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Dividend Policy and Corporate Governance
Luis Correia da Silva, Marc Goergen, and Luc Renneboog
204 pages
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numerous tables
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234x156mm
978-0-19-925930-4
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Hardback
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26 February 2004
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This item is printed to order. Items which are printed to order are normally despatched and charged within 5-10 days.
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- First exhaustive review on the link between dividend policy and corporate governance
- The book provides new empirical evidence on the Continental European corporate governance system which remains largely under-researched
- Uncovers little-known advantages of the Continental European corporate governance system
- Highlights major differences between the dividend policies of German firms and those of UK or US firms
Dividends are not only a signal about a firm's prospects under asymmetric information, but they can also act as a corporate governance device to align the management's interests with those of the shareholders. Dividend Policy and Corporate Governance is the first comprehensive volume on the relationship between dividend policy and corporate governance, and examines in detail empirical studies and current theories.
Reviewing the interactions between dividend policy and other corporate governance mechanisms, it compares results for the UK and the US with those for other countries such as France,
Germany, and Japan, and provides new empirical evidence on corporate governance in continental Europe and its impact on dividends. Focusing on one of the main representatives of this system, Germany, it highlights major differences between the dividend policies of German firms and those of UK or US firms. Conventional wisdom states that German dividends are lower than UK or US dividends, yet on a published-profits basis the exact converse is true. In addition, the authors demonstrate a link between corporate control structures and dividend payouts, report evidence that the existence of a loss is an additional determinant of dividend changes, and demonstrate that the tax status of the controlling shareholder and the firm's dividend payout are not linked.
The
conclusions reached in this book have important implications for the current debate on corporate governance, making it invaluable for academics, finance professionals, regulators, and legal advisors.
Readership: Finance professionals and academics; corporate governance scholars; corporate governance regulators; legal advisors to institutional funds; legal advisors to corporations.
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Luis Correia da Silva, Director, OXERA Consulting Ltd. (Oxford Economic Research Associates), Marc Goergen, Senior Lecturer in Finance, Manchester School of Management, University of Manchester Institute of Science and Technology, and Luc Renneboog, Associate Professor, Department of Finance, Tilburg University
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"... highly recommendable ... Dividend policy still remains one of the main puzzles in corporate finance. Corporate governance is an increasingly hot topic for academics as well as practitioners. I have no doubt that these issues will carry on puzzling us and will lead to a large amount of theoretical as well as empirical work. I cannot think of a better place to start this research, to update the knowledge of scholars on the vast literature on these two areas and to understand fully the link between dividend and corporate governance than by reading Dividend Policy and Corporate Governance." - Meziane Lasfer, Professor of Finance, Cass Business School
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Part I
1: Introduction
2: Recent Facts and Developments in Corporate Governance
3: Theories and Empirical Evidence on Dividends and Control
Part II
4: Research Questions
5: Empirical Issues on Dividend Payout Ratios
6: Dividend Policy, Earnings, and Cash Flow
7: When Do Firms Change the Dividend Policy?
8: Dividend Policy, Corporate Control, and Tax Clienteles
9: Conclusion
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The specification in this catalogue, including without limitation price, format, extent, number of illustrations, and month of publication, was as accurate as possible at the time the catalogue was compiled. Occasionally, due to the nature of some contractual restrictions, we are unable to ship a specific product to a particular territory. Jacket images are provisional and liable to change before publication.
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