Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/19972 
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dc.contributor.authorHofler, Richarden
dc.contributor.authorElston, Julie Annen
dc.contributor.authorLee, Junsooen
dc.date.accessioned2009-01-28T16:09:59Z-
dc.date.available2009-01-28T16:09:59Z-
dc.date.issued2004-
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
dc.language.isoengen
dc.publisher|aMax Planck Institute for Research into Economic Systems |cJenaen
dc.relation.ispartofseries|aPapers on Entrepreneurship, Growth and Public Policy |x2704en
dc.subject.jelG3en
dc.subject.jelG32en
dc.subject.jelG35en
dc.subject.jelC0en
dc.subject.ddc330en
dc.subject.stwDividendeen
dc.subject.stwEigentümerstrukturen
dc.subject.stwSchätzungen
dc.subject.stwDeutschlanden
dc.titleDividend Policy and Institutional Ownership: Empirical Evidence using a Propensity Score Matching Estimator-
dc.typeWorking Paperen
dc.identifier.ppn397697228en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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