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| Author: | Gugler, K. |
| Title: | Corporate governance, dividend payout policy, and the interrelation between dividends, R&D, and capital investment |
| Journal: | Journal of Banking and Finance
2003 : JUL, VOL. 27:7, p. 1297-1321 |
| Index terms: | Corporate governance Dividend policy Capital investment Equations R&D |
| Language: | eng |
| Abstract: | The author investigates the relationship between dividends and the ownership and control structure of the firm. For a panel of Austrian firms under 1991-1999, he finds that state-controlled firms engage in dividend smoothing, while family-controlled firms do not. The latter choose significantly lower target payout levels. Consistently, state-controlled firms are most reluctant and family-controlled firms are least reluctant to cut dividends when cuts are warranted. The dividend behaviour of bank- and foreign-controlled firms lies in between state- and family-controlled firms. This is consistent with the expåected "ranking" of information asymmetries and managerial agency costs. |
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