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| Tekijä: | Noronha, G. Shome, D. Morgan, G. |
| Otsikko: | The monitoring rationale for dividends and the interaction of capital structure and dividend decisions |
| Lehti: | Journal of Banking and Finance
1996 : APR, VOL. 20:6, p. 439-454 |
| Asiasana: | BANKING FINANCE DIVIDENDS |
| Kieli: | eng |
| Tiivistelmä: | This paper develops an agency-cost framework for the simultaneous determination of a firm's capital structure and dividend decisions. In the model, simultaneity is contingent on the applicability of Easterbrook's (1984) monitoring rationale for paying dividends, which, in turn, is hypothesized to depend on the existence of alternative sources of monitoring. Estimations of the Rozeff (1982) specification for dividend payout for subsamples stratified according to the prevalence of non-dividend monitoring mechanisms and growth-indiced capital market monitoring, confirm the sample-specific validity of the monitoring rationale. |
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