We hypothesize that family firms’ dividend policies are in part determined by a consumption smoothing motive of shareholders. Our paper tests this hypothesis using Japanese tax reform 2011 which increased the rate for only some groups major In quasi-experimental setting, we find firms with non-executive shareholders, who were likely rentiers, counteracted increase increasing dividends. This beh...

Abstract This study examines the effect of investor-level income taxes on profit repatriation and dividend payout policies multinational firms. The empirical estimations include two million firm-year observations in 130 countries. By augmenting Lintner model payments, I employ parametric as well semiparametric techniques to provide evidence that dividends neither alter payments investors nor wi...

The largest companies worldwide face the challenge of differentiating amount to pay as a dividend and retain for internal use. This study, therefore, aims examine main determinants policies oil gas firms in Nigeria. primary study objective was how like earnings, liquidity, state economy, total assets significantly impact payout ratio listed Ten were selected, secondary data gathered from their ...

The present study analyzes dividends paid in unlisted family and non-family businesses, exploring factors that lead to higher or lower dividend payments. Data from 612 Spanish companies during 12 consecutive years was analyzed. This indicates as a result of the greater proximity business, pay dividends. However, we found evidence pyramid structures, susceptible agency costs, both businesses. In...

This study aims at analyzing the relationship between firm R&D intensity and market risk using crosssectional data of 333 firms of the Indian industries from 2005 to 2009. For this, a theoretical model has been developed. The results of the theoretical model show that there is an inverse relationship between firm R&D intensity and market risk. The empirical results show that after controlling f...