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(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
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(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
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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
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
We are interested in the effect of capital income taxes upon security prices when investors face locally segmented stock markets and a global bond market. Therefore, we analyze an equilibrium model of an economy with binomial uncertainty, an exogenous risk-free interest rate and a representative...
Persistent link: https://www.econbiz.de/10009219928
We are interested in the effect of capital income taxes upon security prices when investors face locally segmented stock markets and a global bond market. Therefore, we analyze an equilibrium model of an economy with binomial uncertainty, an exogenous risk-free interest rate, and a...
Persistent link: https://www.econbiz.de/10005823453
This study investigates the welfare implications of social security reforms in Japan. Based on the overlapping generations model with idiosyncratic income risk, we consider four social security reform plans: (1) gradual reduction in the replacement rate by half, (2) sudden cut in the replacement...
Persistent link: https://www.econbiz.de/10008500336