Dividend policy and corporate governance:
Saved in:
| Main Authors: | , , |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Oxford [u.a.]
Oxford Univ. Press
2004
|
| Edition: | 1. publ. |
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | XIV, 185 S. |
| ISBN: | 0199259305 |
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MARC
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| 245 | 1 | 0 | |a Dividend policy and corporate governance |c Luis Correia da Silva ; Marc Goergen ; Luc Renneboog |
| 250 | |a 1. publ. | ||
| 264 | 1 | |a Oxford [u.a.] |b Oxford Univ. Press |c 2004 | |
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| 650 | 7 | |a Bénéfices de l'entreprise |2 rasuqam | |
| 650 | 7 | |a Corporate governance |2 gtt | |
| 650 | 7 | |a Dividend |2 gtt | |
| 650 | 7 | |a Dividende |2 rasuqam | |
| 650 | 4 | |a Dividendes | |
| 650 | 4 | |a Entreprises - Profits | |
| 650 | 4 | |a Entreprises - Profits - Gestion | |
| 650 | 7 | |a Gouvernement d'entreprise |2 rasuqam | |
| 650 | 7 | |a Politique de l'entreprise |2 rasuqam | |
| 650 | 4 | |a Corporate profits | |
| 650 | 4 | |a Corporate profits |x Management | |
| 650 | 4 | |a Dividends | |
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| 650 | 0 | 7 | |a Corporate Governance |0 (DE-588)4419850-4 |2 gnd |9 rswk-swf |
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Record in the Search Index
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| adam_text | Contents
List ofFtgures x
ListofTabks xi
About the Authors xiii
Part I. Corporate Control and Dividend Policy
1. Introduction 3
2. Recent Facts and Developments in Corportate Governance 7
3. A Surveyof the Literatureon Dividendsand Control 36
Part II. Dividend Flexibility across Corporate Governance Systems
4. Research Questions 61
5. Empirical Issues on Dividend Payout Ratios 65
6. Dividend Policy, Earnings, and Cash Flow: A Dynamic Panel Data Analysis 85
7. When do Firms Change the Dividend Policy? 107
8. Dividend Policy, Corporate Control, and Tax Clienteies 124
9. Conclusion 156
References 162
Index 175
List ofFigures
2.1. Percentage of listed companies under majority control 9
2.2. Percentage of companies withablocking minority ofat least 25% 9
2.3. Ownership and voting power 16
8.1. Example of a pyramid structure 125
ListofTables
2.1. Ownership distribution of largest shareholders in Europe and the USA 10
2.2. Distribution of largest shareholders in Europe 12
2.3. Dual class shares in Europe 19
2.4. Current regulation in Europe 20
2.5. Block premium as a percentage of firm equity 21
2.6. Shareholder and creditor protection 33
2.7. External finance and legal origin 34
5.1. Dividend payout ratios around the world 67
5.2. Distribution of changes in dividends (AD,) conditional on ACF,and 74
ACF,_ j in Germany and the USA
5.3. Proportion offirms with zero dividend payouts in a sample of all 75
German industrial and commercial quoted firms and 250 UK industrial
and commercial quoted firms
5.4. Average dividend payout ratios of 250 German industrial and commercial 76
quoted firms, 1990 92
5.5. Dividend payout ratios in Germany and the UK 77
5.6. Dividend payout ratios in Germany and the UK partitioned by size, 1990 92 79
5.7. Patterns of ownership of voting rights of a large cross section of industrial 81
and commercial quoted firms in Germany, 1993
5.8. Average dividend payout ratios of all German industrial and commercial 82
quoted companies partitioned by category of largest shareholder, 1990 92
5 A. 1. Average dividend payout ratios (gross dividends /cash flows) of German 8 3
industrial and commercial quoted companies categorized by industry
5A.2. Distribution of changes in dividends (AD,) conditional on A£, and A£,_, 84
for all German industrial and commercial quoted companies in 1990 92
5A.3. Distribution of changes in dividends (AD,) conditional on ACF, and 84
ACFM for all German industrial and commercial quoted companies
in 1990 92
6.1. Overall sample composition 89
6.2. Descriptive statistics on dividends, published earnings, and cash flows 92
6.3. Numberofincreases, decreases, and maintained dividends 92
6.4. Distribution measuresof percentage changes 93
6.5. Dividend model with published earnings 97
6.6. Dividend model with cash flows 99
6.7. Dividend model with published earnings and cash flows simultaneously 100
6.8. Summary results of the scaled estimations 102
7.1. Ordered probit analysis of the decision to decrease, maintain, or increase 111
the dividend: A model with net income (NI)
xii ListofTdbks
7.2. Ordered probit analysis of the decision to decrease, maintain, or increase 112
the dividend: A model with cash flows (CF)
7.3. Dividend changes for (1) 71 firms with at least one annual loss during 114
1989 93 (N,) and (2) 118 firms with strictly positive earnings
through 1989 93 (N2)
7.4. Ordered probit analysis of the decision to omit, cut, or maintain/increase 115
the dividend in loss and non loss firms during 1989 9 3: A model with
net earnings
7.5. Ordered probit analysis of the decision to omit, cut, or 117
maintain/increase the dividend in loss and non loss firms during 1989—93:
A model with cash flows and net earnings
7.6. Binomial probit analysis of the relationship between the decision to 119
omit the dividend and the persistence and depth of net earnings
difficulties around the loss year
7.7. Dividend rebounds after dividend omissions 121
7.8. Dividend rebounds after dividend reductions 121
8.1. First tierandultimatecontrolof221 German industrial and 127
commercial quoted firms in 1984, 1989, and 1993
8.2. Dividend payout ratios of firms without a control change over the period 129
1984 93
8.3. Dividend payout ratios around the year of the control change 130
8.4. Panel data estimation of the relation between dividends, cash flows, 134
and different measures of control
8.5. Panel data estimation of the relation between dividends, cash flows, and 138
control by banks, families, and corporations
8.6. Ordered probit analysis of the relation between dividend omissions, 142
earnings losses, and control structures
8.7. Panel data estimations of the relation between dividends, cash flows, 145
and bank voting control
8.8. Corporation tax rates on retentions and dividends in Germany 147
8.9. Panel data estimations of the relation between dividends, cash flows, 153
tax discrimination, and control structures at the first tier level
|
| any_adam_object | 1 |
| author | Correia da Silva Domingos, Luis Goergen, Marc 1968- Renneboog, Luc |
| author_GND | (DE-588)124936628 (DE-588)142341053 |
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| dewey-ones | 658 - General management |
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| dewey-tens | 650 - Management and auxiliary services |
| discipline | Wirtschaftswissenschaften |
| edition | 1. publ. |
| format | Book |
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| illustrated | Not Illustrated |
| indexdate | 2024-07-09T19:09:40Z |
| institution | BVB |
| isbn | 0199259305 |
| language | English |
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| physical | XIV, 185 S. |
| publishDate | 2004 |
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| spelling | Correia da Silva Domingos, Luis Verfasser (DE-588)124936628 aut Dividend policy and corporate governance Luis Correia da Silva ; Marc Goergen ; Luc Renneboog 1. publ. Oxford [u.a.] Oxford Univ. Press 2004 XIV, 185 S. txt rdacontent n rdamedia nc rdacarrier Bénéfices de l'entreprise rasuqam Corporate governance gtt Dividend gtt Dividende rasuqam Dividendes Entreprises - Profits Entreprises - Profits - Gestion Gouvernement d'entreprise rasuqam Politique de l'entreprise rasuqam Corporate profits Corporate profits Management Dividends Flexibilität (DE-588)4125037-0 gnd rswk-swf Corporate Governance (DE-588)4419850-4 gnd rswk-swf Dividendenpolitik (DE-588)4070510-9 gnd rswk-swf Corporate Governance (DE-588)4419850-4 s Dividendenpolitik (DE-588)4070510-9 s Flexibilität (DE-588)4125037-0 s DE-604 Goergen, Marc 1968- Verfasser (DE-588)142341053 aut Renneboog, Luc Verfasser aut HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=010126105&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Correia da Silva Domingos, Luis Goergen, Marc 1968- Renneboog, Luc Dividend policy and corporate governance Bénéfices de l'entreprise rasuqam Corporate governance gtt Dividend gtt Dividende rasuqam Dividendes Entreprises - Profits Entreprises - Profits - Gestion Gouvernement d'entreprise rasuqam Politique de l'entreprise rasuqam Corporate profits Corporate profits Management Dividends Flexibilität (DE-588)4125037-0 gnd Corporate Governance (DE-588)4419850-4 gnd Dividendenpolitik (DE-588)4070510-9 gnd |
| subject_GND | (DE-588)4125037-0 (DE-588)4419850-4 (DE-588)4070510-9 |
| title | Dividend policy and corporate governance |
| title_auth | Dividend policy and corporate governance |
| title_exact_search | Dividend policy and corporate governance |
| title_full | Dividend policy and corporate governance Luis Correia da Silva ; Marc Goergen ; Luc Renneboog |
| title_fullStr | Dividend policy and corporate governance Luis Correia da Silva ; Marc Goergen ; Luc Renneboog |
| title_full_unstemmed | Dividend policy and corporate governance Luis Correia da Silva ; Marc Goergen ; Luc Renneboog |
| title_short | Dividend policy and corporate governance |
| title_sort | dividend policy and corporate governance |
| topic | Bénéfices de l'entreprise rasuqam Corporate governance gtt Dividend gtt Dividende rasuqam Dividendes Entreprises - Profits Entreprises - Profits - Gestion Gouvernement d'entreprise rasuqam Politique de l'entreprise rasuqam Corporate profits Corporate profits Management Dividends Flexibilität (DE-588)4125037-0 gnd Corporate Governance (DE-588)4419850-4 gnd Dividendenpolitik (DE-588)4070510-9 gnd |
| topic_facet | Bénéfices de l'entreprise Corporate governance Dividend Dividende Dividendes Entreprises - Profits Entreprises - Profits - Gestion Gouvernement d'entreprise Politique de l'entreprise Corporate profits Corporate profits Management Dividends Flexibilität Corporate Governance Dividendenpolitik |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=010126105&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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