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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

Dividend Policy, Earnings, and Cash Flow: A Dynamic Panel Data Analysis

Chapter:
(p.85) 6 Dividend Policy, Earnings, and Cash Flow: A Dynamic Panel Data Analysis
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:10.1093/0199259305.003.0006

Benefiting from recent advances in panel data estimation, the chapter estimates the Lintner model for German firms. The Lintner model is estimated using both cash flow data and published earnings data. When the former are used, the implicit target payout ratio is much closer to the observed target payout ratio than when the latter is used. We conclude that target payout ratios of German firms are based on cash flow figures rather than published earnings figures.

Keywords:   cash flow, dividend policy, generalized method of moments, Germany, Lintner model, panel data models, partial dividend adjustment model, published earnings, UK, US

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