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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
The Afrotropical hoverflies belonging to the genus Mallota Meigen, 1822 (Diptera: Syrphidae) are revised. Ten species are recognized, of which four are new to science: Mallota glabra sp. nov., M. hircus sp. nov., M. wyatti sp. nov. and M. stipulata sp. nov. Merodon edentulus Macquart, 1855 is considered a junior synonym of Eristalis dasyops Wiedemann, 1819. Lectotypes are designated for Eristalis dasyops, Merodon edentulus, Mallota pachymera Bezzi, 1915 and Helophilus extremus Loew, 1858. The taxonomic history of the placement and identity of the different species of Mallota is presented. Their relationships, as well as affiliations with Afrotropical representatives of the genera Eristalis Latreille, 1804 and Myathropa Rondani, 1845, is briefly discussed based on morphological and DNA barcode data.