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The article analyses inter-dependencies between dividend, capital structure, and cost of capital, factoring the … concentrated ownership. Dividend, leverage, and average cost of capital are inter-linked. However, family firms pay lower dividends …
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We analyze how the introduction of repurchases in 1998, and a major tax reform in 2001, affected the payout policy of German firms. To this end, we estimate Lintner (1956) partial adjustment models for both dividends and total payouts. We also analyze the implications for payout of changes in...
Persistent link: https://www.econbiz.de/10010340376
This paper explores the relationship between employee rights and dividend policy across countries. Using labor right … index as a proxy for agency costs of employees, we test the association between labor rights and dividend policies across … dividend payment amounts. This relationship is reinforced to be more salient in civil countries where shareholder rights are …
Persistent link: https://www.econbiz.de/10013128468
This paper explores the relationship between employee rights and dividend policy across countries. Using labor right … index as a proxy for agency costs of employees, we test the association between labor rights and dividend policies across … dividend payment amounts. This relationship is reinforced to be more salient in civil countries where shareholder rights are …
Persistent link: https://www.econbiz.de/10013131140
.We determine the optimal dividend and (unconstrained) capital injection strategy when jumps are hyperexponential. This strategy … happens to be either a dividend barrier strategy without capital injections, or another dividend barrier strategy with forced … injections when the surplus is null to prevent ruin. The latter is also shown to be the optimal dividend and capital injection …
Persistent link: https://www.econbiz.de/10013136011
This paper is the first investigation of the interplay between dividends and risk taking in banks. I examine the role of dividends as a risk-shifting mechanism that can exacerbate moral hazard, controlling for standard determinants of dividends in nonfinancial firms. My main findings show that...
Persistent link: https://www.econbiz.de/10013136802
We show that while firms that typically pay dividends already have high ratios of retained-earnings-to-total-equity (RE/TE) and high propensities to pay (PTP) early on, firms that typically do not pay dividends have persistently low RE/TE and low PTP even after 20 years of growth. This...
Persistent link: https://www.econbiz.de/10013139633