Article1992

EFFECTS OF AGENCY AND TRANSACTION COSTS ON DIVIDEND PAYOUT RATIOS: FURTHER EVIDENCE OF THE AGENCY‐TRANSACTION COST HYPOTHESIS

99 citations0/0 files storedThe Journal of Financial Research

No readable copy stored yet — this record is metadata only.

No open-access location is known for this record yet.

Literature note Cite in a project Citation map

Corporate Finance and Governance Financial Markets and Investment Strategies Financial Analysis and Corporate Governance

Abstract

Abstract In this study we replicate and extend an agency‐transaction cost model of dividend payout previously hypothesized and supported in the literature. We find no statistical difference between the estimated regression model obtained for the original seven‐year sample period, 1974–80, and that obtained for our seven‐year period, 1981–87. The latter period is characterized by significantly lower inflation, stronger economic growth, and lower taxes. The intertemporal stability of the model suggests that it is useful for predicting dividend payout at the individual firm level.

Paper brief

Loading…

Cite this work

Citation unavailable for this work.

BibTeX RIS CSL-JSON

No public copy is stored for this record, so only the metadata is cited.

Citations in this library

Citation map →

Stored only when both papers are in the corpus — 99 citations exist upstream.

References

1984Two Agency-Cost Explanations of Dividends 1982GROWTH, BETA AND AGENCY COSTS AS DETERMINANTS OF DIVIDEND PAYOUT RATIOS 1982Financial Theory and Corporate Policy.2016Replication in Empirical Economics: The Journal of Money, Credit and Banking Project 1989Cash Distributions to Shareholders 1984The Modern Theory of Corporate Finance.

Cited by

1996The monitoring rationale for dividends and the interaction of capital structure and dividend decisions 2012Bank Dividends and Signaling to Information-Sensitive Depositors 2000The effects of tax and regulatory changes on commercial bank dividend policy 1999ESOPs, takeover protection, and corporate decision-making 2016Determinants of firm value in Latin America: an analysis of firm attributes and institutional factors 2018Determinants of dividend payout of Indian manufacturing companies 1999Examining the Impact of the 1986 Tax Reform Act on Corporate Dividend Policy: A New Methodology

Explore the map →

Papers that cite the same references — the relational fallback while embeddings are still backfilling.

Imported from OpenAlex (CC0) — nothing here is generated.