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Dividend Policy and Corporate Governance$
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Luis Correia da Silva, Marc Goergen, and Luc Renneboog

Print publication date: 2004

Print ISBN-13: 9780199259304

Published to Oxford Scholarship Online: April 2004

DOI: 10.1093/0199259305.001.0001

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A Survey of the Literature on Dividends and Control

A Survey of the Literature on Dividends and Control

Chapter:
(p.36) 3 A Survey of the Literature on Dividends and Control
Source:
Dividend Policy and Corporate Governance
Author(s):

Luis Correia Da Silva

Marc Goergen (Contributor Webpage)

Luc Renneboog (Contributor Webpage)

Publisher:
Oxford University Press
DOI:10.1093/0199259305.003.0003

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

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