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Ownership structure influencing the joint determination of dividend, leverage, and cost of capital
Rajverma, Abhinav Kumar; Arrawatia, Rakesh; Misra, Arun … - In: Cogent economics & finance 7 (2019) 1, pp. 1-25
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 …
Persistent link: https://www.econbiz.de/10012023922
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Dividend payouts: majority control and rent extraction
Besim, Seniha; Adaoglu, Cahit - In: Journal of business economics and management 19 (2018) 4, pp. 648-672
few families. These business groups are often organised around a holding company. We analyse the dividend payouts of … the effects of several control-enhancing mechanisms (CEMs) on dividend payouts. We use precise quantitative proxies for … business group companies have lower dividend payouts as the divergence between control and ownership rights widens and the …
Persistent link: https://www.econbiz.de/10012174917
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Neutral taxation of shareholder income? : corporate responses to an announced dividend tax
Alstadsæter, Annette; Fjaerli, Erik - 2009
tax rates on individual dividend income from zero to 28 percent. We document strong timing effects on dividend payout on a … corporations' debt-equity ratios. The debt ratios drop sharply after the implementation of the reform. -- Neutral dividend tax …
Persistent link: https://www.econbiz.de/10003806745
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Dividend decisions in the property and liability insurance industry: mutual versus stock companies
Zou, Hong; Yang, Chuanhou; Wang, Mulong; Zhu, Minglai - In: Review of quantitative finance and accounting 33 (2009) 2, pp. 113-139
Persistent link: https://www.econbiz.de/10003880531
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Dividend policy, corporate control and tax clienteles : the case of Germany
Andres, Christian; Betzer, André; Goergen, Marc - 2011
This paper studies the impact of the concentration of control, the type of controlling shareholder and the dividend tax … preference of the controlling shareholder on dividend policy for a panel of 220 German firms over 1984-2005. While the … concentration of control does not have an effect on the dividend payout, there is strong evidence that the type of controlling …
Persistent link: https://www.econbiz.de/10009248245
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The Lintner model revisited : dividends versus total payouts
Andres, Christian; Doumet, Markus; Fernau, Erik; … - 2014 - This version: October 2013
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
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Financing payouts
Farre-Mensa, Joan; Michaely, Roni; Schmalz, Martin C. - 2014
Over 40% of firms that make payouts also raise capital during the same year, resulting in 31% of aggregate share repurchases and dividends being externally financed, primarily with debt. Most externally financed payouts are the result of firms persistently setting payouts above free cash flow....
Persistent link: https://www.econbiz.de/10010485006
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Dividend policy, corporate control and the tax status of the controlling shareholder
Andres, Christian; Betzer, André; Goergen, Marc - 2012
This paper studies the impact of the concentration of control, the type of controlling shareholder and the dividend tax … preference of the controlling shareholder on dividend policy for a panel of 220 German firms over 1984-2005. While the … concentration of control does not have an effect on the dividend payout, there is strong evidence that the type of controlling …
Persistent link: https://www.econbiz.de/10009616339
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The Declining Information Content of Dividend Announcements and the Effect of Institutional Holdings
Amihud, Yakov; Li, Kefei - 2003
We propose an explanation for the "disappearing dividend" phenomenon: the decline in the information content of … dividend announcements. This reduces the propensity of firms to pay or increase dividends, since dividends are costly.(...) …
Persistent link: https://www.econbiz.de/10005846644
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Payout Policy, Taxes, and Corporate Insiders : Evidence from the German Tax Reform 2001
Kaserer, Christoph - 2011
substantial stakes, dividend payout behavior has not changed in the aftermath of the GTRA enactment. This effect does not depend … the dividend policy is strongly driven by corporate insiders …
Persistent link: https://www.econbiz.de/10013127749