shareholder and the dividend tax … preference of the controlling shareholder on dividend policy for a panel of 220 German firms over 1984-2005. While the … concentration of control does not have an effect on the dividend payout, there is strong evidence that the type of controlling …
Persistent link: https://www.econbiz.de/10010291127
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Dividend policy, corporate control and tax clienteles: The case of Germany
Andres, Christian; Betzer, André; Goergen, Marc - 2011
This paper studies the impact of the concentration of control, the type of controlling shareholder and the dividend tax … preference of the controlling shareholder on dividend policy for a panel of 220 German firms over 1984-2005. While the … concentration of control does not have an effect on the dividend payout, there is strong evidence that the type of controlling …
Persistent link: https://www.econbiz.de/10010308557
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Corporate governance and dividend policy in Poland
Kowalewski, Oskar; Stetsyuk, Ivan; Talavera, Oleksandr - 2007
) and dividend policy in Poland. Our empirical approach, constructs measures of the quality of the corporate governance for … the TDI or its subindices leads to an increase in the dividend-to-cash-flow ratio. These results support the hypothesis … standards. Therefore, minority shareholders often use power to extract dividends. We also find that large and more profitable …
Persistent link: https://www.econbiz.de/10010264957
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New evidence on ownership structures in Germany
Köke, Jens - 1999
Ownership structures are an important element of the theory explaining corporate governance. This study presents detailed descriptive evidence on the ownership structures of German manufacturing firms. It addresses several shortcomings of the previous German empirical literature: First, we study...
Persistent link: https://www.econbiz.de/10010297658
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Control transfers in corporate Germany: their frequency, causes and consequences
Köke, Jens - 2000
This study examines changes in block ownership for a large sample of listed and non-listed German firms. The frequency of block trading is similar to other countries, and the vast majority of block trades leads to changes in ultimate ownership (control transfers). Such changes are more likely...
Persistent link: https://www.econbiz.de/10010297730
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Corporate monitoring by blockholders in Europe: empirical evidence of managerial disciplining in Belgium, France, Germany, and the UK
Dherment-Ferere, Isabelle; Köke, Jens; Renneboog, Luc - 2001
This study examines managerial disciplining in poorly performing firms using large panels for Belgian, French, German and UK firms. We consider the monitoring role of large blockholders, the market for share blocks, creditors, and non-executive directors. Board restructuring is correlated to...
Persistent link: https://www.econbiz.de/10010297760
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Determinants of acquisition and failure: stylized facts and lessons for empirical studies
Köke, Jens - 2001
This study provides new stylized facts on the determinants of corporate failure and acquisition in Germany. It also offers important lessons for the design of empirical studies. We show that firms experiencing failure or acquisition are significantly different from surviving firms on a number of...
Persistent link: https://www.econbiz.de/10010297767
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Corporate governance, market discipline, and productivity growth
Köke, Jens - 2001
Using a large panel of German manufacturing firms over the years 1986?1996, this study examines the impact of corporate governance and market discipline on productivity growth. We find that firms under concentrated ownership tend to show significantly higher productivity growth. Financial...
Persistent link: https://www.econbiz.de/10010297792
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Dynamics in ownership and firm survival: evidence from corporate Germany
Heiss, Florian; Köke, Jens - 2001
contrast to corporate shareholders, private shareholders tend to sell control blocks when financial pressure increases. …
Persistent link: https://www.econbiz.de/10010297800
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Bank owners or bank managers: who is keen on risk? Evidence from the financial crisis
Gropp, Reint E.; Köhler, Matthias - 2010
shareholders may not be socially optimal in banks. …
Persistent link: https://www.econbiz.de/10010299988