A Survey of the Literature on Dividends and Control

Luis Correia Da Silva, Marc Goergen and Luc Renneboog

in Dividend Policy and Corporate Governance

Published in print February 2004 | ISBN: 9780199259304
Published online April 2004 | e-ISBN: 9780191600852 | DOI:
 A Survey of the Literature on Dividends and Control

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Concentrates on dividend policy as a signalling device and, in particular, as an alternative corporate governance device. We argue that firms with a high concentration of control are less likely to use dividends as a signal of their future prospects. Similarly, firms with a large monitoring shareholder rely less on dividend policy to keep checks on the management. The impact of banks and taxation on dividend policy is also analysed.

Keywords: bank‐based system; corporate control; corporate governance mechanisms; corporate ownership; dividend policy; dividend signalling; market‐based system; monitoring

Chapter.  12424 words. 

Subjects: Financial Markets

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