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

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

(p.85) 6 Dividend Policy, Earnings, and Cash Flow: A Dynamic Panel Data Analysis
Dividend Policy and Corporate Governance

Luis Correia Da Silva

Marc Goergen (Contributor Webpage)

Luc Renneboog (Contributor Webpage)

Oxford University Press

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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