Agency costs and the dividend decision

Dividend Smoothing, Agency Costs, and Information Asymmetry: Lessons from the Dividend Policies of Private Firms

The Influence of Agency Costs on Dividend Policy in an Emerging Market: Evidence from the Tehran Stock Exchange

Dividend policy has long been an issue of interest in the financial literature. To date, a number of studies published on agency costs and dividend policy but most of them are on developed markets, It is well known that the emerging markets are quite different from developed markets in all respects. So, the existing published evidence is of limited relevance in identifying the influence of agen...

The Dividend Policies of Private Firms: Insights into Smoothing, Agency Costs, and Information Asymmetry

We compare the dividend policies of privatelyand publicly-held firms in order to examine Lintner’s (1956) model of dividends, as wells as more recent agency-based and informationbased explanations of observed dividend behavior. Our findings suggest that both public and private firms exhibit a strong aversion to dividend cuts and omissions; however, public firms adhere to a consistent policy of ...

BUREAUCRATIC DECISION COSTS AND ENDOGENOUS AGENCY EXPERTISE Matthew

This paper analyzes the impact of bureaucratic decision costs on agency expertise. The analysis shows that the effect of the cost associated with adopting a new regulation (the “enactment cost”) on agency expertise depends on what the agency would do if it remains uninformed. If an uninformed agency would regulate, increasing enactment costs increases agency expertise; if an uninformed agency w...

the influence of agency costs on dividend policy in an emerging market: evidence from the tehran stock exchange

dividend policy has long been an issue of interest in the financial literature. to date, a number of studies published on agency costs and dividend policy but most of them are on developed markets, it is well known that the emerging markets are quite different from developed markets in all respects. so, the existing published evidence is of limited relevance in identifying the influence of agen...