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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

Dividend Policy, Corporate Control, and Tax Clienteles

Dividend Policy, Corporate Control, and Tax Clienteles

(p.124) 8 Dividend Policy, Corporate Control, and Tax Clienteles
Dividend Policy and Corporate Governance

Luis Correia Da Silva

Marc Goergen (Contributor Webpage)

Luc Renneboog (Contributor Webpage)

Oxford University Press

Analyses the link between dividend levels and control as well as dividend changes and control based on German data. We find a U‐shaped relation between the dividend payout and the proportion of voting equity held by the largest shareholder. Bank‐controlled firms pay out lower dividends and are much more likely to omit their dividend than any other type of firm. Conversely, there is no evidence that the tax status of the major shareholder has an impact on a firm's dividend policy.

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

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