Vergleich zu einer Dividende vorteilhaft auf die Vermögensposition der Aktionäre auswirkt. Die Abschätzung der quantitativen … period. Prior to that point of time stock owners preferred profit distributions by share repurchase instead of a dividend due … examines the wealth of stock owners when a firm distributes earnings by dividend or share repurchase instead. The results …

“dividend-puzzle.” However, despite tremendous efforts in different fields of economics, the influence of taxation on the … line with the “traditional view” of dividend taxation, German decision-makers cut back their dividend payments in response …

significant changes in the payout behavior of German firms. In line with the traditional view, the dividend yield, the propensity … to pay dividends and the propensity to initiate dividend distributions declined in the wake of the reform of 2002, while …

. Shareholders who grant loans have a dual stakeholder role, being both equity holders and creditors. Those loans could be lost … payments from shareholder loans tend to lower payout volatility which also reduces the need for dividend and earnings smoothing …