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dc.contributor.authorHofler, Richarden_US
dc.contributor.authorElston, Julie Annen_US
dc.contributor.authorLee, Junsooen_US
dc.date.accessioned2009-01-28T16:09:59Z-
dc.date.available2009-01-28T16:09:59Z-
dc.date.issued2004en_US
dc.identifier.urihttp://hdl.handle.net/10419/19972-
dc.description.abstractThis study investigates the relationship between institutional ownership and dividend payout behavior of the firm in Germany. Using a propensity scoring method estimator to control for endogeneity problems, we find evidence that neither institutional ownership nor bank control is statistically significant in determining dividend payouts. These findings are consistent with stylized facts regarding the nature of the German institutional environment, which, through the rights of management to retain a significant percentage of the net profits of the firm and lack of tax incentives, reduce agency costs associated with conflicts between management and shareholder interests regarding use of the firm's free cash flow.en_US
dc.language.isoengen_US
dc.publisheren_US
dc.relation.ispartofseriesPapers on entrepreneurship, growth and public policy 2704en_US
dc.subject.jelG3en_US
dc.subject.jelG32en_US
dc.subject.jelG35en_US
dc.subject.jelC0en_US
dc.subject.ddc330en_US
dc.subject.stwDividendeen_US
dc.subject.stwEigentümerstrukturen_US
dc.subject.stwSchätzungen_US
dc.subject.stwDeutschlanden_US
dc.titleDividend policy and institutional ownership : empirical evidence using a propensity score matching estimatoren_US
dc.typeWorking Paperen_US
dc.identifier.ppn397697228en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
Appears in Collections:Discussion Papers on Entrepreneurship, Growth and Public Policy, MPI für Ökonomik

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