Arbeitspapier
Dividend policy, corporate control and the tax status of the controlling shareholder
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 tax preference of the large shareholder has an impact on the dividend decision.
- Sprache
-
Englisch
- Erschienen in
-
Series: Schumpeter Discussion Papers ; No. 2012-006
- Klassifikation
-
Wirtschaft
Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
Payout Policy
- Thema
-
Dividend policy
payout policy
Lintner dividend model
tax clientele effects
corporate governance
Dividende
Eigentümerstruktur
Aktionäre
Familienunternehmen
Steuerplanung
Corporate Governance
Deutschland
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Andres, Christian
Betzer, André
Goergen, Marc
- Ereignis
-
Veröffentlichung
- (wer)
-
University of Wuppertal, Schumpeter School of Business and Economics
- (wo)
-
Wuppertal
- (wann)
-
2012
- Handle
- URN
-
urn:nbn:de:hbz:468-20120524-102137-5
- Letzte Aktualisierung
-
10.03.2025, 11:42 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
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ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Andres, Christian
- Betzer, André
- Goergen, Marc
- University of Wuppertal, Schumpeter School of Business and Economics
Entstanden
- 2012
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