Corporate Dividend Policies: Lessons from Private Firms
Corporate Dividend Policies: Lessons from Private Firms
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DOI：
10.2139/ssrn.927802
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发表时间：
2011-08
期刊：
影响因子：
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通讯作者：
Michael R. Roberts;Roni Michaely
中科院分区：
文献类型：
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作者：
Michael R. Roberts;Roni Michaely
我们比较了上市公司和私营公司的股息政策，以帮助确定塑造公司股息的力量，并阐明私营公司的行为。我们发现，私营公司的平稳股息明显低于上市公司，这表明随着时间的推移，公共资本市场的审查在公司平稳股息的倾向中起着核心作用。上市公司支付相对较高的股息，往往比其他类似的私营公司对投资机会的变化更敏感。最终，股权结构和激励机制在股利政策的形成中起着关键作用。作者2011。牛津大学出版社代表金融研究学会出版。版权所有。有关许可，请发送电子邮件:journals.permissions@oup.com.，牛津大学出版社。
We compare the dividend policies of publicly and privately held firms in order to help identify the forces shaping corporate dividends, and shed light on the behavior of privately held companies. We show that private firms smooth dividends significantly less than their public counterparts, suggesting that the scrutiny of public capital markets plays a central role in the propensity of firms to smooth dividends over time. Public firms pay relatively higher dividends that tend to be more sensitive to changes in investment opportunities than otherwise similar private firms. Ultimately, ownership structure and incentives play key roles in shaping dividend policies. The Author 2011. Published by Oxford University Press on behalf of The Society for Financial Studies. All rights reserved. For Permissions, please e-mail: journals.permissions@oup.com., Oxford University Press.