Creditor rights and the outcome model of dividends

Quarterly Review of Economics and Finance

Volumn 52, Issue 2, 2012, Pages 227-242

  Byrne, Julie ^a   O'Connor, Thomas ^a  

^a NATIONAL UNIVERSITY OF IRELAND   (Ireland)

Author keywords

Corporate governance; Creditor rights; Dividend policy; Shareholder rights

Indexed keywords

EID: 84861844942     PISSN: 10629769     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.qref.2012.04.002     Document Type: Article

References (43)

1. Acharya, V., Amihud, Y., & Litov, L. (2009). Creditor rights and corporate risk-taking. National Bureau of Economic Research, Working paper No. 15569.
2. Adjaoud F., Ben-Amar W. Corporate governance and dividend policy: Shareholders' protection or expropriation?. Journal of Business, Finance, & Accounting 2010, 37(5/6):648-667.
3. Ang J., Cole R., Lin J. Agency costs and ownership structure. Journal of Finance 2000, 55(1):81-106.
4. Baba N. Increased presence of foreign investors and dividend policy of Japanese firms. Pacific-Basin Finance Journal 2009, 17(2):163-174.
5. Bartram, S., Brown, P., How, J., & Verhoeven, P. (2008). Agency conflicts and corporate payout policies: A global study. Lancaster University, Working Paper.
6. Benmelech E., Bergman N. Vintage capital and creditor protection. Journal of Financial Economics 2011, 99(2):308-332.
7. Berkowitz D., Pistor K., Richard J. Economic development, legality, and the transplant effect. European Economic Review 2003, 47(1):165-195.
8. Brockman P., Unlu E. Dividend policy, creditor rights, and the agency costs of debt. Journal of Financial Economics 2009, 92(2):276-299.
9. Brockman P., Unlu E. Earned/contributed capital, dividend policy, and disclosure quality: An international study. Journal of Banking & Finance 2011, 35:1610-1625.
10. Chae J., Kim S., Lee E. How corporate governance affects payout policy under agency problems and external financing constraints. Journal of Banking and Finance 2009, 33(11):2093-2101.
11. Chay J., Suh J. Payout policy and cash-flow uncertainty. Journal of Financial Economics 2009, 93(1):88-107.
12. Credit Lyonnais Securities Asia. (2001). Saints and sinners: Who's got religion? Published Report.
13. DeAngelo H., DeAngelo L., Stulz R. Dividend policy and the earned/contributed capital mix: A test of the life-cycle theory. Journal of Financial Economics 2006, 81(2):227-254.
14. Denis D., Osobov I. Why do firms pay dividends? International evidence on the determinants of dividend policy. Journal of Financial Economics 2008, 89(1):62-82.
15. Djankov S., LaPorta R., Lopez-de-Silanes F., Shleifer A. The law and economics of self-dealing. Journal of Financial Economics 2008, 88(3):430-465.
16. Djankov S., McLeish C., Shleifer A. Private credit in 129 countries. Journal of Financial Economics 2007, 84(2):299-329.
17. Farinha J., Lopez-de-Foronda O. The relation between dividends and insider ownership in different legal systems: International evidence. The European Journal of Finance 2009, 15(2):169-189.
18. Gompers P., Ishii J., Metrick R. Corporate governance and equity prices. Quarterly Journal of Economics 2003, 118(1):107-156.
19. Grullon G., Michaely R., Swaminathan B. Are dividend changes a sign of firm maturity?. Journal of Business 2002, 75:387-424.
20. Houston J., Lin C., Ma Y. Creditor rights, information sharing, and bank risk taking. Journal of Financial Economics 2010, 96(3):485-512.
21. Hu A., Kumar P. Managerial entrenchment and payout policy. Journal of Financial and Quantitative Analysis 2004, 39(4):759-790.
22. Jensen M. Agency costs of free cash flow, corporate finance and takeovers. American Economic Review 1986, 76(2):323-339.
23. Jiraporn P., Kim Y., Kim J. Dividend policy and corporate governance quality: Evidence from ISS. The Financial Review 2011, 46(2):251-279.
24. Jiraporn P., Ning Y. Dividend policy, shareholder rights, and corporate governance. Journal of Applied Finance 2006, 16(2):24-36.
25. Klapper L., Love I. Corporate governance, investor protection and performance in emerging markets. Journal of Corporate Finance 2004, 10(5):703-728.
26. La Porta R., Lopez-de-Silanes F., Shleifer A. What works in securities laws?. Journal of Finance 2006, 61(1):1-32.
27. La Porta R., Lopez-de-Silanes F., Shleifer A., Vishny R. Law and finance. Journal of Political Economy 1998, 106(6):1113-1155.
28. La Porta R., Lopez-de-Silanes F., Shleifer A., Vishny R. Agency problems and dividend policy around the world. Journal of Finance 2000, 55(1):1-33.
29. Mansi, S., & Wald, J. (2010). Payout policy with legal restrictions. Working paper. University of Texas.
30. McKnight P., Weir C. Agency costs, corporate governance mechanisms and ownership structure in large UK publicly quoted companies: A panel data analysis. Quarterly Review of Economics and Finance 2009, 49(2):139-158.
31. Mitton T. Corporate governance and dividend policy in emerging markets. Emerging Markets Review 2004, 5(4):409-426.
32. Nini G., Smith D., Sufi A. Creditor control rights and firm investment policy. Journal of Financial Economics 2009, 92(3):400-420.
33. O'Connor T. Cross-listing in the U.S. and domestic investor protection. Quarterly Review of Economics and Finance 2006, 46(3):413-436.
34. Partington G. Discussion of an international analysis of dividend payment behaviour. Journal of Business Finance & Accounting 2009, 36(3/4):523-529.
35. Petersen M. Estimating standard errors in finance panel data sets: Comparing approaches. Review of Financial Studies 2009, 22(1):435-480.
36. Renneboog L., Trojanowski G. Control structures and payout policy. Managerial Finance 2007, 33(1):43-64.
37. Roberts M., Sufi A. Control rights and capital structure: An empirical investigation. Journal of Finance 2009, 64(4):1657-1695.
38. Rozeff M. Growth, beta, and agency costs as determinants of dividend payout ratios. Journal of Financial Research 1982, 5(3):249-259.
39. Sawicki J. Corporate governance and dividend policy in Southeast Asia pre- and post-crisis. European Journal of Finance 2009, 15(2):211-230.
40. Setia-Atmaja L., Tanewski G., Skully M. The role of dividends, debt and board structure in the governance of family controlled firms. Journal of Business, Finance, and Accounting 2009, 36(7/8):863-898.
41. Shao, L., Kwok, C., & Guedhami, O. (2009). Dividend policy: Balancing interests between shareholders and creditors. Moore School of Business, University of South California. Working paper.
42. Short H., Zhang H., Keasey K. The link between dividend policy and institutional ownership. Journal of Corporate Finance 2002, 8(2):105-122.
43. Singh M., Davidson W. Agency costs, ownership structures and corporate governance mechanisms. Journal of Banking and Finance 2003, 27(5):793-881.