Dividend Policy, Corporate Control and the Tax Status of the Controlling Shareholder

Christian Andres, André Betzer () and Marc Goergen
Additional contact information
Christian Andres: WHU – Otto Beisheim School of Management
André Betzer: Schumpeter School of Business and Economics, Bergische Universität Wuppertal

No sdp12006, Schumpeter Discussion Papers from Universitätsbibliothek Wuppertal, University Library

Abstract: This paper studies the impact of the concentration of control, the type of controlling shareholder and the dividend tax preference of the controlling shareholder on dividend policy for a panel of 220 German firms over 1984-2005. While the concentration of control does not have an effect on the dividend payout, there is strong evidence that the type of controlling shareholder matters as family controlled firms have high dividend payouts whereas bank controlled firms have low dividend payouts. However, there is no evidence that the tax preference of the large shareholder has an impact on the dividend decision.

Keywords: dividend policy; payout policy; Lintner dividend model; tax clientele effects; corporate governance (search for similar items in EconPapers)
JEL-codes: G32 G35 (search for similar items in EconPapers)
Pages: 51
Date: 2012-05
New Economics Papers: this item is included in nep-acc
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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Journal Article: Dividend policy, corporate control and the tax status of the controlling shareholder (2019)
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Persistent link: https://EconPapers.repec.org/RePEc:bwu:schdps:sdp12006

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