The Role of Banks in Dividend Policy

被引：21

作者：

Allen, Linda ^{[1
]}

Gottesman, Aron ^{[2
]}

Saunders, Anthony ^{[3
]}

Tang, Yi ^{[4
]}

机构：

[1] CUNY, Baruch Coll, Zicklin Sch Business, New York, NY 10021 USA

[2] Pace Univ, Lubin Sch Business, New York, NY 10038 USA

[3] NYU, Stern Sch Business, New York, NY USA

[4] Fordham Univ, Grad Sch Business Adm, New York, NY 10023 USA

来源：

FINANCIAL MANAGEMENT | 2012年 / 41卷 / 03期

关键词：

EQUITY OWNERSHIP; AGENCY COSTS; CASH-FLOW; PRIVATE; MARKET; DEBT; INFORMATION; SPECIFICATION; TESTS; FIRM;

D O I：

10.1111/j.1755-053X.2012.01207.x

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We use loan-specific data to document a significant inverse relation between a firm's dividend payouts and the intensity of a firm's reliance on bank loan financing. Banks limit dividend payouts to protect the integrity of their senior claims on the firm's assets. Moreover, dividend payouts decline in the presence of monitoring by relationship banks, which acts as an effective governance mechanism, thereby reducing the gains from precommitting to costly dividend payouts. Bank monitoring and corporate governance (insider stake and institutional block holdings) are complementary mechanisms to resolve firm agency problems, both reducing the firm's reliance on dividend policy.

引用

页码：591 / 613

页数：23

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