TY  - UNPD
A1  - Andres, Christian
A1  - Betzer, André
A1  - Goergen, Marc
T1  - Dividend policy, corporate control and tax clienteles : the case of Germany
T2  - Center for Financial Studies (Frankfurt am Main): CFS working paper series ; No. 2011,16
N2  - 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 shareholder matters as family controlled firms have high dividend payouts whereas bank controlled firms have low dividend payouts. However, there is no evidence that the dividend preference of the large shareholder has an impact on the dividend decision. JEL Classification: G32, G35 Keywords: Dividend Policy, Payout Policy, Lintner Dividend Model, Tax Clientele Effects, Corporate Governance
T3  - CFS working paper series - 2011, 16 
KW  - dividend policy
KW  - payout policy
KW  - Lintner dividend model
KW  - tax clientele effects
KW  - corporate governance
KW  - Dividendenpolitik
KW  - Anteilseigner
KW  - Aktionär
KW  - Kontrolle
KW  - Deutschland
KW  - Geschichte 1984-2005
Y1  - 2011
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/22700
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30-115328
IS  - April 2011
ER  -