Unternehmensbewertung bei Teilausschüttung

Peter Nippel and Felix Streitferdt
Additional contact information
Peter Nippel: Universität Kiel
Felix Streitferdt: Fachhochschule Trier

Schmalenbach Journal of Business Research, 2005, vol. 57, issue 2, 163-169

Abstract: Summary We show that our paper published in the zfbf from June 2003 is not inconsistent as Schwetzler suggests in his comments. To this end we recapitulate and strengthen our arguments. Especially, we again emphasise the difference between the cost of capital and the concept of WACC, the latter being a discount rate that comprises the advantage or disadvantage of the firm’s financial policy relative to a hypothetical all equity firm. Furthermore, we show that the consideration of dividend policy and of restrictions on dividends is necessary under the German tax code, even if these aspects are irrelevant in a world without taxes.

Keywords: G32; M49; Dividend Policy; German Tax Code; Valuation; WACC; Ausschüttungspolitik; Steuern; Unternehmensbewertung; WACC (search for similar items in EconPapers)
Date: 2005
References: Add references at CitEc
Citations:

Downloads: (external link)
http://link.springer.com/10.1007/BF03371632 Abstract (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:spr:sjobre:v:57:y:2005:i:2:d:10.1007_bf03371632

Ordering information: This journal article can be ordered from
https://www.springer.com/journal/41471

DOI: 10.1007/BF03371632

Access Statistics for this article

More articles in Schmalenbach Journal of Business Research from Springer
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().