Bank, Steven, Cheffins, Brian and Goergen, Marc ![]() |
Abstract
This paper contributes to a growing literature on politics and corporate governance by providing an empirical analysis of the impact of political factors on dividend payouts. The focus is on the determinants of dividend policy in U.K. public companies between 1949 and 2002. We augment Lintner's [Lintner, J., 1956. Distribution of incomes of corporations among dividends, retained earnings, and taxes. American Economic Review 46, 97–113.] partial adjustment model by including measures of politics and test the model using aggregate annual dividends and earnings data. We find neither the political placement of the party in power nor regulations explicitly designed to regulate corporate behaviour correlate in the direction political theories of corporate governance would predict.
Item Type: | Article |
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Date Type: | Publication |
Status: | Published |
Schools: | Business (Including Economics) |
Subjects: | D History General and Old World > DA Great Britain H Social Sciences > H Social Sciences (General) H Social Sciences > HD Industries. Land use. Labor > HD28 Management. Industrial Management H Social Sciences > HJ Public Finance J Political Science > JA Political science (General) J Political Science > JF Political institutions (General) |
Uncontrolled Keywords: | Corporate governance ; Dividend policy ; Politics ; Tax rules ; Dividend controls |
Publisher: | Elsevier |
ISSN: | 0176-2680 |
Last Modified: | 19 Oct 2022 09:56 |
URI: | https://orca.cardiff.ac.uk/id/eprint/22723 |
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