Dividend policy of German firms A panel data analysis of partial adjustment models

被引：59

作者：

Andres, Christian ^{[2
]}

Betzer, Andre ^{[2
]}

Goergen, Marc ^{[3
]}

Renneboog, Luc ^{[1
]}

机构：

[1] Tilburg Univ, NL-5000 LE Tilburg, Netherlands

[2] Univ Bonn, D-5300 Bonn, Germany

[3] Univ Sheffield, Sch Management, Sheffield S10 2TN, S Yorkshire, England

来源：

JOURNAL OF EMPIRICAL FINANCE | 2009年 / 16卷 / 02期

关键词：

Dividend policy; Payout policy; Target payout ratio; Lintner dividend model; Dividend smoothing; Partial adjustment model; Corporate governance; DYNAMIC-MODELS;

D O I：

10.1016/j.jempfin.2008.08.002

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

German firms pay out a lower proportion of their cash flows, but a higher proportion of their published profits than UK and US firms. We estimate partial adjustment models and report two major findings. First, German firms base their dividend decisions on cash flows rather than published earnings as (i) published earnings do not correctly reflect performance because German firms retain parts of their earnings to build up legal reserves, (ii) German accounting is conservative, (iii) published earnings are subject to more smoothing than cash flows. Second, to the opposite of UK and US firms, German firms have more flexible dividend policies as they are willing to cut the dividend when profitability is only temporarily down. (C) 2008 Elsevier B.V. All rights reserved.

引用

页码：175 / 187

页数：13

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