Dividend policy, corporate control and tax clienteles : the case of Germany

  • This paper studies the impact of the concentration of control, the type of controlling shareholder and the dividend tax preference of the controlling shareholder on dividend policy for a panel of 220 German firms over 1984-2005. While the concentration of control does not have an effect on the dividend payout, there is strong evidence that the type of controlling shareholder matters as family controlled firms have high dividend payouts whereas bank controlled firms have low dividend payouts. However, there is no evidence that the dividend preference of the large shareholder has an impact on the dividend decision. JEL Classification: G32, G35 Keywords: Dividend Policy, Payout Policy, Lintner Dividend Model, Tax Clientele Effects, Corporate Governance

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Metadaten
Author:Christian Andres, André Betzer, Marc Goergen
URN:urn:nbn:de:hebis:30-115328
Parent Title (German):Center for Financial Studies (Frankfurt am Main): CFS working paper series ; No. 2011,16
Series (Serial Number):CFS working paper series (2011, 16)
Document Type:Working Paper
Language:English
Year of Completion:2011
Year of first Publication:2011
Publishing Institution:Universitätsbibliothek Johann Christian Senckenberg
Release Date:2011/09/14
Tag:Lintner dividend model; corporate governance; dividend policy; payout policy; tax clientele effects
GND Keyword:Dividendenpolitik; Anteilseigner; Aktionär; Kontrolle; Deutschland; Geschichte 1984-2005
Issue:April 2011
Page Number:45
HeBIS-PPN:277072387
Institutes:Wissenschaftliche Zentren und koordinierte Programme / Center for Financial Studies (CFS)
Dewey Decimal Classification:3 Sozialwissenschaften / 33 Wirtschaft / 330 Wirtschaft
Sammlungen:Universitätspublikationen
Licence (German):License LogoDeutsches Urheberrecht