| Author: | Pfaff, D. |
| Title: | Zur allokativen Begruendung von Ausschuettungsregelungen = The allocative foundation of pay-out control |
| Journal: | Schmalenbachs Zeitschrift für Betriebswirtschaftliche Forschung
1989 : DEC, VOL. 41:12, p.1013-1028 |
| Index terms: | DIVIDEND POLICY MANAGEMENT CAPITAL UTILIZATION ALLOCATION |
| Language: | ger |
| Abstract: | The legal rules governing the competence to decide on corporate dividends have come under discussion. In a lively dispute, suggestions for political reforms are advanced tending to curtail management's influence on dividend policy considerably. The main argument in support of these propositions are the immediate consequences to the owners and on the allocation of capital. Using agency theory, the paper shows that other constituencies would also adapt to a changing of the rules. This causes indirect allocation effects which (under certain circumstances) might have a considerable bearing on the desirability of such regulations. |
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