By Luis Correia da Silva, Visit Amazon's Marc Goergen Page, search results, Learn about Author Central, Marc Goergen, , Luc Renneboog
Dividends usually are not just a sign a few firm's clients less than uneven info, yet they could additionally act as a company governance equipment to align the management's pursuits with these of the shareholders. Dividend coverage and company Governance is the 1st finished quantity at the courting among dividend coverage and company governance, and examines intimately empirical stories and present theories. Reviewing the interactions among dividend coverage and different company governance mechanisms, it compares effects for the united kingdom and the U.S. with these for different nations equivalent to France, Germany, and Japan, and offers new empirical facts on company governance in continental Europe and its influence on dividends. concentrating on one of many major representatives of the program, Germany, it highlights significant alterations among the dividend guidelines of German enterprises and people of united kingdom or US organisations. traditional knowledge states that German dividends are below united kingdom or US dividends, but on a published-profits foundation, the precise speak is correct. moreover, the authors exhibit a hyperlink among company keep an eye on buildings and dividend payouts, record facts that the lifestyles of a loss is an extra determinant of dividend adjustments, and reveal that the tax prestige of the controlling shareholder and the firm's dividend payout are usually not associated. The conclusions reached during this booklet have vital implications for the present debate on company governance, making it important for teachers, finance execs, regulators and criminal advisors.
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2000) and Beck, Levine, and Loayza (2000) finds that firms operating in jurisdictions with strong shareholder protection have a higher growth potential, as measured by Tobin’s Q. Furthermore, Lombardo and Pagano (2002) find that better legal institutions influence equity rates of return and the demand for equity finance by companies. They offer two reasons for this relation: good laws and efficient courts (1) curtail the private benefits of managers and (2) facilitate the contractibility of the firm’s relations with customers and suppliers and the enforceability of such contractual relations.
In a survey paper on the economics of mergers and acquisitions, Burkart (1999) concludes that although managers shielded from the takeover threat do not behave like empirebuilders they tend to become sluggish. For example, Bertrand and Mullainathan (2003) and Borokhovich, Brunarski, and Parrino (1997) show that increased insulation from takeovers leads to higher managerial salaries and lower total factor productivity in US corporations. Garvey and Hanka (1999) provide evidence that anti-takeover legislation leads to fewer new investments and fewer disinvestments.
Advantages: a. high potential for portfolio diversification and high liquidity; b. g. in Continental Europe. - advantages: a. monitoring of management, b. portfolio diversification and liquidity - disadvantages: a. violation of one-share-one-vote, b. g. in some Continental Europe - advantages: protection of minority rights - disadvantages: a. violation of one-share-one-vote, b. low monitoring incentives, c. low portfolio diversification possibilities and low liquidity, d. high cost of capital - agency conflicts: management vs shareholders Panel D: Concentrated Ownership and Strong Voting Power - where: Continental Europe, Japan, in any company after a takeover, in recently floated companies.
Dividend Policy and Corporate Governance by Luis Correia da Silva, Visit Amazon's Marc Goergen Page, search results, Learn about Author Central, Marc Goergen, , Luc Renneboog