Title
Dividend policies of privately held companies : stand alone companies and group companies in Belgium Dividend policies of privately held companies : stand alone companies and group companies in Belgium
Author
Faculty/Department
Faculty of Applied Economics
Publication type
article
Publication
Oxford ,
Subject
Economics
Source (journal)
European financial management. - Oxford
Volume/pages
18(2012) :5 , p. 816-835
ISSN
1354-7798
ISI
000310318900004
Carrier
E
Target language
English (eng)
Full text (Publishers DOI)
Affiliation
University of Antwerp
Abstract
This study examines the dividend policies of privately held Belgian companies, differentiating between stand-alone companies and those affiliated with a business group. We find that privately held companies typically do not pay dividends. Compared to public companies, they are less likely to pay dividends and they have lower dividend payouts. Our results also suggest that group companies pay more dividends than stand-alone companies, consistent with the hypothesis that tax-exempt group firms redistribute dividend payments on the group's internal capital market. Group companies pay higher dividends if they have minority shareholders.
E-info
https://repository.uantwerpen.be/docman/iruaauth/64e036/3e6b6c0f45f.pdf
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Handle