Title
Bank affiliations and corporate dividend policy in pre-World War I Belgium Bank affiliations and corporate dividend policy in pre-World War I Belgium
Author
Faculty/Department
Faculty of Applied Economics
Publication type
article
Publication
London ,
Subject
Economics
Source (journal)
Business history. - London
Volume/pages
52(2010) :4 , p. 594-620
ISSN
0007-6791
ISI
000280264700004
Carrier
E
Target language
English (eng)
Full text (Publishers DOI)
Affiliation
University of Antwerp
Abstract
We investigate the impact of universal banks on the dividend policy of affiliated companies, in an environment characterised by poor investor protection, booming stock markets and strong banks. Our results, based on a unique sample of 428 listed companies in pre-World War I Belgium, are consistent with the hypothesis that companies with good investment opportunities and a bank director on their board paid higher dividends to establish a good reputation with investors. However, our results also indicate that companies with several bank directors and companies in which the bank had an equity stake paid lower dividends.
E-info
https://repository.uantwerpen.be/docman/iruaauth/c31da2/1b2e91b4680.pdf
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