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Payout Policy and Owners? Interests ? Evidence from German Savings Banks

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Author Info
Kleff, Volker
Weber, Martin
Abstract

The savings banks? decision to distribute profits among their public owners is strongly regulated by law in order to guarantee their adequate funding via retained profits. However, the legal scope is reluctantly exhausted. In this study we examine the determinants of the savings banks? payout decision in more detail. We find that besides internal determinants also external factors regarding the savings bank?s public owner have strong explanatory power. The better the financial situation of the public owner, the less likely is the savings bank to distribute profits and to increase payouts, respectively. --

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Paper provided by ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research in its series ZEW Discussion Papers with number 05-59.

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Date of creation: 2005
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Handle: RePEc:zbw:zewdip:4542

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Related research
Keywords: Savings Banks; Germany; Payout Policy;

Find related papers by JEL classification:
G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Mortgages

References listed on IDEAS
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  1. Kim, Byeong Soo & Maddala, G S, 1992. "Estimation and Specification Analysis of Models of Dividend Behavior Based on Censored Panel Data," Empirical Economics, Springer, vol. 17(1), pages 111-24.
  2. Fama, Eugene F. & French, Kenneth R., 2001. "Disappearing dividends: changing firm characteristics or lower propensity to pay?," Journal of Financial Economics, Elsevier, vol. 60(1), pages 3-43, April. [Downloadable!] (restricted)
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  3. Sapienza, Paola, 2002. "What Do State-Owned Firms Maximize? Evidence from the Italian Banks," CEPR Discussion Papers 3168, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
  4. Elton, Edwin J & Gruber, Martin J, 1970. "Marginal Stockholder Tax Rates and the Clientele Effect," The Review of Economics and Statistics, MIT Press, vol. 52(1), pages 68-74, February. [Downloadable!] (restricted)
  5. Andreas Hackethal, 2004. "German Banks and Banking Structure," Working Paper Series: Finance and Accounting 106, Department of Finance, Goethe University Frankfurt am Main. [Downloadable!]
  6. Michael J. Barclay & Clifford W. Smith & Ross L. Watts, 1995. "The Determinants Of Corporate Leverage And Dividend Policies," Journal of Applied Corporate Finance, Morgan Stanley, vol. 7(4), pages 4-19. [Downloadable!] (restricted)
  7. Andreas Hackethal, 2003. "German banks – a declining industry?," CFS Working Paper Series 2003/27, Center for Financial Studies. [Downloadable!]
  8. Merton H. Miller & Franco Modigliani, 1961. "Dividend Policy, Growth, and the Valuation of Shares," Journal of Business, University of Chicago Press, vol. 34, pages 411. [Downloadable!]
  9. Correia da Silva, L. & Goergen, M. & Renneboog, L.D.R., 2002. "When do German firms change their dividends?," Discussion Paper 56, Tilburg University, Center for Economic Research. [Downloadable!]
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  10. Michael Koetter & Thorsten Nestmann & Stéphanie Stolz & Michael Wedow, 2004. "Structures and Trends in German Banking," Kiel Working Papers 1225, Kiel Institute for the World Economy. [Downloadable!]
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