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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: 20 October 2021

When do Firms Change the Dividend Policy? *

When do Firms Change the Dividend Policy? *

(p.107) 7 When do Firms Change the Dividend Policy?*
Dividend Policy and Corporate Governance

Luis Correia Da Silva

Marc Goergen (Contributor Webpage)

Luc Renneboog (Contributor Webpage)

Oxford University Press

Focuses on the flexibility of German dividends. The evidence obtained from analysing the data suggests that the dividend policy of German firms is much more flexible than that of UK or US firms. Contrary to what Lintner (1956) predicts, dividend are cut or omitted when profits are only temporarily, rather than permanently, depressed.

Keywords:   dividend cuts, dividend flexibility, dividend increases, dividend omissions, dividend policy, Germany, Lintner model, UK, US

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