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Persistent link: https://www.econbiz.de/10005037372
(VF)L’objectif de cette étude est d’analyser la relation entre les politiques de distribution des entreprises familiales cotées et deux grands types de conflits d’agence dans les entreprises familiales, entre actionnaires et dirigeant (type I), et entre actionnaires majoritaires et...
Persistent link: https://www.econbiz.de/10010585947
(VF)L’article présente un modèle décrivant le partage de la valeur créée entre le dirigeant et l’actionnaire. Le modèle montre que le limogeage représente une menace très dissuasive pour le dirigeant qui suffit le plus souvent à réfréner son appétit pour les prélèvements...
Persistent link: https://www.econbiz.de/10005111171
Persistent link: https://www.econbiz.de/10004998681
Dividend policy determines the ratio between the earnings distributed to shareholders and the earnings retained in the … puzzles in corporate finances. This paper starts by determining the term of dividend and stating the types of dividends. This … is followed by a discussion on dividend policy and optimal dividend policy and an analysis of factors that managers …
Persistent link: https://www.econbiz.de/10010790609
We comparatively study optimal economic growth in a simple endogenous growth model and under two different games, i.e., dynamic sequential game and cooperative stochastic differential game, between a representative household and a typical self-interested politician. Sequential equilibrium...
Persistent link: https://www.econbiz.de/10010738012
This paper analyzes the impact of consumer uncertainty on optimal fiscal policy in a model with capital. The consumers lack confidence about the probability model that characterizes the stochastic environment and so apply a max-min operator to their optimization problem. An altruistic fiscal...
Persistent link: https://www.econbiz.de/10010938554
This Paper re-examines the impact of capital income taxes on the incentive to invest in the presence of risk. Specifically, it challenges a well-known claim in the literature that such a tax can leave incentives ‘basically unaffected’ because the tax liability is offset by a reduction in the...
Persistent link: https://www.econbiz.de/10005666854
This paper examines the equilibrium effect of a shift in the capital income tax rate upon state prices, risk-neutral probabilities, and corresponding security prices in a single-period binomial model economy with an exogenous risk-free rate. The policy design under consideration consists of a...
Persistent link: https://www.econbiz.de/10005579623