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Dividend Policy and Corporate Governance$
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Luis Correia da Silva, Marc Goergen, and Luc Renneboog

Print publication date: 2004

Print ISBN-13: 9780199259304

Published to Oxford Scholarship Online: April 2004

DOI: 10.1093/0199259305.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 18 October 2021

A Survey of the Literature on Dividends and Control

A Survey of the Literature on Dividends and Control

(p.36) 3 A Survey of the Literature on Dividends and Control
Dividend Policy and Corporate Governance

Luis Correia Da Silva

Marc Goergen (Contributor Webpage)

Luc Renneboog (Contributor Webpage)

Oxford University Press

Concentrates on dividend policy as a signalling device and, in particular, as an alternative corporate governance device. We argue that firms with a high concentration of control are less likely to use dividends as a signal of their future prospects. Similarly, firms with a large monitoring shareholder rely less on dividend policy to keep checks on the management. The impact of banks and taxation on dividend policy is also analysed.

Keywords:   bank‐based system, corporate control, corporate governance mechanisms, corporate ownership, dividend policy, dividend signalling, market‐based system, monitoring

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