Dividend policy, corporate control and tax clienteles : the case of Germany
- 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
Author: | Christian Andres, André Betzer, Marc Goergen |
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URN: | urn:nbn:de:hebis:30-115328 |
Parent Title (German): | Center for Financial Studies (Frankfurt am Main): CFS working paper series ; No. 2011,16 |
Series (Serial Number): | CFS working paper series (2011, 16) |
Document Type: | Working Paper |
Language: | English |
Year of Completion: | 2011 |
Year of first Publication: | 2011 |
Publishing Institution: | Universitätsbibliothek Johann Christian Senckenberg |
Release Date: | 2011/09/14 |
Tag: | Lintner dividend model; corporate governance; dividend policy; payout policy; tax clientele effects |
GND Keyword: | Dividendenpolitik; Anteilseigner; Aktionär; Kontrolle; Deutschland; Geschichte 1984-2005 |
Issue: | April 2011 |
Page Number: | 45 |
HeBIS-PPN: | 277072387 |
Institutes: | Wissenschaftliche Zentren und koordinierte Programme / Center for Financial Studies (CFS) |
Dewey Decimal Classification: | 3 Sozialwissenschaften / 33 Wirtschaft / 330 Wirtschaft |
Sammlungen: | Universitätspublikationen |
Licence (German): | Deutsches Urheberrecht |