Dividend policy of German firms

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...

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Veröffentlicht in:	Journal of empirical finance 2009-03, Vol.16 (2), p.175-187
Hauptverfasser:	Andres, Christian, Betzer, André, Goergen, Marc, Renneboog, Luc
Format:	Artikel
Sprache:	eng
Schlagworte:	Accounting Cash flow Corporate governance Dividend policy Dividend smoothing Earnings Financial management Germany Lintner dividend model Partial adjustment model Payout policy Profitability Stock returns Target payout ratio
Online-Zugang:	Volltext
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