Corporate Payout Policy in Founder and Family Firms

  title={Corporate Payout Policy in Founder and Family Firms},
  author={James Lau and J. H. Block},
  journal={Corporate Law: Law & Finance eJournal},
  • James Lau, J. H. Block
  • Published 2014
  • Business
  • Corporate Law: Law & Finance eJournal
  • This paper investigates the tax and agency explanations of corporate payout policy by investigating the likelihood, the level and the method of payout in founder and family firms. Controlling founders and families are both subject to the tax disadvantage of dividends arising from their substantial shareholdings, but family firms are arguably subject to more severe agency conflicts than founder firms due to their susceptibility to wasteful expenditure and the adverse effects of intra-family… CONTINUE READING
    2 Citations


    Institutional Holdings and Payout Policy
    • 595
    • Highly Influential
    • PDF
    Insiders' Tax Preferences and Firms' Choices between Dividends and Share Repurchases
    • 30
    • Highly Influential
    • PDF
    A Theory of Dividends Based on Tax Clienteles
    • 819
    • PDF
    Why are firms with entrenched managers more likely to pay dividends
    • 76
    How Do Family Ownership, Control, and Management Affect Firm Value?
    • 3,083
    • PDF