Dividend policy, corporate control and tax clienteles: The case of Germany

Christian Andres, André Betzer and Marc Goergen

No 2011/16, CFS Working Paper Series from Center for Financial Studies (CFS)

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 dividend 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)
Date: 2011
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Persistent link: https://EconPapers.repec.org/RePEc:zbw:cfswop:201116

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