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 کاملTaxation and Corporate Financial Policy
This paper reviews the theory and evidence regarding the impact of taxation on corporate financial policy. Starting from a basic characterization of the classical corporate income tax and its effects, the analysis focuses on three areas of research: equity policy, debt-equity decisions, and choices regarding ownership structure and organizational form. The discussion stresses the distinction be...
متن کاملTaxation and Corporate Use of Debt: Implications for Tax Policy
There is growing empirical evidence showing that taxes encourage use of debt in large profi table fi rms and discourage it in less profi table fi rms. There has been debate, though, on the source of any non-tax costs from debt fi nance offsetting the tax advantages of debt. This paper lays out competing hypotheses, notes that the existing empirical evidence is more supportive of a “lemons” mode...
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...
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ژورنال
عنوان ژورنال: Vikalpa: The Journal for Decision Makers
سال: 2006
ISSN: 0256-0909,2395-3799
DOI: 10.1177/0256090920060404