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Culture, Agency Costs and Dividends

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  • : Jana P. Fidrmuc
  • Marcus Jacob
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    File URL: http://web.warwick.ac.uk/fac/soc/financeRepec/Repec/2010/FidrmucJacob2010CACD.pdf
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    Paper provided by Warwick Business School, Finance Group in its series Working Papers with number wpn10-01.

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    Date of creation: 2010
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    Handle: RePEc:wbs:wpaper:wpn10-01

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    References

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    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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    1. Jensen, Gerald R. & Solberg, Donald P. & Zorn, Thomas S., 1992. "Simultaneous Determination of Insider Ownership, Debt, and Dividend Policies," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 27(02), pages 247-263, June.
    2. Rafael La Porta & Florencio Lopez-de-Silane & Andrei Shleifer, 1998. "Corporate Ownership Around the World," NBER Working Papers 6625, National Bureau of Economic Research, Inc.
    3. Andrei Shleifer & Robert W. Vishny, 1996. "A Survey of Corporate Governance," NBER Working Papers 5554, National Bureau of Economic Research, Inc.
    4. Andrei Shleifer & Robert W. Vishny, 1998. "The Quality of Government," Harvard Institute of Economic Research Working Papers 1847, Harvard - Institute of Economic Research.
    5. Myers, Stewart C, 1984. " The Capital Structure Puzzle," Journal of Finance, American Finance Association, vol. 39(3), pages 575-92, July.
    6. Baum, J. Robert & Olian, Judy D. & Erez, Miriam & Schnell, Eugene R. & Smith, Ken G. & Sims, Henry P. & Scully, Judith S. & Smith, Ken A., 1993. "Nationality and work role interactions: A cultural contrast of Israeli and U.S. entrepreneurs' versus managers' needs," Journal of Business Venturing, Elsevier, vol. 8(6), pages 499-512, November.
    7. Michael S. Rozeff, 1982. "Growth, Beta And Agency Costs As Determinants Of Dividend Payout Ratios," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 5(3), pages 249-259, 09.
    8. Rafael La Porta & Florencio Lopez-de-Silanes & Andrei Shleifer & Robert W. Vishny, 1998. "Agency Problems and Dividend Policies Around the World," Harvard Institute of Economic Research Working Papers 1839, Harvard - Institute of Economic Research.
    9. Guido Tabellini, 2007. "Culture and Institutions: Economic Development in the Regions of Europe," Levine's Working Paper Archive 321307000000000974, David K. Levine.
    10. Chuck C Y Kwok & Solomon Tadesse, 2006. "National culture and financial systems," Journal of International Business Studies, Palgrave Macmillan, vol. 37(2), pages 227-247, March.
    11. Chang, Kiyoung & Noorbakhsh, Abbas, 2009. "Does national culture affect international corporate cash holdings?," Journal of Multinational Financial Management, Elsevier, vol. 19(5), pages 323-342, December.
    12. Licht, Amir N. & Goldschmidt, Chanan & Schwartz, Shalom H., 2005. "Culture, Law, and Corporate Governance," International Review of Law and Economics, Elsevier, vol. 25(2), pages 229-255, June.
    13. Easterbrook, Frank H, 1984. "Two Agency-Cost Explanations of Dividends," American Economic Review, American Economic Association, vol. 74(4), pages 650-59, September.
    14. Merton H. Miller & Franco Modigliani, 1961. "Dividend Policy, Growth, and the Valuation of Shares," The Journal of Business, University of Chicago Press, vol. 34, pages 411.
    15. Armando Gomes, . "Going Public with Asymmetric Information, Agency Costs, and Dynamic Trading," Rodney L. White Center for Financial Research Working Papers 04-99, Wharton School Rodney L. White Center for Financial Research.
    16. Djankov, Simeon & La Porta, Rafael & Lopez-de-Silanes, Florencio & Shleifer, Andrei, 2008. "The law and economics of self-dealing," Journal of Financial Economics, Elsevier, vol. 88(3), pages 430-465, June.
    17. Liang Shao & Chuck CY Kwok & Omrane Guedhami, 2010. "National culture and dividend policy," Journal of International Business Studies, Palgrave Macmillan, vol. 41(8), pages 1391-1414, October.
    18. James M. Poterba & Lawrence H. Summers, 1985. "New Evidence that Taxes Affect the Valuation of Dividends," NBER Working Papers 1288, National Bureau of Economic Research, Inc.
    19. Renneboog, L.D.R. & Szilagyi, P.G., 2006. "How Relevant is Dividend Policy under Low Shareholder Protection?," Discussion Paper, Tilburg University, Tilburg Law and Economic Center 2006-019, Tilburg University, Tilburg Law and Economic Center.
    20. Jensen, Michael C, 1986. "Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers," American Economic Review, American Economic Association, vol. 76(2), pages 323-29, May.
    21. Demirguc-Kunt, Asli & Maksimovic, Vojislav, 1999. "Institutions, financial markets, and firm debt maturity," Journal of Financial Economics, Elsevier, vol. 54(3), pages 295-336, December.
    22. Eugene F. Fama & Kenneth R. French, 2001. "Disappearing Dividends: Changing Firm Characteristics Or Lower Propensity To Pay?," Journal of Applied Corporate Finance, Morgan Stanley, vol. 14(1), pages 67-79.
    23. Dittmar, Amy & Mahrt-Smith, Jan, 2007. "Corporate governance and the value of cash holdings," Journal of Financial Economics, Elsevier, vol. 83(3), pages 599-634, March.
    24. Guiso, Luigi & Sapienza, Paola & Zingales, Luigi, 2005. "Cultural Biases in Economic Exchange," CEPR Discussion Papers 4837, C.E.P.R. Discussion Papers.
    25. Luigi Guiso & Paola Sapienza & Luigi Zingales, 2007. "Social Capital as Good Culture," NBER Working Papers 13712, National Bureau of Economic Research, Inc.
    26. Lee, Sang M. & Peterson, Suzanne J., 2000. "Culture, entrepreneurial orientation, and global competitiveness," Journal of World Business, Elsevier, vol. 35(4), pages 401-416, January.
    27. Ramírez, Andrés & Tadesse, Solomon, 2009. "Corporate cash holdings, uncertainty avoidance, and the multinationality of firms," International Business Review, Elsevier, vol. 18(4), pages 387-403, August.
    28. Zwiebel, Jeffrey, 1996. "Dynamic Capital Structure under Managerial Entrenchment," American Economic Review, American Economic Association, vol. 86(5), pages 1197-1215, December.
    29. Moh'd, Mahmoud A & Perry, Larry G & Rimbey, James N, 1995. "An Investigation of the Dynamic Relationship between Agency Theory and Dividend Policy," The Financial Review, Eastern Finance Association, Eastern Finance Association, vol. 30(2), pages 367-85, May.
    30. Larry H. P. Lang & Mara Faccio & Leslie Young, 2001. "Dividends and Expropriation," American Economic Review, American Economic Association, vol. 91(1), pages 54-78, March.
    31. Andy C W Chui & Alison E Lloyd & Chuck C Y Kwok, 2002. "The Determination of Capital Structure: Is National Culture a Missing Piece to the Puzzle?," Journal of International Business Studies, Palgrave Macmillan, vol. 33(1), pages 99-127, March.
    32. Licht Amir N., 2008. "Social Norms and the Law: Why Peoples Obey the Law," Review of Law & Economics, De Gruyter, vol. 4(3), pages 715-750, December.
    33. Denis, David J. & Osobov, Igor, 2008. "Why do firms pay dividends? International evidence on the determinants of dividend policy," Journal of Financial Economics, Elsevier, vol. 89(1), pages 62-82, July.
    34. Jorge Farinha & Oscar Lopez-de-Foronda, 2009. "The relation between dividends and insider ownership in different legal systems: international evidence," The European Journal of Finance, Taylor & Francis Journals, vol. 15(2), pages 169-189.
    35. Rocco Huang, 2005. "Tolerance For Uncertainty and the Growth of Informationally Opaque Industries," Macroeconomics, EconWPA 0507020, EconWPA.
    36. Alon Brav & John R. Graham & Campbell R. Harvey & Roni Michaely, 2003. "Payout Policy in the 21st Century," NBER Working Papers 9657, National Bureau of Economic Research, Inc.
    37. Amir N. Licht & Chanan Goldschmidt & Shalom H. Schwartz, 2003. "Culture Rules: The Foundations of the Rule of Law and Other Norms of Governance," William Davidson Institute Working Papers Series 2003-605, William Davidson Institute at the University of Michigan.
    38. Rafael LaPorta & Florencio Lopez-de-Silanes & Andrei Shleifer, . "What Works in Securities Laws?," Working Paper 19491, Harvard University OpenScholar.
    39. Jagannathan, Murali & Stephens, Clifford P. & Weisbach, Michael S., 2000. "Financial flexibility and the choice between dividends and stock repurchases," Journal of Financial Economics, Elsevier, vol. 57(3), pages 355-384, September.
    40. Dequech, David, 2009. "Institutions, social norms, and decision-theoretic norms," Journal of Economic Behavior & Organization, Elsevier, vol. 72(1), pages 70-78, October.
    41. Stewart C. Myers, 1984. "Capital Structure Puzzle," NBER Working Papers 1393, National Bureau of Economic Research, Inc.
    42. Luigi Guiso & Paola Sapienza & Luigi Zingales, 2008. "Alfred Marshall Lecture Social Capital as Good Culture," Journal of the European Economic Association, MIT Press, MIT Press, vol. 6(2-3), pages 295-320, 04-05.
    43. Vidar Christiansen, 2004. "Norwegian Income Tax Reforms," CESifo DICE Report, Ifo Institute for Economic Research at the University of Munich, Ifo Institute for Economic Research at the University of Munich, vol. 2(3), pages 09-14, October.
    44. Myers, Stewart C., 1984. "Capital structure puzzle," Working papers 1548-84., Massachusetts Institute of Technology (MIT), Sloan School of Management.
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    Cited by:
    1. Xue, Minggao & Cheng, Wen, 2013. "National culture, market condition and market share of foreign bank," Economic Modelling, Elsevier, vol. 33(C), pages 991-997.
    2. Costa, Bruce A. & Crawford, Anthony & Jakob, Keith, 2013. "Does culture influence IPO underpricing?," Journal of Multinational Financial Management, Elsevier, vol. 23(1), pages 113-123.
    3. Wang, Daphne & Esqueda, Omar A., 2014. "National cultural effects on leverage decisions: Evidence from emerging-market ADRs," Research in International Business and Finance, Elsevier, Elsevier, vol. 31(C), pages 152-177.
    4. Breuer, Wolfgang & Rieger, M. Oliver & Soypak, K. Can, 2014. "The behavioral foundations of corporate dividend policy a cross-country analysis," Journal of Banking & Finance, Elsevier, vol. 42(C), pages 247-265.

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