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| Author: | Farinha, J. |
| Title: | Dividend policy, corporate governance and the managerial entrenchment hypothesis: an empirical analysis |
| Journal: | Journal of Business Finance and Accounting
2003 : NOV/DEC, VOL. 30:9/10, p. 1173-1209 |
| Index terms: | Agency theory Corporate governance Dividend policy United Kingdom |
| Language: | eng |
| Abstract: | The agency explanation for the cross-sectional variation of corporate dividend policy are analysed in the UK by looking at the managerial entrenchment hypothesis drawn from the agency literature. Consistent with what was predicted, a significatn U-shaped relationship between dividend payout ratios and insider ownership was observed for a large sample of UK companies and two distinct periods. |
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