AbstractThe aim of this article is to analyze the various aspects of dividend policy. Emphasizing tax issues, theoretical frameworks of informational asymmetry of corporate governance and life cycles, we show that a static vision of dividends has been gradually replaced by a dynamic vision. Nevertheless, in spite of the numerous studies dealing with this topic, Black’s (1976) dividend puzzle still remains unsolved.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 44382.
Date of creation: Nov 2011
Date of revision:
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- G35 - Financial Economics - - Corporate Finance and Governance - - - Payout Policy
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