The impact of insider trading laws on dividend payout policy

We posit that firms use dividend payout policy to reduce information asymmetry and agency costs caused by country-level institutional weaknesses. Firms operating in countries with weak insider trading laws attempt to mitigate this institutional weakness by committing themselves to paying out large a...

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Veröffentlicht in:	Journal of corporate finance (Amsterdam, Netherlands) Netherlands), 2014-12, Vol.29, p.263-287
Hauptverfasser:	Brockman, Paul, Tresl, Jiri, Unlu, Emre
Format:	Artikel
Sprache:	eng
Schlagworte:	Agency costs Agency theory Dividends Insider trading Insider trading laws Manycountries Market value Payout policy Securities regulations Studies
Online-Zugang:	Volltext
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