CASH DISTRIBUTIONS TO SHAREHOLDERS

被引:115
作者
BAGWELL, LS
SHOVEN, JB
机构
[1] CTR ECON POLICY RES, STANFORD, CA USA
[2] STANFORD UNIV, ECON, STANFORD, CA 94305 USA
[3] NATL BUR ECON RES, STANFORD, CA USA
关键词
D O I
10.1257/jep.3.3.129
中图分类号
F [经济];
学科分类号
02 ;
摘要
Economists have long been puzzled by why firms pay dividends when alternative methods of rewarding shareholders and financiers exist which involve less taxes. This paper will highlight the fact that firms can distribute cash to equity holders in ways more lightly taxed than dividends. The two methods we examine are share repurchase programs and cash-financed mergers and acquisitions. So why should cash distributions from firms to shareholders ever take the form of dividends? This paper first provides evidence on the explosive growth in dividend cash payments, and then discusses how this evidence should affect theories about corporate finance.
引用
收藏
页码:129 / 140
页数:12
相关论文
共 32 条
[1]   QUARTERLY DIVIDEND AND EARNINGS ANNOUNCEMENTS AND STOCKHOLDERS RETURNS - AN EMPIRICAL-ANALYSIS [J].
AHARONY, J ;
SWARY, I .
JOURNAL OF FINANCE, 1980, 35 (01) :1-12
[2]   WEALTH MAXIMATION AND THE COST OF CAPITAL [J].
AUERBACH, AJ .
QUARTERLY JOURNAL OF ECONOMICS, 1979, 93 (03) :433-466
[3]  
BAGWELL L, 1989, 53 NW U DEP FIN WORK
[4]  
Bagwell L.S, 1988, CORPORATE TAKEOVERS
[5]  
BAGWELL LS, 1988, UNPUB T COSTS CORPOR
[6]  
BERNHEIM BD, 1988, UNPUB DIVIDENDS VERS
[7]   IMPERFECT INFORMATION, DIVIDEND POLICY, AND THE BIRD IN THE HAND FALLACY [J].
BHATTACHARYA, S .
BELL JOURNAL OF ECONOMICS, 1979, 10 (01) :259-270
[8]  
Brealey R. A., 1988, PRINCIPLES CORPORATE
[9]  
CONSTANTINIDES G, 1986, 887 STANF GRAD SCH B