Dividends, asymmetric information, and agency conflicts: Evidence from a comparison of the dividend policies of Japanese and US firms

被引:135
作者
Dewenter, KL [1 ]
Warther, VA
机构
[1] Univ Washington, Seattle, WA 98195 USA
[2] Univ Michigan, Sch Business, Ann Arbor, MI 48109 USA
[3] Univ Chicago, Grad Sch Business, Chicago, IL 60637 USA
关键词
D O I
10.1111/0022-1082.00038
中图分类号
F8 [财政、金融];
学科分类号
0202 ;
摘要
We compare dividend policies of U.S. and Japanese firms, partitioning the Japanese data into keiretsu, independent, and hybrid firms. We examine the correlation between dividend changes and stock returns, and the reluctance to change dividends. Results are consistent with the joint hypotheses that Japanese firms, particularly keiretsu-member firms, face less information asymmetry and fewer agency conflicts than U.S. firms, and that information asymmetries and/or agency conflicts affect dividend policy. Japanese firms experience smaller stock price reactions to dividend omissions and initiations, they are less reluctant to omit and cut dividends, and their dividends are more responsive to earnings changes.
引用
收藏
页码:879 / 904
页数:26
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