Minority protection and dividend policy in Finland

European Financial Management

Volumn 14, Issue 3, 2008, Pages 470-502

  Kinkki, Seppo ^a  

^a Helsinki Business Polytechnic   (Finland)

Author keywords

Agency problems; Dividends; Minority protection

Indexed keywords

EID: 43749095198     PISSN: 13547798     EISSN: 1468036X     Source Type: Journal    
DOI: 10.1111/j.1468-036X.2007.00408.x     Document Type: Article

References (77)

1. Agrawal, A., and Knoeber, C. R. Firm performance and mechanisms to control agency problems between managers and shareholders Journal of Financial & Quantitative Analysis, Vol. 31, No. 3, September 1996, pp. 377 97.
2. Ang, J. S., Cole, R. A. and Lin, J. W. Agency costs and ownership structure Journal of Finance, Vol. LV, No. 1, February 2000, pp. 81 106.
3. Baker, H. K., Farrelly, G. E. and Edelman, R. B. A survey of management views on dividend policy Financial Management, Vol. 14, Autumn 1985, pp. 78 84.
4. Baker, H. K. and Powell, G. H. Dividend policy issues in regulated and unregulated firms: a managerial perspective Managerial Finance, Vol. 25, No. 6, 1999, pp. 1 20.
5. Banerjee, S., Leleux, B. and Vermaelen, T. Large shareholding and corporate control: An analysis of stake purchases by French holding companies European Financial Management, Vol. 3, No. 1, 1997, pp. 23 43.
6. Bathala, C. The role of dividends in resolving agency problems PhD Dissertation Texas, 1990).
7. Berglöf, E. and Pajuste, A. Emerging owners, eclipsing markets - corporate governance, in Central and Eastern Europe in Cornelius, P. K. and Kogut, B., eds, Corporate Governance and Capital Flows in the Global Economy (Oxford University Press, 2003).
8. Burkart, M., Gromb, D. and Panunzi, F. Agency conflicts in public and negotiated transfers of corporate control Journal of Finance, Vol. 55, Issue 2, April 2000, pp. 647 77.
9. Claessens, S., Djankov, S. and Lang, H. Expropriation of minority shareholders in East Asia Journal of Financial Economics, Vol. 58, 2000, pp. 81 112.
10. Claessens, S., Djankov, S., Fan, J. and Lang, L. Disentangling the incentive and entrenchement effects of large shareholdings Journal of Finance, Vol. 57, 2002, pp. 2741 71.
11. Collins, M., Saxena, A. and Wansley, J. The role of insiders and dividend policy: a comparison of regulated and unregulated firms Journal of Financial and Strategic Decisions, Vol. 9, No. 2, Summer 1996, pp. 1 9.
12. Cronqvist, H. and Nilsson, M. Agency costs of controlling minority shareholders Journal of Financial and Quantitative Analysis, Vol. 38, No. 4, December 2003, pp. 695 719.
13. Crutchley, C., E. and Hansen, R. A test of agency theory of managerial ownership, corporate leverage, and corporate dividends Financial Management, Vol. 18, No. 4, Winter 1989, pp. 36 46.
14. DeAngelo, H. and DeAngelo, L. Dividend policy and financial distress: an empirical investigation of troubled NYSE firms Journal of Finance, Vol. XLV, No. 5, 1990, pp. 1415 31.
15. DeAngelo, H., DeAngelo, L. and Skinner, D. Accounting choice in troubled companies Journal of Accounting and Economics, Vol. 17, 1994, pp. 113 43.
16. Dempsey, S. J. and Laber, J. Effects of agency costs and transaction costs on dividend pay out policy: further evidence of the agency-transaction costs hypothesis Journal of Financial Research, Vol. XV, No. 4, Winter 1992, pp. 317 21.
17. Demsetz, H. and Lehn, K. The structure of corporate ownership: causes and consequences Journal of Political Economy, 93, 1985, pp. 1155 77.
18. Denis, D. J. and Denis, D. K. Majority owner-managers and organizational efficiency Journal of Corporate Finance, Vol. 1, 1994, pp. 91 118.
19. Doukas, J., Holmen, M. and Travlos, N. Diversification, ownership and control of Swedish corporations European Financial Management, Vol. 8, No. 3, 2002, pp. 281 314.
20. Drobetz, W., Schillhofer, A. and Zimmermann, H. Corporate governance and expected stock returns: evidence from Germany European Financial Management, Vol. 10, No. 2, 2004, pp. 267 93.
21. Dutta, A. S. Managerial ownership, dividend and debt policy in the US banking industry Managerial Finance, Vol. 25, No. 6, 1999, pp. 57 69.
22. Eckbo, B. E. and Verma, S. Managerial shareownership, voting power and cash dividend policy Journal of Corporate Finance, Vol. 1, 1994, pp. 33 62.
23. Faccio, M., Lang, H. and Young, L. Dividends and expropriation American Economic Review, Vol. 91, 2001, pp. 54 78.
24. Fama, E. and French, K. Disappearing dividends: changing firm characteristics or lower propensity to pay? Journal of Financial Economics, Vol. 60, 2001, pp. 3 43.
25. Ferreira, M. and Vilela, A. Why do firms hold cash? Evidence from EMU countries European Financial Management, Vol. 10, No. 2, 2004, pp. 295 319.
26. Gadhoum, Y., Lang, L. and Young, L. Who controls US? European Financial Management, Vol. 11, No. 3, 2005, pp. 339 63.
27. Gomes, A. Going public without governance; managerial reputation effects Journal of Finance, Vol. 52, No. 2, 2000, pp. 615 46.
28. Goshen, Z. and Parchomovsky, G. The essential role of securities regulation Working Paper No. 259 (Columbia Law School, 2004).
29. Harris, T. S., Hubbard, G., Kemsley, D. The share price effects of dividend taxes and tax imputation credits Working Paper (Columbia University 1998).
30. Hay, J., Schleifer, A. and Vishny, R. Toward a theory of legal reform European Economic Review, Vol. 40, 1996, pp. 559 67.
31. Herrmann, M. and Franke, G. Performance and policy of foundation-owned firms in Germany European Financial Management, Vol. 8, No. 3, 2002, pp. 261 79.
32. Hietala, P. T. Essays on financial economics PhD Dissertation, A 5,1 (Helsinki School of Economics, 1987).
33. Holder, M., Langrehr, F. and Hexter, J. Dividend policy determinants: an investigation of the influences of stakeholder theory Financial Management, Vol. 27, No. 3, Autumn 1998, pp. 73 82.
34. Ihamuotila, M. Corporate ownership, capital structure and investment; a theory and evidence Working Paper A-97 (Helsinki School of Economics and Business Administration, 1994).
35. Jahera, J., Lloyd, J. and Modani, N. Growth, beta, and agency costs as determinants of dividend Akron Business and Economic Review, Winter 1986, pp. 55 61.
36. Jensen, M. Agency costs of free cash flow, corporate finance, and takeovers American Economic Review, May 1986, pp. 323 29.
37. Jensen, M., A Theory of the Firm. Governance, Residual Claims, and Organizational Forms (Harward University Press, 2000).
38. Jensen, M. and Meckling, W. Theory of the firm: managerial behavior, agency costs, and capital structure Journal of Financial Economics, October 1976, Vol. 3, pp. 305 60.
39. Jensen, G., Solberg, D. and Zorn, T. Simultaneous determination of insider ownership, debt, and dividend policies Journal of Financial and Quantitative Analysis, Vol. 27, No. 2, 1992, pp. 247 63.
40. Kaen, F. K., Corporate Finance, Concepts and Policies (Oxford, Blackwell, 1995).
41. Kallunki, J-P., Martikainen, M., Martikainen, T. and Yli-Olli, P. The Finnish stock market: a survey of some empirical evidence ant its practical relevance Finnish Journal of Business Economics, No. 4, 1997, pp. 474 95.
42. Kansallispankki Oy. Listed Companies in Finland (1985-1995).
43. Karhunen, J. Essays on tender offers and share repurchases Working Paper, A-202 (Helsinki School of Economics, 2002).
44. Kasanen, E. and Niskanen, J. Sensitivity of dividend decisions to corporate tax reform Working Paper, W:14 Helsinki School of Economics and Business Administration, 1992).
45. Kinkki, S. Dividend theories and the agency theory based control benefits model on factors affecting cash dividend decisions in a corporation Licentiate Thesis (Helsinki School of Business and Administration, 1999).
46. Koch, P. D. and Shenoy, C. The information content of dividend and capital structure policies Financial Management, Vol. 28, No. 4, Winter 1999, pp. 16 35.
47. Kock, G., Pörssitieto publications 1996-1999 (Pörssitieto Ky, Helsinki 1996-2000).
48. Kyläkallio, J., Osakeyhtiö tänään 2 (Weilin+Göös, Espoo, 1980).
49. Lang, L. H. and Litzenberger, R. Dividend announcements: cash flow signalling vs. free cash flow hypothesis Journal of Financial Economics, September 1989, pp. 181 91.
50. La Porta, R., Lopez-de-Silanez, F., Schleifer, A. and Vishny, R. Law and finance Journal of Political Economy, 1998, 106, pp. 1113 55.
51. La Porta, R., Lopez-de-Silanez, F. and Schleifer, A. Corporate ownership around the world Journal of Finance, Vol. LIV, No. 2, April 1999, pp. 471 516.
52. La Porta, R., Lopez-de-Silanez, F., Shleifer, A. and Vishny, R. W. Agency problems and dividend policies around the world Journal of Finance, Vol. LV, No. 1, February 2000, pp. 1 33.
53. Liljeblom, E., Pasternack, D. Share repurchases, dividends and executive options: the effect of dividend protection European Financial Management, Vol. 12, No. 1, 2006, pp. 7 28.
54. Lintner, J. Distribution of incomes of corporations among dividends, retained earnings, and taxes American Economic Review, Vol. 61, No. 2, May 1956, pp. 97 113.
55. Listatut yhtiöt 2000-2001 (Delphi Economics AB, 2000).
56. Lloyd, P., Jahera, J. and Page, D. Agency costs and dividend pay out ratios Quarterly Journal of Business and Economics, Summer 1985, pp. 19 29.
57. Maug, E. Large shareholders as monitors: is there a trade-off between liquidity and control? Journal of Finance, Vol. LIII, No. 1, February 1998, pp. 65 98.
58. Maury, B. Essays on the costs and benefits of large shareholders in corporate governance PhD Dissertation, Nr 127 (Swedish School of Economics and Business Administration, 2004).
59. Maury, B. and Pajuste, A. Controlling shareholders and agency Problems in Finland Finnish Journal of Business Economics, No. 1, 2002, pp. 15 45.
60. McConnell, J. and Servaes, H. Additional evidence on equity ownership and corporate value Journal of Financial Economics, Vol. 27, 1990, pp. 595 612.
61. Megginson, W. L., Corporate Finance Theory (Addison-Wesley, 1997).
62. Myers, S. Outside equity Journal of Finance, Vol. 55, 2000, pp. 1005 37.
63. Newbold, P., Statistics for Business and Economics (Prentice-Hall, New Jersey, 1995).
64. Pajuste, A. Corporate governance and stock market performance in central and eastern Europe - a study of nine countries, 1994-2001 Working Paper (Stockholm School of Economics, 2002).
65. Peasnell, L., Pope, P. and Young, S. Managerial equity ownership and the demand for outside directors European Managerial Management, Vol. 9, No. 2, 2003, pp. 231 50.
66. Pistor, K., Raiser, M. and Gelfer, S. Law and finance in transition economics SSRN, Electronic Journal, March 2000.
67. Pohjola, M. Concentration of shareholder voting power in Finnish industrial companies Scandinavian Journal of Economics, 1988.
68. Prowse, S. Corporate control in commércial banks Journal of Financial Research, 20, 1997. pp. 509 527.
69. Reese Jr., W. A. and Weisbach, M. S. Protection of minority shareholder interests, cross-listings in the United States, and subsequent equity offerings Journal of Financial Economics, Vol. 66, 2002, pp. 65 104.
70. Roe, M. The institutions of corporate governance Harvard Law and Economics Discussion, No. 488 (2004).
71. Rozeff, M. Growth, beta and agency costs as determinants of dividend pay out ratios Journal of Financial Research, Vol. 5, 1982, pp. 249 59.
72. Schleifer, A. and Vishny, R. Large shareholders and corporate control Journal of Political Economy, Vol. 94, 1986, pp. 461 88.
73. Schooley, D. K. and Barney, L.D. Jr. Using dividend policy and managerial ownership to reduce agency costs The Journal of Financial Research, Vol XVII, No. 3, 1994, pp. 363 73.
74. Sorjonen, P. Essays on dividends and taxes PhD Dissertation (Helsinki School of Economics and Business Administration, 2000).
75. Vogt, S. C. The cash flow/investment relationship: evidence from U.S. manufacturing firms Financial Management, Summer 1994, pp. 3 20.
76. Wymeersch, E. Some recent trends and developments in company law Working Paper (Financial Law Institute, Universiteit Gent, 2001).
77. Zingales, L. What determines the value of corporate votes? Quarterly Journal of Economics, November 1995, pp. 1047 73.