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Charakteristiky celkových výplat akcionářům soukromých firem v zemích visegradské skupiny
[Firms' Total Payout Characteristics in Visegrad Countries]

Author

Listed:
  • Jan Hanousek
  • Jiří Trešl

Abstract

This paper examines payout characteristics of firms in a cultural and political alliance of four Central European nations, the Visegrad Group. The sample consists of more than 100,000 firm-year observations from 2001 to 2015. Our results indicate that smoothing behaviour diminishes among firms with majority ownership and that the total payout characteristics behave according to existing theories on passive ownership behaviour and agency costs.

Suggested Citation

  • Jan Hanousek & Jiří Trešl, 2019. "Charakteristiky celkových výplat akcionářům soukromých firem v zemích visegradské skupiny [Firms' Total Payout Characteristics in Visegrad Countries]," Politická ekonomie, Prague University of Economics and Business, vol. 2019(5), pages 458-475.
    • Handle: RePEc:prg:jnlpol:v:2019:y:2019:i:5:id:1252:p:458-475
    DOI: 10.18267/j.polek.1252
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    References listed on IDEAS

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    More about this item

    Keywords

    payout; smoothing; Lintner's model; ownership; private firms; Visegrad countries; agency costs;
    All these keywords.

    JEL classification:

    • F23 - International Economics - - International Factor Movements and International Business - - - Multinational Firms; International Business
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G35 - Financial Economics - - Corporate Finance and Governance - - - Payout Policy

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