Banks cut dividends with great reluctance, as if addicted to them. Their apparent addiction is a major cause of concern … dividends if agency costs are high and dividends substitute for shareholder monitoring. Banks may rely on persistent dividend … acute. By contrast, share repurchases also substitute for shareholder monitoring but trigger no addiction. …

reforms of dividends and capital gains tax at the individual and corporate level have also been implemented: in 1998, the … imputation system was abolished and in 2009, foreign dividends became exempt for corporate income tax purposes. A comparison of … dividends and capital gains taxation have aligned the UK to its competitors and to EU law. We find that the overall effect of …

This study reports the views of European fund managers and investors on dividends. Specifically, the study uses semi …-structured interviews with twenty participants and analyses their responses concerning the role of dividends in the stock screening process … that dividends are important in stock selection and that dividends influence share valuations. Particularly interesting …

policy properties. In equilibrium firms with riskier earnings are less likely to pay dividends, however, those that pay … likely to pay positive dividends. There is a clientele effect. Investors’ preferences and choices affect the payout policy … and two otherwise identical firms can greatly differ in how they pay dividends. Finally, we relate our model's predictions …

This paper addresses the question of why firms pay dividends, the so-called "dividend puzzle", from the agency … perspective. We outline two agency models of dividends. On what we call "the outcome" model, dividends are the result of effective … rights should be associated with higher dividends. On what we call "the substitute" model, insiders choose to pay dividends …

The question of why individual investors want dividends is investigated by submitting a questionnaire to a Dutch … investor panel. The respondents indicate that they want dividends partly because the cost of cashing in dividends is lower than … confirmed for cash dividends but is confirmed for stock dividends. Finally, our results indicate that individual investors do …

In classical models the division of stock returns into dividends and capital gains has no "real" consequence for … capital gains, empirically measures the effect of dividends on investor consumption. Analysis of data from the Consumer … for total portfolio returns including dividends. Analysis of data from a discount brokerage shows that dividends are …

The present study analyzes dividends paid in unlisted family and non-family businesses, exploring factors that lead to … indicates that family businesses, as a result of the greater proximity of the family to the business, pay lower dividends …. However, we found evidence of higher dividends paid in pyramid structures, susceptible to higher agency costs, both in family …