Results 261 to 270 of about 4,282,132 (297)

Payout Policy and Tax Deferral

The Journal of Finance, 1991
ABSTRACTEquilibrium in the standard finance model implies that value‐maximizing firms make taxable equity payouts, even when deferral effectively allows complete tax escape. Since tax deferral and consumption deferral are inherently jointly supplied goods, an excess aggregate supply of future consumption would result if firms followed conventional ...
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Canadian corporate payout policy

International Journal of Managerial Finance, 2013
PurposeThe purpose of this paper is to examine cash dividends and stock repurchases in Canada from 1988 to 2006 and their relationship with earnings.Design/methodology/approachThe study uses logistic regressions to examine the likelihood of paying dividends and the timing of repurchases and OLS regressions to examine the level of payout.FindingsThe ...
H. Kent Baker, Bin Chang, Shantanu Dutta, Samir Saadi   +3 more
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Workplace environment and payout policy

Journal of Economics and Business, 2019
Abstract Firms that encounter lawsuits are subject to unforeseen costs when a case is ruled in favor of the plaintiff. We examine the impact of lawsuits brought against firms and whether this affects the firms’ dividend policy, using unique hand-collected datasets of employee litigations and disputes that include court settlements for employee ...
Omer Unsal, Jennifer Brodmann
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Expropriation of Minority Shareholders and Payout Policy

SSRN Electronic Journal, 2009
This paper studies the payout policy of Italian firms controlled by large majority shareholders (controlled firms). The paper reports that a firm's share of dividends in total payout (dividends plus repurchases) is negatively related to the size of the cash flow stake of the firm's controlling shareholder and positively associated with the wedge ...
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Payout Policy and Cost of Capital

SSRN Electronic Journal, 2006
In this paper we examine the impact of payout policy on cost of capital. Using forward-looking implied cost of capital as a measure of expected returns, we examine the cross-sectional relation between cost of capital and (a) the level of payout and (b) the distribution policy choice between dividends and repurchases.
Meenakshi Sinha, Jayanthi Sunder, B. Swaminathan   +2 more
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Managerial Entrenchment and Payout Policy

Journal of Financial and Quantitative Analysis, 2004
AbstractBuilding on the managerial entrenchment literature, we develop and test a novel perspective on payout policy that integrates the influence of internal governance mechanisms, investment opportunities, management compensation, and monitoring by large shareholders.
Aidong Hu, Praveen Kumar
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Payout Policy Changes around a Tax Reform: Do Owners or Payout Policy Adjust?

SSRN Electronic Journal, 2008
Tax reforms which affect the taxation of corporate dividends offer excellent opportunities to study dividend clientele effects. We study payout policy changes (dividends and share repurchases) around a major tax reform in Finland in 2004. Contrary to e.g.
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Payout Policy with Legal Restrictions

SSRN Electronic Journal, 2011
We hypothesize that firms that face limitations on debt may use increased dividend payments to mitigate the free cash flow problem. Limitations on debt are implicit in state laws that restrict the firm from making payouts when the asset‐to‐liability ratio is low.
Sattar A. Mansi, John K. Wald
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Bank payout policy, regulation, and politics

Bank payout policy is strongly affected by regulation and politics, especially for the largest banks. Banks, but not industrial firms, have consistently lower payouts in times of high regulation uncertainty and under democratic presidents. After the Global Financial Crisis, bank regulators' influence on payout policies of the largest banks increases ...
Rüdiger Fahlenbrach, Minsu Ko, René Stulz   +2 more
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max EPS Payout Policy

SSRN Electronic Journal
Holding cash has a cost. For an EPS-maximizing CEO, that cost equals her firm’s earnings yield. EPS maximizers retain cash when they can get an even higher yield by investing the money. Otherwise, they return cash to shareholders. This is the EPS-maximizing payout policy.
Itzhak Ben-David, Alex Chinco
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