Unternehmensfinanzierung und beschränkte Rationalität — Das Beispiel optimaler Dividendenpolitik

Wolfgang Breuer and Nora Hartmann
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Wolfgang Breuer: Rheinisch-Westfälischen Technischen Hochschule Aachen
Nora Hartmann: TU Braunschweig

Schmalenbach Journal of Business Research, 2003, vol. 55, issue 4, 343-363

Abstract: Summary Recently, a growing literature of behavioral finance has been developed. Its main focus is the impact of investors’ bounded rationality on financial markets conditions, in particular asset prices. On the contrary, the consequences of investors’ limited rationality for corporate financing decisions are rarely discussed. However, bounded rationality leads to a new kind of “transformation function” furnished by entrepreneurial financial decisions. This study is an attempt to analyze this new variant of transformation function in more detail. As an example, we explore consequences of limited rationality for corporate dividend policy. Thereby, strengths and weaknesses of such models can be clarified. Altogether, new and interesting fields of research are likely to be discovered which also may obtain practical importance due to the descriptive character of the underlying assumptions of human behavior. Admittedly, a closer examination also reveals several difficulties.

Keywords: G35; Behavioral Finance; Dividend Policy; Beschränkte Rationalität; Dividendenpolitik (search for similar items in EconPapers)
Date: 2003
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DOI: 10.1007/BF03372708

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