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| Tekijä: | Jphn, K. Knyazeva, A. Knyazeva, D. |
| Otsikko: | Does geography matter? Firm location and corporate payout policy |
| Lehti: | Journal of Financial Economics
2011 : SEP, VOL.101:3, p. 533-551 |
| Asiasana: | geography shareholders agency theory dividends cash flow models |
| Vapaa asiasana: | firm location proximity payout policy effect |
| Kieli: | eng |
| Tiivistelmä: | The article investigates the impact of geography on agency costs and firm dividend policies. It is argued that remote firm location increases the cost of shareholder oversight of managerial investment decisions. It is found that remotely located firms pay higher dividends. The effect of geography on dividends is most pronounced for firms with severe free cash flow problems as well as remotely located firms rely more on regular dividends instead of special dividends or share repurchases and decrease dividends less often. |
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