Corporate governance and dividend pay-out policy in Germany

European Economic Review

Volumn 47, Issue 4, 2003, Pages 731-758

  Gugler, Klaus ^a   Yurtoglu, Burcin B ^a  

^a UNIVERSITY OF VIENNA   (Austria)

Author keywords

Corporate governance; Dividend announcements; Germany; Rent extraction

Indexed keywords

CORPORATE STRATEGY; FIRM OWNERSHIP; INDUSTRIAL PRACTICE;

GERMANY;

EID: 0043270428     PISSN: 00142921     EISSN: None     Source Type: Journal    
DOI: 10.1016/S0014-2921(02)00291-X     Document Type: Article

References (53)

1. Allen, F., Michaely, R., 2001. Payout policy. The Wharton School, University of Pennsylvania, 01-21.
2. Amihud Y. Murgia M. Dividends, taxes, and signaling: Evidence from Germany Journal of Finance 52 1997 397-408
3. Barca, F., 1997. Alternative models of control: Efficiency, accessibility and market failures. In: Roemer, J.E. (Ed.), Property Relations, Incentives and Welfare. Proceedings of a conference held in Barcelona, Spain. St. Martin's Press, New York; Macmillan Press Ltd., London.
4. Barca F. Becht M. The Control of Corporate Europe 2001 Oxford University Press Oxford
5. Bebchuk, L., Kraakman, R., Triantis, G., 1999. Stock pyramids, cross-ownership, and dual class equity: The creation and agency costs of separating control from cash flow rights. NBER WP 6951.
6. Becht M. European corporate governance: Trading off liquidity against control European Economic Review 43 1999 1071-1083
7. Becht M. Röell A. Blockholdings in Europe: An international comparison European Economic Review 43 1999 1049-1056
8. Bernheim B.D. Wantz A. A tax based test of the dividend signaling hypothesis American Economic Review 85 1995 532-551
9. Bhattacharya S. Imperfect information, dividend policy, and the bird in the hand fallacy Bell Journal of Economics 10 1979 259-270
10. Bianco M. Casavola P. Italian corporate governance: Effects on financial structure and firm performance European Economic Review 43 1999 1057-1069
11. Boehmer, E., 1998. Who controls Germany? An empirical assessment. WP, Humboldt University.
12. Brown S. Warner J.B. Measuring security price performance Journal of Financial Economics 8 1980 205-258
13. Brown S. Warner J.B. Using daily stock returns: The case of event studies Journal of Financial Economics 14 1985 3-31
14. Claessens S. Djankov S. Lang L.H.P. The separation of ownership and control in East Asian corporations Journal of Financial Economics 58 2000 81-112
15. Crespi, C.R., Renneboog, L., 2001. United we stand: Corporate monitoring by shareholder coalitions in the UK, Mimeo.
16. Dewenter K.L. Warther V.A. Dividends, asymmetric information and agency conflicts: Evidence from a comparison of the dividend policies of Japanese and U.S. firms Journal of Finance 53 1998 879-904
17. Easterbrook F.H. Two agency explanations of dividends American Economic Review 74 1984 650-659
18. ECGN, 1997. Preliminary Report to the European Commission: The separation of ownership and control: A survey of 7 European countries. www.ecgn.ulb.ac.be/ecgn/euprelimreport.htm
19. Edwards, S.S.J., Weichenrieder, A.J., 1999. Ownership concentration and share valuation: Evidence from Germany. CESifo, Munich, WP 193.
20. Faccio M. Lang L.H.P. Young L. Dividends and expropriation American Economic Review 91 2001 54-78
21. Franks J. Mayer C. Ownership and control of German corporations Review of Financial Studies 14 2001 943-977
22. Franks, J., Mayer, C., Renneboog, L., 2002. Who disciplines the management of poorly performing companies? Journal of Financial Intermediation, in preparation.
23. Gomes A. Going public without governance: Managerial reputation effects Journal of Finance 55 2000 615-646
24. Gugler, K. (Ed.), 2001. Corporate Governance and Economic Performance. Oxford University Press, Oxford.
25. Gugler, K., 2002. Corporate governance, dividend pay-out policy, and the interrelation between dividends, R-D, and capital investment. Journal of Banking and Finance, in preparation.
26. Himmelberg C.P. Hubbard R.G. Palia D. Understanding the determinants of managerial ownership and the link between ownership and performance Journal of Financial Economics 53 1999 353-384
27. Jensen M.C. Agency costs of free cash flow, corporate finance, and takeovers American Economic Review, Papers and Proceedings 76 1986 323-329
28. John K. Williams J. Dividends, dilution, and taxes: A signaling equilibrium Journal of Finance 40 1985 1053-1070
29. Johnson S. La Porta R. Lopez-de-Silanes F. Shleifer A. Tunnelling American Economic Review, Papers and Proceedings 90 2000 22-27
30. Kalay A. Signaling, information content, and the reluctance to cut dividends Journal of Financial and Quantitative Analysis 15 1980 855-869
31. Lang L.H.P. Litzenberger R.H. Dividend announcements Journal of Financial Economics 24 1989 181-191
32. La Porta R. Lopez-de-Silanes F. Shleifer A. Legal determinants of external finance Journal of Finance 52 1997 1131-1150
33. La Porta R. Lopez-de-Silanes F. Shleifer A. Corporate ownership around the world Journal of Finance 54 1999 471-517
34. La Porta R. Lopez-de-Silanes F. Shleifer A. Vishny R. Agency problems and dividend policies around the world Journal of Finance 55 2000 1-33
35. Leech D. The relationship between shareholding concentration and shareholder voting power in British companies: A study of the application of power indices for simple games Management Science 34 1988 509-527
36. Lintner J. Distribution of incomes of corporations among dividends, retained earnings and taxes American Economic Review 46 2 1956 97-113
37. McDonald R.L. Cross-border investing with tax arbitrage: The case of German dividend tax credits Review of Financial Studies 14 2001 617-657
38. Miller M.H. Modigliani F. Dividend policy, growth, and the valuation of shares Journal of Business 34 1961 411-433
39. Miller M.H. Rock K. Dividend policy under asymmetric information Journal of Finance 40 1985 1031-1051
40. Nakamura M. Asymmetry in the dividend behavior of US and Japanese firms Managerial and Decision Economics 10 1989 261-274
41. Nakamura, A., Nakamura, M., 1985. Rational expectations and the firm's dividend behavior. Review of Economics and Statistics 67 (4) 606-615.
42. Odagiri H. Growth through Competition, Competition through Growth 2000 Oxford University Press Oxford
43. Pagano M. Röell A. The choice of stock ownership structure: Agency costs, monitoring, and the decision to go public Quarterly Journal of Economics 113 1998 187-225
44. Renneboog L. Ownership, managerial control and the governance of companies listed on the Brussels stock exchange Journal of Banking and Finance 24 2000 1959-1995
45. Scholes M. Williams J. Estimating beta from non-synchronous data Journal of Financial Economics 5 1977 309-327
46. Sembenelli A. Signalling, financial hierarchy and agency theory as explanations for dividend behaviour: Evidence from Italian firm data Managerial and Decision Economics 14 1993 37-45
47. Stehle R. Ehrhardt O. Przyborowsky R. Long-run stock performance of German initial public offerings and seasoned equity issues European Financial Management 6 2000 173-196
48. The Economist, 2000. Cross about holdings. In: A Survey of European Business. 29th April-5th May, pp. 14-15.
49. Wenger, E., Hecker, R., Knoesel, J., 1996. Abfindungsregeln und Minderheitenschutz bei börsennotierten Kapitalgesellschaften. Working paper, University of Würzburg.
50. White H. A heteroskedasticity-consistent covariance matrix estimator and a direct test for heteroskedasticity Econometrica 48 1980 817-838
51. Yoon P.S. Starks L.T. Signaling, investment opportunities, and dividend announcements Review of Financial Studies 8 1995 995-1018
52. Zhou X. Understanding the determination of managerial ownership and its relationship to firm performance: Comment Journal of Financial Economics 62 2001 559-571
53. Zingales L. The value of the voting right: A study of the Milan stock exchange Review of Financial Studies 7 1994 125-148