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:
Find related papers by JEL classification:
- G35 - Financial Economics - - Corporate Finance and Governance - - - Payout Policy
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- Andrew Benito & Garry Young, 2003.
"Hard Times or Great Expectations? Dividend Omissions and Dividend Cuts by UK Firms,"
Oxford Bulletin of Economics and Statistics,
Department of Economics, University of Oxford, vol. 65(5), pages 531-555, December.
- Benito, Andrew & Garry Young, 2002. "Hard Times or Greatr Expectations?: Dividend Omissions and Dividend Cuts by UK Firms," Royal Economic Society Annual Conference 2002 21, Royal Economic Society.
- Andrew Benito & Garry Young, 2001. "Hard Times or Great Expectations?: Dividend omissions and dividend cuts by UK firms," Bank of England working papers 147, Bank of England.
- Dong, Ming & Robinson, Chris & Veld, Chris, 2005.
"Why individual investors want dividends,"
Journal of Corporate Finance,
Elsevier, vol. 12(1), pages 121-158, December.
- Dhaliwal, Dan S. & Erickson, Merle & Trezevant, Robert, 1999. "A Test of the Theory of Tax Clienteles for Dividend Policies," National Tax Journal, National Tax Association, vol. 52(n. 2), pages 179-94, June Cita.
- Baker, H. Kent & Powell, Gary E. & Veit, E. Theodore, 2002. "Revisiting the dividend puzzle: Do all of the pieces now fit?," Review of Financial Economics, Elsevier, vol. 11(4), pages 241-261.
- Michel Albouy & Tania Morris, 2006. "Les rachats d’actions au Canada:motivations et impact de l’activité économique," Revue Finance Contrôle Stratégie, revues.org, vol. 9(4), pages 5-32, December.
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