منابع مشابه
Payout policy, agency conflicts, and corporate governance
We examine the effect of corporate governance on the use of dividends and repurchases, composition of payout, and inclusion of a pre-commitment feature in the payout policy. We find that dividend payout is decreasing in governance quality. Corporate governance has a mixed effect on repurchases: good external governance prompts managers to repurchase more and to use repurchases as the only form ...
متن کاملCorporate Payout Policy and Managerial Stock Incentives*
We examine how corporate payout policy is affected by managerial stock incentives using data on more than 1100 nonfinancial firms during 1993-97. We find that management share ownership encourages higher payouts by firms with potentially the greatest agency problems—those with low market-to-book ratios and low management stock ownership. We also find that management stock options change the com...
متن کاملInstitutional Holdings and Payout Policy
We examine the relation between institutional holdings and payout policy in U.S. public firms between 1980 and 1996. We find that payout policy affects institutional holdings. Institutions avoid firms that do not pay any dividends. But among dividend paying firms, they prefer firms that pay fewer dividends. Our evidence indicates that institutions prefer firms that repurchase shares, and regula...
متن کاملPolicy Options for the Payout Phase
/RÉSUMÉ Policy option for the payout phase This paper assesses how countries' pension arrangements and regulation shape the appropriate structure and flexibility of retirement payout options. The paper aims at providing a guide to policy makers on how to address the diverse questions posed when designing the payout phase or promoting DC pension arrangements, as well as encouraging a market for ...
متن کاملThe Shareholder Base and Payout Policy∗
We examine the relation between the shareholder base and payout policy. Consistent with the idea that the shareholder base is related to the cost of external financing we find that fi rms with small shareholder bases have lower payout levels and maintain higher cash holdings. We show that undertaking an open market repurchase results in a signi cant reduction in the size of the shareholder base...
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ژورنال
عنوان ژورنال: Foundations and Trends® in Finance
سال: 2007
ISSN: 1567-2395,1567-2409
DOI: 10.1561/0500000020