Mandatory dividend rules: Do they make it harder for firms to invest?

Journal of Corporate Finance

Volumn 18, Issue 4, 2012, Pages 953-967

  Martins, Theo Cotrim ^a   Novaes, Walter ^b  

^a BANCO CENTRAL DO BRASIL   (Brazil)

^b PONTIFICAL CATHOLIC UNIVERSITY OF RIO DE JANEIRO   (Brazil)

Author keywords

Investment; Mandatory dividend rules; Minority shareholders' rights

Indexed keywords

EID: 84864325459     PISSN: 09291199     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jcorpfin.2012.05.002     Document Type: Article

References (23)

1. Angrist J., Lavvy V. Using Maimonides' rule to estimate the effects of class size on scholastic achievement. Q. J. Econ. 1999, 114:533-575.
2. Angrist J., Pischke J. Mostly harmless econometrics: an empiricist companion 2009, Princeton University Press.
3. Bennedsen M., Nielsen K., Perez-Gonzalez F., Wolfenzon D. Inside the family firm: the role of families in succession decisions and performance. Q. J. Econ. 2007, 122(2):647-691.
4. Campello M., Graham J., Harvey C. The real effects of financial constraints: evidence from a financial crisis. Working paper 2009.
5. Djankov S., La Porta R., Lopez-de-Silanes F., Schleifer A. The regulation of entry. Q. J. Econ. 2002, 117:1-37.
6. Dyck A., Zingales L. Private benefits of control: an international comparison. J. Finance 2004, 59(2):537-600.
7. Fama E., French K. Disappearing dividends: changing firm characteristics or lower propensity to pay?. J. Financ. Econ. 2001, 60:3-43.
8. Fudenberg D., Tirole J. A theory of income and dividend smoothing based on incumbency rents. J. Polit. Econ. 1995, 103:75-93.
9. Hahn J., Todd P., Van Der Klaauw W. Identification and estimation of treatment effects with a Regression-Discontinuity Design. Econometrica 2001, 69:201-209.
10. Healy P. The effect of bonus schemes on accounting decisions. J. Account. Econ. 1985, 7:85-107.
11. Imbens G., Lemieux T. Regression discontinuity designs: a guide to practice. J. Econ. 2008, 142:615-635.
12. Imbens G., Wooldridge J. Recent developments in the econometrics of program evaluation. NBER Working Paper 14251 2008.
13. Johnson S., La Porta R., Lopez-de-Silanes F., Schleifer A. Tunneling. Am. Econ. Rev. 2000, 90(2):22-27.
14. La Porta R., Lopez-de-Silanes F., Schleifer A., Vishny R. Law and finance. J. Polit. Econ. 1998, 106(6):1-53.
15. La Porta R., Lopez-de-Silanes F., Schleifer A. Corporate ownership around the world. J. Finance 1999, 54(2):471-517.
16. La Porta R., Lopez-de-Silanes F., Schleifer A., Vishny R. Agency problems and dividend policies around the world. J. Finance 2000, 55:1-33.
17. Lee D., Card D. Regression discontinuity with specification error. J. Econ. 2008, 142:655-674.
18. Lee D., Lemieux T. Regression discontinuity designs in economics. J. Econ. Lit. 2010, 48:281-355.
19. Mackie-Mason J. Do taxes affect corporate financing decisions?. J. Finance 1990, 45:1471-1493.
20. McCrary J. Manipulation of the running variable in the regression discontinuity design: a density test. J. Econ. 2008, 142:698-714.
21. Mihir D., Foley C., Hines J. A multinational perspective on capital structure choice and internal capital markets. J. Finance 2004, 59:2451-2487.
22. Myers S., Majluf N. Corporate financing and investment decisions when firms have information that investors do not have. J. Financ. Econ. 1984, 13(2):187-221.
23. Wurgler J. Financial markets and the allocation of capital. J. Financ. Econ. 2000, 58:187-214.