Charakteristiky celkových výplat akcionářům soukromých firem v zemích visegradské skupiny

Firms' Total Payout Characteristics in Visegrad Countries

Jan Hanousek and Jiří Trešl

Politická ekonomie, 2019, vol. 2019, issue 5, 458-475

Abstract: This paper examines payout characteristics of firms in a cultural and political alliance of four Central European nations, the Visegrad Group. The sample consists of more than 100,000 firm-year observations from 2001 to 2015. Our results indicate that smoothing behaviour diminishes among firms with majority ownership and that the total payout characteristics behave according to existing theories on passive ownership behaviour and agency costs.

Keywords: payout; smoothing; Lintner's model; ownership; private firms; Visegrad countries; agency costs (search for similar items in EconPapers)
JEL-codes: F23 G32 G35 (search for similar items in EconPapers)
Date: 2019
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DOI: 10.18267/j.polek.1252

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