
By Luis Correia da Silva, Visit Amazon's Marc Goergen Page, search results, Learn about Author Central, Marc Goergen, , Luc Renneboog
Dividends should not just a sign a couple of firm's clients lower than uneven details, yet they could additionally act as a company governance machine to align the management's pursuits with these of the shareholders. Dividend coverage and company Governance is the 1st complete quantity at the dating 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 USA with these for different international locations corresponding to France, Germany, and Japan, and offers new empirical facts on company governance in continental Europe and its effect on dividends. concentrating on one of many major representatives of the program, Germany, it highlights significant variations among the dividend regulations of German organizations and people of united kingdom or US corporations. traditional knowledge states that German dividends are under united kingdom or US dividends, but on a published-profits foundation, the precise speak is correct. furthermore, the authors show a hyperlink among company regulate buildings and dividend payouts, document facts that the lifestyles of a loss is an extra determinant of dividend adjustments, and display that the tax prestige of the controlling shareholder and the firm's dividend payout usually are not associated. The conclusions reached during this ebook have vital implications for the present debate on company governance, making it helpful for teachers, finance execs, regulators and felony advisors.
Read or Download Dividend Policy and Corporate Governance PDF
Best government & business books
Essays in Transportation Economics and Policy: A Handbook in Honor of John R. Meyer
This survey of transportation monetary coverage can pay homage to "Techniques of Transportation making plans" through John R. Meyer. It covers the fundamental analytic equipment utilized in transportation economics and coverage research, makes a speciality of the auto, and covers key city public transportation matters.
State subsidies in the global economy
If loose exchange is simple and worthwhile, why are nationwide governments nonetheless subsidizing their industries with various zeal? utilizing figures from eu Union individuals, the amount highlights the conditional results of globalization, asset specificity, and household associations. faraway from being impotent, democratic states face politically robust pressures to proceed to defend social actors from the vagaries of the worldwide marketplace.
Private Governance: Creating Order in Economic and Social Life
From the 1st inventory markets of Amsterdam,London, and ny to the billions of digital trade transactions at the present time, privately produced and enforced financial rules are extra universal, more suitable, and extra promising than ordinarily thought of. In deepest Governance, favorite economist Edward Stringham offers case stories of a number of the varieties of inner most enforcement, self-governance, or self-regulation between inner most teams or contributors that fill a void that govt enforcement can't.
The Politics of Democratization in Hong Kong
An research of the politics of transition in Hong Kong, targeting the tug-of-war among China and Britain on democratization, and at the interactions among the more and more politically lively humans of Hong Kong and the democratizing colonial regime. The successes and screw ups of British coverage due to the fact 1984, and the neglected possibilities to democratize speedier ahead of Governor Patten's appointment in 1992 are tested.
- E-Governance for Smart Cities
- The economic survival of America's isolated small towns
- The Oxford Handbook of International Antitrust Economics, Volume 1
- Multinational Corporations in Political Environments: Ethics, Values and Strategies
- The Effective Public Manager: Achieving Success in a Changing Government (The Jossey-Bass Nonprofit and Public Management Series)
- American Economic Policy in the 1980s (National Bureau of Economic Research Conference Report)
Additional info for Dividend Policy and Corporate Governance
Example text
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. Hence, it seems that the existence of an active market for corporate control is valuable. 16 However, for firms with strong control where the market for hostile takeovers cannot play a disciplinary role, a market for partial control (a market for share blocks) may still operate (see next subsection).
26 Recent Facts and Developments in Corporate Governance boards. The danger of interlocking is collusion. Hallock (1997, 1999) documents that interlocked CEOs receive a higher remuneration than otherwise similar CEOs. 15 The Board of Directors and its Corporate Governance Actions. The disciplining of top management (and in particular of the CEO) has received considerable empirical attention. The reason is that such disciplining is one of the few observable governance actions by the board of directors whereas most of its other governance actions are not directly observable, due to the fact that the minutes of the board meetings are not publicly available.
Franks and Mayer (1996) conclude that there is little evidence that takeovers entailing corporate restructuring are the result of poor past performance. In contrast, Franks, Mayer, and Renneboog (2001) show that companies, forced to cut or omit their dividends, are Recent Facts and Developments in Corporate Governance 29 frequently drastically restructured via mergers and acquisitions which lead to the replacement of most of the directors. All in all, the role of hostile takeovers is controversial.