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| Author: | La Porta, R. |
| Title: | Agency problems and dividend policies around the world |
| Journal: | Journal of Finance
2000 : FEB, VOL. 55:1, p. 1-34 |
| Index terms: | FINANCE DIVIDEND POLICY INTERNATIONAL |
| Language: | eng |
| Abstract: | This paper outlines and tests two agency models of dividends. According to the "outcome model", dividends are paid because minority shareholders pressure corporate insiders to disgorge cash. According to the "substitute model", insiders interested in issuing equity in the future pay dividends to establish a reputation for decent treatment of minority shareholders. The first model predicts that stronger minority shareholder rights should be associated with higher dividend payouts. |
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