Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/68717
Authors: 
Andres, Christian
Betzer, André
Goergen, Marc
Year of Publication: 
2012
Series/Report no.: 
Schumpeter Discussion Papers 2012-006
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.
Subjects: 
Dividend policy
payout policy
Lintner dividend model
tax clientele effects
corporate governance
JEL: 
G32
G35
Persistent Identifier of the first edition: 
Document Type: 
Working Paper

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