Culture, agency costs, and dividends

Journal of Comparative Economics

Volumn 38, Issue 3, 2010, Pages 321-339

  Fidrmuc, Jana P ^a   Jacob, Marcus ^b,c  

^a UNIVERSITY OF WARWICK   (United Kingdom)

^b HARVARD UNIVERSITY   (United States)

^c EBS BUSINESS SCHOOL   (Germany)

Author keywords

Agency problems; Culture; Dividends; Law and finance

Indexed keywords

EID: 77956266495     PISSN: 01475967     EISSN: 10957227     Source Type: Journal    
DOI: 10.1016/j.jce.2010.04.002     Document Type: Article

References (79)

1. Arrow Kenneth Limits of organization 1974, W.W. Norton, New York.
2. Baum J.Robert, Olian Judy D., Erez Miriam, Schnell Eugene R., Smith Ken G., Sims Henry P., Scully Judith S., Smith Ken A. Nationality and work role interactions: a cultural contrast of Israeli and US entrepreneurs' versus managers' needs. Journal of Business Venturing 1993, 8:449-512.
3. Brav Alon, Graham John R., Harvey Campbell R., Michaely Roni Payout policy in the 21st century. Journal of Financial Economics 2005, 77:483-527.
4. Breuer, Wolfgang, Quinten, Benjamin, 2009. Cultural Finance. Working Paper. http://ssrn.com/abstract=1282068.
5. Chang Kiyoung, Noorbakhsh Abbas Does national culture affect international corporate cash holdings?. Journal of Multinational Financial Management 2009, 19:323-342.
6. Christiansen Vidar Norwegian income tax reforms. CESifo Dice Report 2004, 3:9-14.
7. Chui Andy C.W., Lloyd Alison E., Kwok Chuck C.Y. The determination of capital structure: is national culture a missing piece to the puzzle?. Journal of International Business Studies 2002, 33:99-127.
8. Chui Andy C.W., Titman Sheridan, Wei John K.C. Individualism and momentum around the world. Journal of Finance 2010, 65:361-392.
9. DeAngelo Harry, DeAngelo Linda, Skinner Douglas J. Corporate payout policy. Foundations and Trends in Finance 2008, 3:95-287.
10. Demirguc-Kunt Asli, Maksimovic Vojislav Institutions, financial markets, and firm debt maturity. Journal of Financial Economics 1999, 54:295-336.
11. Denis David J., Osobov Igor Why do firms pay dividends? International evidence on the determinants of dividend policy. Journal of Financial Economics 2008, 75:123-138.
12. Dequech David Institutions, social norms, and decision-theoretic norms. Journal of Economic Behavior & Organization 2009, 72:70-78.
13. Dittmar Amy K., Mahrt-Smith Jan Corporate governance and the value of cash holdings. Journal of Financial Economics 2007, 83:599-634.
14. Djankov Simeon, La Porta Rafael, Lopez-de-Silanes Florencio, Shleifer Andrei The law and economics of self-dealing. Journal of Financial Economics 2008, 88:430-465.
15. Easterbrook Frank Two agency cost explanations of dividends. American Economic Review 1984, 74:650-659.
16. Ekanayake Samson. Agency theory, national culture and management control systems. The Journal of American Academy of Business Cambridge 2004, 4:49-54.
17. Faccio Mara, Lang Larry H.P., Young Leslie Dividends and expropriation. American Economic Review 2001, 91:54-78.
18. Fama Eugene F., French Kenneth R. Disappearing dividends: changing firm characteristics or lower propensity to pay?. Journal of Financial Economics 2001, 60:3-44.
19. Farinha Jorge, López-de-Foronda Óscar The relation between dividends and insider ownership in different legal systems: international evidence. The European Journal of Finance 2009, 15:169-189.
20. Gomes Armando Going public with asymmetric information, agency costs, and dynamic trading. Journal of Finance 2000, 55:615-646.
21. Gordon Myron J. Dividends, earnings and stock prices. Review of Economics and Statistics 1959, 41:99-105.
22. Greif Avner, Laitin David A theory of endogenous institutional change. American Political Science Review 2004, 98:633-652.
23. Guiso Luigi, Sapienza Paola, Zingales Luigi Social capital as good culture. Journal of the European Economic Association 2008, 6:295-320.
24. Guiso Luigi, Sapienza Paola, Zingales Luigi Cultural biases in economic exchange?. Quarterly Journal of Economics 2009, 124:1095-1131.
25. Hechter Michael, Opp Karl-Dieter Introduction. Social Norms 2001, xi-xx. Russell Sage Foundation.
26. Herbig Paul A. The innovation matrix: culture and structure prerequisites to innovation 1994, Quorum, Westport, CT.
27. Hodgson Geoffrey M. What are institutions?. Journal of Economic Issues 2006, 40:1-25.
28. Hodgson Geoffrey M. Institutions and individuals: interaction and evolution. Organization Studies 2007, 28:95-116.
29. Hofstede Geert Culture's Consequences: International Differences in Work-related Values 1980, Sage Publications, Beverly Hills, CA.
30. Hofstede Geert Culture and Organizations: Software of the Mind 1991, McGraw-Hill, New York.
31. Hofstede Geert Culture's Consequences 2001, Sage Publications, Beverly Hills, CA. second ed.
32. Huang Rocco Tolerance of uncertainty and the growth of informationally opaque industries. Journal of Development Economics 2008, 87:333-353.
33. Jagannathan M., Stephens C.P., Weisbach M.S. Financial flexibility and the choice between dividends and stock repurchases. Journal of Financial Economics 2000, 57:355-384.
34. Jensen Michael C. Agency cost of free cash flow, corporate finance, and takeovers. American Economic Review Papers and Proceedings 1986, 76:323-329.
35. Jensen Gerald R., Solberg Donald P., Zorn Thomas S. Simultaneous determination of insider ownership, debt, and dividend policies. Journal of Financial and Quantitative Analysis 1992, 27:247-263.
36. Johnson Nancy B., Droege Scott Reflections on the generalization of agency theory: cross-cultural considerations. Human Resource Management Review 2004, 14:325-335.
37. Kaufmann, Daniel, Kraay, Aart, Mastruzzi, Massimo, 2007. Governance matters VI: governance indicators for 1996-2006. World Bank Policy Research Working Paper No. 4280.
38. Khambata Dara, Liu Wei Cultural dimensions, risk aversion and corporate dividends policy. Journal of Asia-Pacific Business 2005, 64:31-43.
39. King Mervyn Public Policy and the Corporation 1977, Chapman and Hall, London.
40. Kluckhohn Clyde Universal categories of culture. Anthropology Today 1962, 304-320. University of Chicago Press, Chicago. S. Tax (Ed.).
41. Kohn Melvin L. Class and Conformity: A Study in Values 1969, Dorsey Press, Homewood, IL.
42. Kwok Chuck C.Y., Tadesse Solomon National culture and financial systems. Journal of International Business Studies 2006, 37:227-247.
43. La Porta Rafael, Lopez-de-Silanes Florencio, Shleifer Andrei Corporate ownership around the world. Journal of Finance 1999, 54:471-517.
44. La Porta Rafael, Lopez-de-Silanes Florencio, Shleifer Andrei, Vishny Robert The quality of government. Journal of Law, Economics, and Organization 1999, 15:222-279.
45. LaPorta Rafael, Lopez-de-Silanes Florencio, Shleifer Andrei, Vishny Robert Agency problems and dividend policies around the world. Journal of Finance 2000, 55:1-33.
46. La Porta Rafael, Lopez-de-Silanes Florencio, Shleifer Andrei What works in securities laws. Journal of Finance 2006, 61:1-32.
47. Lee Sang M., Peterson Suzanne J. Culture, entrepreneurial orientation, and global competitiveness. Journal of World Business 2000, 35:401-416.
48. Licht Amir N. Social norms and the law: why peoples obey the law. Review of Law and Economics 2008, 4:715-750.
49. Licht Amir N., Goldschmidt Charan, Schwartz Shalom H. Culture, law, and corporate governance. International Review of Law and Economics 2005, 25:229-255.
50. Licht Amir N., Goldschmidt Charan, Schwartz Shalom H. Culture rules: the foundations of the rule of law and other norms of governance. Journal of Comparative Economics 2007, 35:659-688.
51. Lintner John Dividends, earnings, leverage, stock prices and supply of capital to corporation. Review of Economics and Statistics 1962, 44:243-269.
52. Mann Leon Cross-cultural studies of small groups. Handbook of Cross Cultural Psychology 1980, vol. 5:155-209. Allyn and Bacon, Boston.
53. Miller Dale T. The norm of self-interest. American Psychologist 1999, 54:1-8.
54. Miller Merton H., Modigliani Franco Dividend policy, growth and the valuation of shares. Journal of Business 1961, 34:411-433.
55. Moh'd Mahmoud, Perry Larry G., Rimbey James N. An investigation of the dynamic relationship between agency theory and dividend policy. Financial Review 1995, 30:367-385.
56. Morck Randall, Wolfenzon Daniel, Yeung Bernard Corporate governance, economic entrenchment, and growth. Journal of Economic Literature 2005, 43:655-720.
57. Myers Stewart C. The capital structure puzzle. The Journal of Finance 1984, 39:575-592.
58. Myers David G. Social Psychology 1999, McGraw-Hill, New York.
59. Poterba, James M., 1987. Tax Evasion and Capital Gains Taxation. Working Paper. http://ssrn.com/abstract=227385.
60. Poterba James M., Summers Lawrence New evidence that taxes affect the valuation of dividends. Journal of Finance 1984, 39:1397-1415.
61. Poterba James M., Summers Lawrence The economic effects of dividend taxation. Recent Advances in Corporate Finance 1985, 227-284. Richard D. Irwin Publishers, Homewood, Ill. E. Altman, M. Subramanyam (Eds.).
62. Putnam Robert D. Bowling Alone: The Collapse and Revival of American Community 2000, Simon & Schuster, New York.
63. Ramirez Andres, Tadesse Solomon A. Corporate cash holdings, uncertainty avoidance, and the multinationality of firms. International Business Review 2009, 18:387-403.
64. Renneboog, Luc D.R., Szilagyi, Peter G., 2006. How relevant is dividend policy under low shareholder protection? Discussion Paper 73, Tilburg University, Center for Economic Research.
65. Renneboog Luc D.R., Trojanowski Grzegorz Control structures and payout policy. Managerial Finance 2006, 33:43-64.
66. Reuter, Charles-Henri., 2009. A Survey of Culture and Finance. Working Paper. http://ssrn.com/abstract=1317324.
67. Rozeff Michael S. Growth, beta, and agency costs as determinants of dividend payout ratios. Journal of Financial Research 1982, 5:249-259.
68. Schneider Susan C., De Meyer Arnoud Interpreting and responding to strategic issues: the impact of national culture. Strategic Management Journal 1991, 12:307-320.
69. Schwartz Shalom H. Beyond individualism/collectivism: new cultural dimensions of values. Individualism and Collectivism: Theory, Method and Applications 1994, 85-119. Sage Publications, Thousands Oaks, CA. U. Kim, H.C. Triandis, C. Kagitcibasi, S.-C. Choi, G. Yoon (Eds.).
70. Schwartz Shalom H. A theory of cultural values and some implications for work. Applied Psychology: An International Review 1999, 48:23-47.
71. Shane Scott A., Venkataraman Shane Renegade and rational championing strategies. Organization Studies 1996, 17:751-777.
72. Shao, Liang, Kwock, Chuck, Guedhami, Omrane, forthcoming. National culture and dividend policy. Journal of International Business Studies.
73. Shleifer Andrei, Vishny Robert W. A survey of corporate governance. Journal of Finance 1997, 52:737-783.
74. Tabellini Guido Institutions and culture. Journal of the European Economic Association 2008, 6:255-294.
75. Tajfel Henri Human Groups and Social Categories: Studies in Social Psychology 1981, Cambridge University Press, New York.
76. Vermaelen Theo Share repurchases. Foundations and Trends in Finance 2005, 1:173-268.
77. Weber Max The Protestant Ethic and the Spirit of Capitalism 1930, Harper Collins, New York, NY.
78. Weise Peter Kultur und die Vereinheitlichung der Sozialwissenschaften. Perspektiven einer kulturellen Ökonomik 2004, 427-440. LIT, Muenster. G. Blümle, N. Goldschmidt, R. Klump, B. Schauenberg, H.V. Senger (Eds.).
79. Zwiebel Jeffrey Dynamic capital structure under managerial entrenchment. American Economic Review 1996, 86:1197-1215.