메뉴 건너뛰기




Volumn 58, Issue 3, 2008, Pages 106-130

Rent extraction by large shareholders: Evidence using dividend policy in the Czech Republic

Author keywords

Corporate governance; Dividend policy; Large shareholders; Rent extraction

Indexed keywords


EID: 45249111207     PISSN: 00151920     EISSN: None     Source Type: Journal    
DOI: None     Document Type: Article
Times cited : (27)

References (59)
  • 1
    • 0041152114 scopus 로고    scopus 로고
    • A Theory of Dividends Based on Tax Clienteles
    • Allen F, Bernardo A, Welch I (2000): A Theory of Dividends Based on Tax Clienteles. Journal of Finance, 55:2499-2536.
    • (2000) Journal of Finance , vol.55 , pp. 2499-2536
    • Allen, F.1    Bernardo, A.2    Welch, I.3
  • 2
  • 3
    • 0040360987 scopus 로고    scopus 로고
    • Dividend, Taxes, and Signaling: Evidence from Germany
    • Amihud Y, Murgia M (1997): Dividend, Taxes, and Signaling: Evidence from Germany. Journal of Finance, 52:397-408.
    • (1997) Journal of Finance , vol.52 , pp. 397-408
    • Amihud, Y.1    Murgia, M.2
  • 4
    • 0040332008 scopus 로고    scopus 로고
    • Instrumental variables and the search for identification: From supply and demand to natural experiments
    • Angrist JD, Krueger AB (2001): Instrumental variables and the search for identification: From supply and demand to natural experiments. Journal of Economic Perspectives, 15:69-85.
    • (2001) Journal of Economic Perspectives , vol.15 , pp. 69-85
    • Angrist, J.D.1    Krueger, A.B.2
  • 5
    • 0009952279 scopus 로고
    • Private Benefits from Control of Public Corporations
    • Barclay M, Holderness C (1989): Private Benefits from Control of Public Corporations. Journal of Financial Economics, 25:371-395.
    • (1989) Journal of Financial Economics , vol.25 , pp. 371-395
    • Barclay, M.1    Holderness, C.2
  • 7
    • 0011296488 scopus 로고    scopus 로고
    • Do Changes in Dividends Signal the Future or the Past?
    • Benartzi S, Michaely R, Thaler R (1997): Do Changes in Dividends Signal the Future or the Past? Journal of Finance, 52:1007-1034.
    • (1997) Journal of Finance , vol.52 , pp. 1007-1034
    • Benartzi, S.1    Michaely, R.2    Thaler, R.3
  • 9
    • 0010198239 scopus 로고
    • Tax Policy and the Dividend Puzzle
    • Bernheim D (1991): Tax Policy and the Dividend Puzzle. Rand Journal of Economics, 22:455-476.
    • (1991) Rand Journal of Economics , vol.22 , pp. 455-476
    • Bernheim, D.1
  • 10
    • 0001519925 scopus 로고
    • A Tax-Based Test of Dividend Signaling Hypothesis
    • Bernheim D, Wantz A (1995): A Tax-Based Test of Dividend Signaling Hypothesis. American Economic Review, 85:532-551.
    • (1995) American Economic Review , vol.85 , pp. 532-551
    • Bernheim, D.1    Wantz, A.2
  • 11
    • 0000118836 scopus 로고
    • Imperfect Information, Dividend Policy, and 'The Bird in the Hand' Fallacy
    • Bhattacharya S (1979): Imperfect Information, Dividend Policy, and 'The Bird in the Hand' Fallacy. Bell Journal of Economics, 10:259-270.
    • (1979) Bell Journal of Economics , vol.10 , pp. 259-270
    • Bhattacharya, S.1
  • 12
    • 0000068022 scopus 로고
    • Coherency and estimation in simultaneous models with censored or qualitative dependent variables
    • Blundel R, Smith R (1994): Coherency and estimation in simultaneous models with censored or qualitative dependent variables. Journal of Econometrics, 64:355-373.
    • (1994) Journal of Econometrics , vol.64 , pp. 355-373
    • Blundel, R.1    Smith, R.2
  • 13
    • 0010106826 scopus 로고    scopus 로고
    • Bolton P, Thadden EL von (1998): Blocks, Liquidity, and Corporate Control. Journal of Finance, 53:1-25.
    • Bolton P, Thadden EL von (1998): Blocks, Liquidity, and Corporate Control. Journal of Finance, 53:1-25.
  • 14
    • 0032263705 scopus 로고    scopus 로고
    • Do Firms Use Dividends to Signal Large Future Cash Flow Increases?
    • Brook Y, Charlton W, Hendershott R (1998): Do Firms Use Dividends to Signal Large Future Cash Flow Increases? Financial Management, 27:46-57.
    • (1998) Financial Management , vol.27 , pp. 46-57
    • Brook, Y.1    Charlton, W.2    Hendershott, R.3
  • 15
    • 0040790520 scopus 로고    scopus 로고
    • Agency Conflicts in Public and Negotiated Transfers of Corporate Control
    • Burkart M, Gromb D, Panunzi F (2000): Agency Conflicts in Public and Negotiated Transfers of Corporate Control. Journal of Finance, 55:647-677.
    • (2000) Journal of Finance , vol.55 , pp. 647-677
    • Burkart, M.1    Gromb, D.2    Panunzi, F.3
  • 16
    • 0010226723 scopus 로고    scopus 로고
    • Corporate Governance and Equity Prices: Evidence from the Czech Republic
    • Claessens S (1997): Corporate Governance and Equity Prices: Evidence from the Czech Republic. Journal of Finance, 52:1641-1658.
    • (1997) Journal of Finance , vol.52 , pp. 1641-1658
    • Claessens, S.1
  • 17
    • 0000769625 scopus 로고    scopus 로고
    • Ownership Concentration and Corporate Performance in the Czech Republic
    • Claessens S, Djankov S (1999): Ownership Concentration and Corporate Performance in the Czech Republic. Journal of Comparative Economics, 27:498-513.
    • (1999) Journal of Comparative Economics , vol.27 , pp. 498-513
    • Claessens, S.1    Djankov, S.2
  • 19
    • 45249105469 scopus 로고    scopus 로고
    • Coffee J (1996): Institutional Investors in Transitional Economies: Lessons from the Czech Experience. In: Frydman R, Gray C, Rapaczynski A (eds.): Corporate governance in Central Europe and Russia. 1: Banks, funds, and foreign investors. Central European University Press, Budapest: 111-186.
    • Coffee J (1996): Institutional Investors in Transitional Economies: Lessons from the Czech Experience. In: Frydman R, Gray C, Rapaczynski A (eds.): Corporate governance in Central Europe and Russia. Vol 1: Banks, funds, and foreign investors. Central European University Press, Budapest: 111-186.
  • 21
    • 2442689383 scopus 로고    scopus 로고
    • Are dividends disappearing? Dividend concentration and the consolidation or earnings
    • Deangelo H, Deangelo L, Skinner D (2004): Are dividends disappearing? Dividend concentration and the consolidation or earnings. Journal of Financial Economics, 72:425-456.
    • (2004) Journal of Financial Economics , vol.72 , pp. 425-456
    • Deangelo, H.1    Deangelo, L.2    Skinner, D.3
  • 23
    • 84935941592 scopus 로고
    • The Structure of Corporate Ownership: Causes and Consequences
    • Demsetz H, Lehn K (1985): The Structure of Corporate Ownership: Causes and Consequences. Journal of Political Economy, 93:1155-1177.
    • (1985) Journal of Political Economy , vol.93 , pp. 1155-1177
    • Demsetz, H.1    Lehn, K.2
  • 25
    • 0038371974 scopus 로고    scopus 로고
    • Dividends, Asymmetric Information, and Agency Conflicts: Evidence from a Comparison of the Dividend Policies of Japanese and U.S. Firms
    • Dewenter K, Warther V (1998): Dividends, Asymmetric Information, and Agency Conflicts: Evidence from a Comparison of the Dividend Policies of Japanese and U.S. Firms. Journal of Finance, 53:879-904.
    • (1998) Journal of Finance , vol.53 , pp. 879-904
    • Dewenter, K.1    Warther, V.2
  • 26
    • 0011348340 scopus 로고    scopus 로고
    • A Test of the Theory of Tax Clienteles for Dividend Policies
    • Dhaliwal D, Erickson M, Trezevant R (1999): A Test of the Theory of Tax Clienteles for Dividend Policies. National Tax Journal, 52:179-194.
    • (1999) National Tax Journal , vol.52 , pp. 179-194
    • Dhaliwal, D.1    Erickson, M.2    Trezevant, R.3
  • 27
    • 0001413464 scopus 로고
    • Two Agency-Cost Explanations of Dividends
    • Easterbrook F (1984): Two Agency-Cost Explanations of Dividends. American Economic Review, 74:650-659.
    • (1984) American Economic Review , vol.74 , pp. 650-659
    • Easterbrook, F.1
  • 29
    • 0003164748 scopus 로고    scopus 로고
    • Disappearing dividends: Changing characteristics or lower propensity to pay?
    • Fama E, French K (2001): Disappearing dividends: Changing characteristics or lower propensity to pay? Journal of Financial Economics, 60:3-43.
    • (2001) Journal of Financial Economics , vol.60 , pp. 3-43
    • Fama, E.1    French, K.2
  • 31
    • 0038015888 scopus 로고    scopus 로고
    • Corporate Governance, Dividend Payout Policy, and the Interrelation between Dividends, R&D, and Capital Investment
    • Gugler K (2003): Corporate Governance, Dividend Payout Policy, and the Interrelation between Dividends, R&D, and Capital Investment. Journal of Banking and Finance, 27:1297-1321.
    • (2003) Journal of Banking and Finance , vol.27 , pp. 1297-1321
    • Gugler, K.1
  • 32
    • 0043270428 scopus 로고    scopus 로고
    • Corporate Governance and Dividend Pay-out Policy in Germany
    • Gugler K, Yurtoglu B (2003): Corporate Governance and Dividend Pay-out Policy in Germany. European Economic Review, 47:731-758.
    • (2003) European Economic Review , vol.47 , pp. 731-758
    • Gugler, K.1    Yurtoglu, B.2
  • 33
    • 0003846728 scopus 로고    scopus 로고
    • Priorities and Sequencing in Privatization: Theory and Evidence from the Czech Republic
    • Gupta N, Ham J, Švejnar J (2001): Priorities and Sequencing in Privatization: Theory and Evidence from the Czech Republic. The William Davidson Institute Working Paper, No. 323.
    • (2001) The William Davidson Institute Working Paper , Issue.323
    • Gupta, N.1    Ham, J.2    Švejnar, J.3
  • 34
    • 0346958185 scopus 로고    scopus 로고
    • The Impact of Czech Mass Privatization on Corporate Governance
    • Hanousek J, Kočenda E (2003): The Impact of Czech Mass Privatization on Corporate Governance. Journal of Economic Studies, 30(3/4):278-293.
    • (2003) Journal of Economic Studies , vol.30 , Issue.3-4 , pp. 278-293
    • Hanousek, J.1    Kočenda, E.2
  • 35
    • 33846390955 scopus 로고    scopus 로고
    • Origin and Concentration: Corporate Ownership, Control and Performance in Firms After Privatization
    • Hanousek J, Kočenda E, Švejnar J (2007): Origin and Concentration: Corporate Ownership, Control and Performance in Firms After Privatization. Economics of Transition, 15(1):1-31.
    • (2007) Economics of Transition , vol.15 , Issue.1 , pp. 1-31
    • Hanousek, J.1    Kočenda, E.2    Švejnar, J.3
  • 36
    • 0000250716 scopus 로고
    • Specification Tests in Econometrics
    • Hausman J (1978): Specification Tests in Econometrics. Econometrica, 46:1251-1271.
    • (1978) Econometrica , vol.46 , pp. 1251-1271
    • Hausman, J.1
  • 37
    • 0000125534 scopus 로고
    • Sample selection bias as a specification error
    • Heckman J (1979): Sample selection bias as a specification error. Econometrica, 47:153-161.
    • (1979) Econometrica , vol.47 , pp. 153-161
    • Heckman, J.1
  • 38
    • 0040455275 scopus 로고    scopus 로고
    • Dividends and Profits: Some Unsubtle Foreign Influences
    • Hines J (1996): Dividends and Profits: Some Unsubtle Foreign Influences. Journal of Finance, 51:661-689.
    • (1996) Journal of Finance , vol.51 , pp. 661-689
    • Hines, J.1
  • 39
    • 0001066475 scopus 로고
    • Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers
    • The Market for Corporate Control Papers and Proceedings of the Ninety-Eighth Annual Meeting of the American Economic Association
    • Jensen M (1986): Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers. In: The Market for Corporate Control Papers and Proceedings of the Ninety-Eighth Annual Meeting of the American Economic Association. American Economic Review, 76:323-329.
    • (1986) American Economic Review , vol.76 , pp. 323-329
    • Jensen, M.1
  • 40
    • 84944836061 scopus 로고
    • Dividends, dilution, and taxes: A Signaling Equilibrium
    • John K, Williams J (1985): Dividends, dilution, and taxes: A Signaling Equilibrium. Journal of Finance, 40:1053-1070.
    • (1985) Journal of Finance , vol.40 , pp. 1053-1070
    • John, K.1    Williams, J.2
  • 42
    • 0033265916 scopus 로고    scopus 로고
    • Residual State Property in the Czech Republic
    • Kočenda E (1999): Residual State Property in the Czech Republic. Eastern European Economics, 37:6-35.
    • (1999) Eastern European Economics , vol.37 , pp. 6-35
    • Kočenda, E.1
  • 43
    • 33846354620 scopus 로고    scopus 로고
    • Firm Ownership Structures: Dynamic Development
    • Kočenda E, Valachy J (2002): Firm Ownership Structures: Dynamic Development. Prague Economic Papers, 11(3):255-268.
    • (2002) Prague Economic Papers , vol.11 , Issue.3 , pp. 255-268
    • Kočenda, E.1    Valachy, J.2
  • 44
    • 0001889615 scopus 로고
    • Privatization Process in the Czech Republic: Players and Winners
    • Švejnar J:, Academic Press, San Diego, London, and Toronto
    • Kotrba J (1995): Privatization Process in the Czech Republic: Players and Winners. In: Švejnar J: The Czech Republic and economic transition in Easter Europe. Academic Press, San Diego, London, and Toronto: 159-198.
    • (1995) The Czech Republic and economic transition in Easter Europe , pp. 159-198
    • Kotrba, J.1
  • 47
    • 0000243013 scopus 로고
    • Dividend Announcement: Cash Flow Signaling vs. Free Cash Flow Hypothesis?
    • Lang L, Litzenberger R (1989): Dividend Announcement: Cash Flow Signaling vs. Free Cash Flow Hypothesis? Journal of Financial Economics, 24:181-191.
    • (1989) Journal of Financial Economics , vol.24 , pp. 181-191
    • Lang, L.1    Litzenberger, R.2
  • 48
    • 45249091822 scopus 로고    scopus 로고
    • Lintner J (1956): Distribution of Incomes of Corporations among Dividends, Retained Earnings, and Taxes. American Economic Review (Papers and Proceedings of the Sixty-eight Annual Meeting of the American Economic Association): 46:97-113.
    • Lintner J (1956): Distribution of Incomes of Corporations among Dividends, Retained Earnings, and Taxes. American Economic Review (Papers and Proceedings of the Sixty-eight Annual Meeting of the American Economic Association): 46:97-113.
  • 49
    • 45249101710 scopus 로고
    • Ownership Structures and Emerging Capital Market in the Czech Republic, CERGE WP
    • Mejstřík M, Marcincin A, Laštovička R (1995): Voucher Privatization, Ownership Structures and Emerging Capital Market in the Czech Republic, CERGE WP, No. 54.
    • (1995) Voucher Privatization , Issue.54
    • Mejstřík, M.1    Marcincin, A.2    Laštovička, R.3
  • 50
    • 84939429904 scopus 로고
    • Dividends Policy under Asymmetric Information
    • Miller M, Rock K (1985): Dividends Policy under Asymmetric Information. Journal of Finance, 40:1031-1051.
    • (1985) Journal of Finance , vol.40 , pp. 1031-1051
    • Miller, M.1    Rock, K.2
  • 52
    • 84977735445 scopus 로고
    • Corporate Financial Policy, Information, and Market Expectations: An Empirical Investigation of Dividends
    • Offer A, Siegel D (1987): Corporate Financial Policy, Information, and Market Expectations: An Empirical Investigation of Dividends. Journal of Finance, 42:889-911.
    • (1987) Journal of Finance , vol.42 , pp. 889-911
    • Offer, A.1    Siegel, D.2
  • 54
    • 45349109969 scopus 로고
    • Management Entrenchment: The Case of Manager-Specific Investments
    • Shleifer A, Vishny R (1989): Management Entrenchment: The Case of Manager-Specific Investments. Journal of Financial Economics, 25:123-139.
    • (1989) Journal of Financial Economics , vol.25 , pp. 123-139
    • Shleifer, A.1    Vishny, R.2
  • 55
    • 0001026456 scopus 로고    scopus 로고
    • A survey of corporate governance
    • Shleifer A, Vishny R (1997): A survey of corporate governance. Journal of Finance, 52:737-783.
    • (1997) Journal of Finance , vol.52 , pp. 737-783
    • Shleifer, A.1    Vishny, R.2
  • 56
    • 0347099178 scopus 로고
    • Using Vouchers to privatize an Economy: The Czech and Slovak Case
    • Śvejnar J, Singer M (1994): Using Vouchers to privatize an Economy: The Czech and Slovak Case. Economics of Transition, 2:43-64.
    • (1994) Economics of Transition , vol.2 , pp. 43-64
    • Śvejnar, J.1    Singer, M.2
  • 58
    • 21344488480 scopus 로고
    • The Value of the Voting Right: A Study of the Milan Stock Exchange Experience
    • Zingales L (1994): The Value of the Voting Right: A Study of the Milan Stock Exchange Experience. Review of Financial Studies, 7:125-148.
    • (1994) Review of Financial Studies , vol.7 , pp. 125-148
    • Zingales, L.1
  • 59
    • 0003366384 scopus 로고    scopus 로고
    • Dynamic Capital Structure under Managerial Entrenchment
    • Zwiebel J (1996): Dynamic Capital Structure under Managerial Entrenchment. American Economic Review, 86:1197-1215.
    • (1996) American Economic Review , vol.86 , pp. 1197-1215
    • Zwiebel, J.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.