메뉴 건너뛰기




Volumn 8, Issue 1, 2009, Pages 87-116

Why are firms with entrenched managers more likely to pay dividends?

Author keywords

Acquisitions and mergers; Dividends; Management attitudes

Indexed keywords


EID: 79959801573     PISSN: 14757702     EISSN: 17587700     Source Type: Journal    
DOI: 10.1108/14757700910934256     Document Type: Article
Times cited : (57)

References (53)
  • 1
    • 0345531503 scopus 로고    scopus 로고
    • Payout policy
    • in Milton Harris and René M. Stulz George Constantinides, (Ed.) Elsevier B.V. Amsterdam
    • Allen, F. and Michaely, R. (2003), “Payout policy”, in Milton Harris and René M. Stulz George Constantinides, (Ed.), Handbook of the Economics of Finance, Elsevier B.V., Amsterdam.
    • (2003) Handbook of the Economics of Finance
    • Allen, F.1    Michaely, R.2
  • 2
    • 0142250311 scopus 로고    scopus 로고
    • Entrenchment and severance pay in optimal governance structures
    • Almazan, A. and Suarez, J. (2003), “Entrenchment and severance pay in optimal governance structures”, Journal of Finance, Vol. 58, pp. 519-548.
    • (2003) Journal of Finance , vol.58 , pp. 519-548
    • Almazan, A.1    Suarez, J.2
  • 3
    • 0009126431 scopus 로고
    • Share repurchase and takeover deterrence
    • Bagwell, L.S. (1991), “Share repurchase and takeover deterrence”, RAND Journal of Economics, Vol. 22, pp. 72-88.
    • (1991) RAND Journal of Economics , vol.22 , pp. 72-88
    • Bagwell, L.S.1
  • 5
    • 15544374939 scopus 로고    scopus 로고
    • What matters in corporate governance?
    • working paper Harvard Law School, Cambridge, MA
    • Bebchuk, L., Cohen, A. and Ferrell, A. (2004), “What matters in corporate governance?”, working paper, Harvard Law School, Cambridge, MA.
    • (2004)
    • Bebchuk, L.1    Cohen, A.2    Ferrell, A.3
  • 6
    • 34547922403 scopus 로고    scopus 로고
    • The takeover deterrent effect of open market share repurchases
    • Billett, M. and Xue, H. (2007), “The takeover deterrent effect of open market share repurchases”, Journal of Finance, Vol. 62, pp. 1827-50.
    • (2007) Journal of Finance , vol.62 , pp. 1827-1850
    • Billett, M.1    Xue, H.2
  • 8
    • 0002522316 scopus 로고
    • Sovereign debt: is to forgive to forget?
    • Bulow, J. and Rogoff, K. (1989), “Sovereign debt: is to forgive to forget?”, American Economic Review, Vol. 79, p. 43.
    • (1989) American Economic Review , vol.79 , pp. 43
    • Bulow, J.1    Rogoff, K.2
  • 9
    • 84868100543 scopus 로고    scopus 로고
    • Does better corporate governance ‘Cause’ better firm performance?
    • working paper Rutgers Business School, Newark, NJ
    • Chidambaran, N.K., Palia, D. and Zheng, Y. (2006), “Does better corporate governance ‘Cause’ better firm performance?”, working paper, Rutgers Business School, Newark, NJ.
    • (2006)
    • Chidambaran, N.K.1    Palia, D.2    Zheng, Y.3
  • 10
    • 0000380080 scopus 로고
    • Poison or placebo? Evidence on the deterrence and wealth effects of modern antitakeover measures
    • Comment, R. and Schwert, G.W. (1995), “Poison or placebo? Evidence on the deterrence and wealth effects of modern antitakeover measures”, Journal of Financial Economics, Vol. 39, pp. 3-43.
    • (1995) Journal of Financial Economics , vol.39 , pp. 3-43
    • Comment, R.1    Schwert, G.W.2
  • 11
    • 28244478077 scopus 로고    scopus 로고
    • Governance mechanisms and equity prices
    • Cremers, M. and Nair, V. (2005), “Governance mechanisms and equity prices”, Journal of Finance, Vol. 60, pp. 2859-94.
    • (2005) Journal of Finance , vol.60 , pp. 2859-2894
    • Cremers, M.1    Nair, V.2
  • 12
    • 2442689383 scopus 로고    scopus 로고
    • Are dividends disappearing? Dividend concentration and the consolidation of earnings
    • De Angelo, H., De Angelo, L. and Skinner, D.J. (2004), “Are dividends disappearing? Dividend concentration and the consolidation of earnings”, Journal of Financial Economics, Vol. 72, pp. 425-456.
    • (2004) Journal of Financial Economics , vol.72 , pp. 425-456
    • De Angelo, H.1    De Angelo, L.2    Skinner, D.J.3
  • 13
    • 30744455448 scopus 로고    scopus 로고
    • Dividend policy and the earned/contributed capital mix: a test of the lifecycle theory
    • De Angelo, H., De Angelo, L. and Stulz, R.M. (2006), “Dividend policy and the earned/contributed capital mix: a test of the lifecycle theory”, Journal of Financial Economics, Vol. 81, pp. 227-254.
    • (2006) Journal of Financial Economics , vol.81 , pp. 227-254
    • De Angelo, H.1    De Angelo, L.2    Stulz, R.M.3
  • 14
    • 33847233238 scopus 로고    scopus 로고
    • Corporate governance and the value of cash holdings
    • Dittmar, A. and Mahrt-Smith, J. (2007), “Corporate governance and the value of cash holdings”, Journal of Financial Economics, Vol. 83, pp. 599-634.
    • (2007) Journal of Financial Economics , vol.83 , pp. 599-634
    • Dittmar, A.1    Mahrt-Smith, J.2
  • 15
    • 0001413464 scopus 로고
    • Two agency-cost explanations of dividends
    • Easterbrook, F.H. (1984), “Two agency-cost explanations of dividends”, American Economic Review, Vol. 74, pp. 650-9.
    • (1984) American Economic Review , vol.74 , pp. 650-659
    • Easterbrook, F.H.1
  • 16
    • 0003164748 scopus 로고    scopus 로고
    • Disappearing dividends: changing firm characteristics or lower propensity to pay?
    • Fama, E.F. and French, K.R. (2001), “Disappearing dividends: changing firm characteristics or lower propensity to pay?”, Journal of Financial Economics, Vol. 60, pp. 3-43.
    • (2001) Journal of Financial Economics , vol.60 , pp. 3-43
    • Fama, E.F.1    French, K.R.2
  • 18
    • 0141977276 scopus 로고    scopus 로고
    • Are dividend changes a sign of firm maturity?
    • Grullon, G., Michaely, R. and Swaminathan, B. (2002), “Are dividend changes a sign of firm maturity?”, Journal of Business, Vol. 75, pp. 387-424.
    • (2002) Journal of Business , vol.75 , pp. 387-424
    • Grullon, G.1    Michaely, R.2    Swaminathan, B.3
  • 19
    • 0040426295 scopus 로고    scopus 로고
    • Corporate cash reserves and acquisitions
    • 1969-97
    • Harford, J. (1999), “Corporate cash reserves and acquisitions”, Journal of Finance, Vol. 54, pp. 1969-97.
    • (1999) Journal of Finance , vol.54
    • Harford, J.1
  • 20
    • 33846885640 scopus 로고    scopus 로고
    • Corporate governance and firm cash holdings
    • working paper University of Washington, Seattle, WA
    • Harford, J., Mansi, S. and Maxwell, W. (2006), “Corporate governance and firm cash holdings”, working paper, University of Washington, Seattle, WA.
    • (2006)
    • Harford, J.1    Mansi, S.2    Maxwell, W.3
  • 22
    • 0346094681 scopus 로고
    • Agency costs of free cash flow, corporate finance, and takeovers
    • Jensen, M.C. (1986), “Agency costs of free cash flow, corporate finance, and takeovers”, American Economic Review, Vol. 76, pp. 323-329.
    • (1986) American Economic Review , vol.76 , pp. 323-329
    • Jensen, M.C.1
  • 23
    • 34848877919 scopus 로고    scopus 로고
    • Payout policy, agency conflicts, and corporate governance
    • working paper New York University, New York, NY
    • John, K. and Knyazeva, A. (2006), “Payout policy, agency conflicts, and corporate governance”, working paper, New York University, New York, NY.
    • (2006)
    • John, K.1    Knyazeva, A.2
  • 24
    • 84944836061 scopus 로고
    • Dividends, dilution, and taxes: a signaling equilibrium
    • John, K. and Williams, J. (1985), “Dividends, dilution, and taxes: a signaling equilibrium”, Journal of Finance, Vol. 40, p. 1053.
    • (1985) Journal of Finance , vol.40 , pp. 1053
    • John, K.1    Williams, J.2
  • 25
    • 0001642328 scopus 로고
    • Golden parachutes, shark repellents, and hostile tender offers
    • Knoeber, C.R. (1986), “Golden parachutes, shark repellents, and hostile tender offers”, American Economic Review, Vol. 76, pp. 155-167.
    • (1986) American Economic Review , vol.76 , pp. 155-167
    • Knoeber, C.R.1
  • 27
    • 77953664516 scopus 로고    scopus 로고
    • Bottom-up corporate governance
    • working paper New York University, New York, NY
    • Landier, A., Sraer, D. and Thesmar, D. (2005), “Bottom-up corporate governance”, working paper, New York University, New York, NY.
    • (2005)
    • Landier, A.1    Sraer, D.2    Thesmar, D.3
  • 28
    • 33750284392 scopus 로고    scopus 로고
    • Governance indices and valuation: which causes which?
    • working paper University of Pittsburgh, Pittsburgh, PA
    • Lehn, K., Patro, S. and Zhao, M. (2006), “Governance indices and valuation: which causes which?”, working paper, University of Pittsburgh, Pittsburgh, PA.
    • (2006)
    • Lehn, K.1    Patro, S.2    Zhao, M.3
  • 29
    • 77649173768 scopus 로고
    • Longitudinal data analysis using generalized linear models
    • Liang, K.-Y. and Zeger, S. (1986), “Longitudinal data analysis using generalized linear models”, Biometrika, Vol. 73, pp. 13-22.
    • (1986) Biometrika , vol.73 , pp. 13-22
    • Liang, K.-Y.1    Zeger, S.2
  • 30
    • 0002744905 scopus 로고
    • Distribution of incomes of corporations among dividends, retained earnings, and taxes
    • Lintner, J. (1956), “Distribution of incomes of corporations among dividends, retained earnings, and taxes”, American Economic Review, Vol. 46, pp. 97-113.
    • (1956) American Economic Review , vol.46 , pp. 97-113
    • Lintner, J.1
  • 31
    • 84896259209 scopus 로고    scopus 로고
    • Corporate governance and acquirer returns
    • working paper Vanderbilt University, Nashville, TN
    • Masulis, R., Wang, C. and Xie, F. (2005), “Corporate governance and acquirer returns”, working paper, Vanderbilt University, Nashville, TN.
    • (2005)
    • Masulis, R.1    Wang, C.2    Xie, F.3
  • 32
    • 84939429904 scopus 로고
    • Dividend policy under asymmetric information
    • Miller, M.H. and Rock, K. (1985), “Dividend policy under asymmetric information”, Journal of Finance, Vol. 40, p. 1031.
    • (1985) Journal of Finance , vol.40 , pp. 1031
    • Miller, M.H.1    Rock, K.2
  • 33
    • 48549110620 scopus 로고
    • Corporate financing and investment decisions when firms have information that investors do not have
    • Myers, S.C. and Majluf, N.S. (1984), “Corporate financing and investment decisions when firms have information that investors do not have”, Journal of Financial Economics, Vol. 13, pp. 187-221.
    • (1984) Journal of Financial Economics , vol.13 , pp. 187-221
    • Myers, S.C.1    Majluf, N.S.2
  • 35
    • 33749604891 scopus 로고    scopus 로고
    • Estimating standard errors in finance panel data sets: comparing approaches
    • working paper Northwestern University, Evanston/Chicago, IL
    • Petersen, M. (2005), “Estimating standard errors in finance panel data sets: comparing approaches, working paper, Northwestern University, Evanston/Chicago, IL.
    • (2005)
    • Petersen, M.1
  • 36
    • 6344250167 scopus 로고    scopus 로고
    • The market for corporate control and corporate cash holdings
    • working paper Georgetown University, Washington, DC
    • Pinkowitz, L. (2000), “The market for corporate control and corporate cash holdings”, working paper, Georgetown University, Washington, DC.
    • (2000)
    • Pinkowitz, L.1
  • 37
    • 33746845873 scopus 로고    scopus 로고
    • Does the contribution of corporate cash holdings and dividends to firm value depend on governance? A cross-country analysis
    • Pinkowitz, L., Stulz, R.M. and Williamson, R. (2006), “Does the contribution of corporate cash holdings and dividends to firm value depend on governance? A cross-country analysis”, Journal of Finance, Vol. 61, pp. 2725-51.
    • (2006) Journal of Finance , vol.61 , pp. 2725-2751
    • Pinkowitz, L.1    Stulz, R.M.2    Williamson, R.3
  • 38
    • 0040211631 scopus 로고    scopus 로고
    • Hostility in takeovers: in the eyes of the beholder?
    • Schwert, G. W. (2000), “Hostility in takeovers: in the eyes of the beholder?”, Journal of Finance, Vol. 55, p. 2599.
    • (2000) Journal of Finance , vol.55 , pp. 2599
    • Schwert, G.W.1
  • 39
    • 0001026456 scopus 로고    scopus 로고
    • A survey of corporate governance
    • Shleifer, A. and Vishny, R.W. (1997), “A survey of corporate governance”, Journal of Finance, Vol. 52, pp. 737-783.
    • (1997) Journal of Finance , vol.52 , pp. 737-783
    • Shleifer, A.1    Vishny, R.W.2
  • 40
    • 84934564015 scopus 로고
    • Takeover threats and managerial myopia
    • Stein, J.C. (1988), “Takeover threats and managerial myopia”, Journal of Political Economy, Vol. 96, p. 61.
    • (1988) Journal of Political Economy , vol.96 , pp. 61
    • Stein, J.C.1
  • 41
    • 45549112378 scopus 로고
    • Managerial control of voting rights: financing policies and the market for corporate control
    • Stulz, R.M. (1988), “Managerial control of voting rights: financing policies and the market for corporate control”, Journal of Financial Economics, Vol. 20, pp. 25-54.
    • (1988) Journal of Financial Economics , vol.20 , pp. 25-54
    • Stulz, R.M.1
  • 42
    • 45149135691 scopus 로고
    • Managerial discretion and optimal financing policies
    • Stulz, R.M. (1990), “Managerial discretion and optimal financing policies”, Journal of Financial Economics, Vol. 26, pp. 3-27.
    • (1990) Journal of Financial Economics , vol.26 , pp. 3-27
    • Stulz, R.M.1
  • 43
    • 0003366384 scopus 로고    scopus 로고
    • Dynamic capital structure under managerial entrenchment
    • Zwiebel, J. (1996), “Dynamic capital structure under managerial entrenchment”, American Economic Review, Vol. 86, pp. 1197-215.
    • (1996) American Economic Review , vol.86 , pp. 1197-1215
    • Zwiebel, J.1
  • 44
    • 84977431848 scopus 로고
    • Quarterly dividend and earnings announcements and stockholders' returns: an empirical analysis
    • Aharony, J. and Swary, I. (1980), “Quarterly dividend and earnings announcements and stockholders' returns: an empirical analysis”, Journal of Finance, Vol. 35, pp. 1-12.
    • (1980) Journal of Finance , vol.35 , pp. 1-12
    • Aharony, J.1    Swary, I.2
  • 45
    • 0002093572 scopus 로고
    • The impact of initiating dividend payments on shareholders' wealth
    • Asquith, P. and Mullins, D.W., Jr. (1983), “The impact of initiating dividend payments on shareholders' wealth”, Journal of Business, Vol. 56, pp. 77-96.
    • (1983) Journal of Business , vol.56 , pp. 77-96
    • Asquith, P.1    Mullins, D.W.2
  • 46
    • 2942716949 scopus 로고    scopus 로고
    • A catering theory of dividends
    • Baker, M. and Wurgler, J. (2004), “A catering theory of dividends”, Journal of Finance, Vol. 59, pp. 1125-65.
    • (2004) Journal of Finance , vol.59 , pp. 1125-1165
    • Baker, M.1    Wurgler, J.2
  • 47
    • 0011296488 scopus 로고    scopus 로고
    • Do changes in dividends signal the future or the past?
    • Benartzi, S., Michaely, R. and Thaler, R. (1997), “Do changes in dividends signal the future or the past?”, Journal of Finance, Vol. 52, pp. 1007-34.
    • (1997) Journal of Finance , vol.52 , pp. 1007-1034
    • Benartzi, S.1    Michaely, R.2    Thaler, R.3
  • 48
    • 67649569226 scopus 로고    scopus 로고
    • Do dividend clienteles exist? Institutional investor reaction to dividend events
    • University of Texas at Austin working paper
    • Binay, M. (2001), “Do dividend clienteles exist? Institutional investor reaction to dividend events”, University of Texas at Austin working paper.
    • (2001)
    • Binay, M.1
  • 49
    • 84873504163 scopus 로고    scopus 로고
    • Do dividend clienteles exist? Evidence on dividend preferences of retail investors
    • working paper Duke University, Durham, NC
    • Graham, J. and Kumar, A. (2004), “Do dividend clienteles exist? Evidence on dividend preferences of retail investors”, working paper, Duke University, Durham, NC.
    • (2004)
    • Graham, J.1    Kumar, A.2
  • 50
    • 42449117350 scopus 로고    scopus 로고
    • Disappearing dividends: the importance of idiosyncratic risk and the irrelevance of catering
    • working paper University of Maryland, College Park, MD
    • Hoberg, G. and Prabhala, N. (2005), “Disappearing dividends: the importance of idiosyncratic risk and the irrelevance of catering, working paper, University of Maryland, College Park, MD.
    • (2005)
    • Hoberg, G.1    Prabhala, N.2
  • 51
    • 44649197264 scopus 로고
    • Theory of the firm: managerial behavior, agency costs, and ownership structure
    • Jensen, M.C. and Meckling, W.H. (1976), “Theory of the firm: managerial behavior, agency costs, and ownership structure”, Journal of Financial Economics, Vol. 3, pp. 305-360.
    • (1976) Journal of Financial Economics , vol.3 , pp. 305-360
    • Jensen, M.C.1    Meckling, W.H.2
  • 52
    • 84993919451 scopus 로고
    • Price reactions to dividend initiations and omissions: overreaction or drift?
    • Michaely, R. and Thaler, R.H. (1995), “Price reactions to dividend initiations and omissions: overreaction or drift?”, Journal of Finance, Vol. 50, pp. 573-608.
    • (1995) Journal of Finance , vol.50 , pp. 573-608
    • Michaely, R.1    Thaler, R.H.2
  • 53
    • 38249039991 scopus 로고
    • A test of dividend irrelevance using volume reactions to a change in dividend policy
    • Richardson, G., Sefcik, S.E. and Thompson, R. (1986), “A test of dividend irrelevance using volume reactions to a change in dividend policy”, Journal of Financial Economics, Vol. 17, pp. 313-333.
    • (1986) Journal of Financial Economics , vol.17 , pp. 313-333
    • Richardson, G.1    Sefcik, S.E.2    Thompson, R.3


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.