Dividend Policy and Corporate Governance

Dividend Policy and Corporate Governance
Author: Luis Correia da Silva
Publisher: OUP Oxford
Total Pages: 204
Release: 2004-02-26
Genre: Business & Economics
ISBN: 0191531812

Dividends are not only a signal about a firm's prospects under asymmetric information, but they can also act as a corporate governance device to align the management's interests with those of the shareholders. Dividend Policy and Corporate Governance is the first comprehensive volume on the relationship between dividend policy and corporate governance, and examines in detail empirical studies and current theories. Reviewing the interactions between dividend policy and other corporate governance mechanisms, it compares results for the UK and the US with those for other countries such as France, Germany, and Japan, and provides new empirical evidence on corporate governance in continental Europe and its impact on dividends. Focusing on one of the main representatives of this system, Germany, it highlights major differences between the dividend policies of German firms and those of UK or US firms. Conventional wisdom states that German dividends are lower than UK or US dividends, yet on a published-profits basis the exact converse is true. In addition, the authors demonstrate a link between corporate control structures and dividend payouts, report evidence that the existence of a loss is an additional determinant of dividend changes, and demonstrate that the tax status of the controlling shareholder and the firm's dividend payout are not linked. The conclusions reached in this book have important implications for the current debate on corporate governance, making it invaluable for academics, finance professionals, regulators, and legal advisors.

Dividend Policy and Corporate Governance

Dividend Policy and Corporate Governance
Author: Luis Correia da Silva
Publisher: Oxford University Press, USA
Total Pages: 200
Release: 2004-02-26
Genre: Business & Economics
ISBN: 0199259305

An analysis of the extent to which dividend payout policy differs from country to country. In particular the authors investigate the differences between the UK market-oriented and the German blockholder-oriented systems.

Taxation of Intercompany Dividends Under Tax Treaties and EU Law

Taxation of Intercompany Dividends Under Tax Treaties and EU Law
Author: Guglielmo Maisto
Publisher: IBFD
Total Pages: 1093
Release: 2012
Genre: Corporations
ISBN: 9087221398

This book is a detailed and comprehensive study on the taxation of cross-border dividend distributions. It first considers cross-border dividend taxation in the context of EU law. In this field, issues such as the jurisprudence of the European Court of Justice, the hindrance to the internal market caused by double taxation of dividends and the compatibility of dividend withholding taxes are dealt with. Next, the book discusses the taxation of dividends under tax treaties, in particular focusing on the definition of "dividends" in the OECD Model Convention and the meaning of the concept of "beneficial owner" as applied to dividends. The application of domestic and agreement-based anti-abuse rules to dividends is thoroughly analysed. Finally, the relevance of the non-discrimination provision enshrined in Art. 24 of the OECD Model Convention to dividends as well as procedural issues relating to treaty relief and possible ways of improvement are taken into consideration. Individual country surveys provide an in-depth analysis of the above issues from a national viewpoint in selected European and non-European jurisdictions.

Increasing Shareholder Value

Increasing Shareholder Value
Author: Harold Bierman Jr.
Publisher: Springer Science & Business Media
Total Pages: 149
Release: 2012-12-06
Genre: Business & Economics
ISBN: 146151505X

Corporations earn incomes and amass wealth. There are many books offering advice how to increase the profitability of corporations by achieving excellence in operations and choosing the correct strategic path. Increasing Shareholder Value: Distribution Policy, A Corporate Finance Challenge is concerned with how the corporation should reward its shareholders after the incomes are earned. Investment decisions, capital structure, and dividend policy must be coordinated so that the well being of the firm's stockholders is considered in the planning process. The corporate planners should realize that the individual investors are also making plans, and the corporation can assist this planning process by making its own financial plans and strategies well known.