Blockholder leverage and payout policy: Evidence from French holding companies
Author
Abstract
Suggested Citation
DOI: 10.1111/jbfa.12415
Download full text from publisher
Other versions of this item:
- Anantavrasilp, Sereeparp & De Jong, Abe & DeJong, Douglas V. & Hege, Ulrich, 2019. "Blockholder Leverage and Payout Policy: Evidence from French Holding Companies," TSE Working Papers 19-1045, Toulouse School of Economics (TSE).
- Sereeparp Anantavrasilp & Abe de Jong & Douglas V. Dejong & Ulrich Hege, 2020. "Blockholder Leverage and Payout Policy: Evidence from French Holding Companies," Post-Print hal-03048905, HAL.
References listed on IDEAS
- Stijn Claessens & Simeon Djankov & Joseph P. H. Fan & Larry H. P. Lang, 2002. "Disentangling the Incentive and Entrenchment Effects of Large Shareholdings," Journal of Finance, American Finance Association, vol. 57(6), pages 2741-2771, December.
- David, Thomas & Ginglinger, Edith, 2016.
"When cutting dividends is not bad news: The case of optional stock dividends,"
Journal of Corporate Finance, Elsevier, vol. 40(C), pages 174-191.
- Thomas David & Edith Ginglinger, 2015. "When Cutting Dividends Is Not Bad News: The Case Of Optional Stock Dividends," Post-Print hal-01637541, HAL.
- Thomas David & Edith Ginglinger, 2016. "When cutting dividends is not bad news: The case of optional stock dividends," Post-Print hal-01356060, HAL.
- Ariane Chapelle & Ariane Szafarz, 2005.
"Controlling firms through the majority voting rule,"
Post-Print CEB, ULB -- Universite Libre de Bruxelles, vol. 355(2-4), pages 509-529, September.
- Chapelle, Ariane & Szafarz, Ariane, 2005. "Controlling firms through the majority voting rule," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 355(2), pages 509-529.
- Ariane Chapelle & Ariane Szafarz, 2005. "Controlling firms through the majority voting rule," DULBEA Working Papers 05-05.RS., ULB -- Universite Libre de Bruxelles.
- Ariane Chapelle & Ariane Szafarz, 2005. "Controlling firms through the majority voting rule," Working Papers CEB 05-004.RS, ULB -- Universite Libre de Bruxelles.
- Ariane Chapelle & Ariane Szafarz, 2005. "Controlling firms through the majority voting rule," ULB Institutional Repository 2013/149192, ULB -- Universite Libre de Bruxelles.
- Marianne Bertrand & Paras Mehta & Sendhil Mullainathan, 2002.
"Ferreting out Tunneling: An Application to Indian Business Groups,"
The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 117(1), pages 121-148.
- Marianne Bertrand & Paras Mehta & Sendhil Mullainathan, 2000. "Ferreting Out Tunneling: An Application to Indian Business Groups," NBER Working Papers 7952, National Bureau of Economic Research, Inc.
- Edith Ginglinger & Jacques Hamon, 2012.
"Ownership, control and market liquidity,"
Finance, Presses universitaires de Grenoble, vol. 33(2), pages 61-99.
- Edith Ginglinger & Jacques Hamon, 2012. "Ownership, control and market liquidity," Post-Print hal-01457073, HAL.
- Elisa Luciano & Giovanna Nicodano, 2014. "Guarantees, Leverage, and Taxes," The Review of Financial Studies, Society for Financial Studies, vol. 27(9), pages 2736-2772.
- Marco Becht & Yuliya Kamisarenka & Anete Pajuste, 2018.
"Loyalty Shares with Tenure Voting - a Coasian bargain? Evidence from the Loi Florange Experiment,"
Working Papers ECARES
2018-10, ULB -- Universite Libre de Bruxelles.
- Becht, Marco & Kamisarenka, Yuliya & Pajuste, Anete, 2018. "Loyalty Shares with Tenure Voting - a Coasian bargain? Evidence from the Loi Florange Experiment," CEPR Discussion Papers 12892, C.E.P.R. Discussion Papers.
- Brockman, Paul & Unlu, Emre, 2009. "Dividend policy, creditor rights, and the agency costs of debt," Journal of Financial Economics, Elsevier, vol. 92(2), pages 276-299, May.
- Mike Burkart & Samuel Lee, 2008.
"One Share - One Vote: the Theory,"
Review of Finance, European Finance Association, vol. 12(1), pages 1-49.
- Burkart, Mike & Lee, Samuel, 2007. "One Share - One Vote: The Theory," SIFR Research Report Series 57, Institute for Financial Research.
- Burkart, Mike & Lee, Samuel, 2008. "One share - one vote: the theory," LSE Research Online Documents on Economics 69545, London School of Economics and Political Science, LSE Library.
- Edith Ginglinger & Jacques Hamon, 2012.
"Ownership, control and market liquidity,"
Finance, Presses universitaires de Grenoble, vol. 33(2), pages 61-99.
- Edith Ginglinger & Jacques Hamon, 2012. "Ownership, control and market liquidity," Post-Print hal-01457073, HAL.
- Edith Ginglinger & Jacques Hamon, 2012. "Ownership, control and market liquidity," Post-Print halshs-00712578, HAL.
- Renée Adams & Daniel Ferreira, 2008. "One Share-One Vote: The Empirical Evidence," Review of Finance, European Finance Association, vol. 12(1), pages 51-91.
- Rafael La Porta & Florencio Lopez‐De‐Silanes & Andrei Shleifer, 1999.
"Corporate Ownership Around the World,"
Journal of Finance, American Finance Association, vol. 54(2), pages 471-517, April.
- Rafael La Porta & Florencio Lopez-de-Silane & Andrei Shleifer, 1998. "Corporate Ownership Around the World," NBER Working Papers 6625, National Bureau of Economic Research, Inc.
- La Porta, Rafael & Lopez-De-Silanes, Florencio & Shleifer, Andrei, 1999. "Corporate Ownership Around the World," Scholarly Articles 30747162, Harvard University Department of Economics.
- Rafael La Porta & Florencio Lopez-de-Silanes & Andrei Shleifer, 1998. "Corporate Ownership Around the World," Harvard Institute of Economic Research Working Papers 1840, Harvard - Institute of Economic Research.
- repec:dau:papers:123456789/9676 is not listed on IDEAS
- von Eije, Henk & Megginson, William L., 2008. "Dividends and share repurchases in the European Union," Journal of Financial Economics, Elsevier, vol. 89(2), pages 347-374, August.
- Faccio, Mara & Lang, Larry H. P., 2002. "The ultimate ownership of Western European corporations," Journal of Financial Economics, Elsevier, vol. 65(3), pages 365-395, September.
- Hoshi, Takeo & Kashyap, Anil & Scharfstein, David, 1990.
"The role of banks in reducing the costs of financial distress in Japan,"
Journal of Financial Economics, Elsevier, vol. 27(1), pages 67-88, September.
- Takeo Hoshi & Anil Kashyap & David Scharfstein, 1990. "The Role of Banks in Reducing the Costs of Financial Distress in Japan," NBER Working Papers 3435, National Bureau of Economic Research, Inc.
- Heitor V. Almeida & Daniel Wolfenzon, 2006. "A Theory of Pyramidal Ownership and Family Business Groups," Journal of Finance, American Finance Association, vol. 61(6), pages 2637-2680, December.
- Rafael La Porta & Florencio Lopez‐de‐Silanes & Andrei Shleifer & Robert W. Vishny, 2000.
"Agency Problems and Dividend Policies around the World,"
Journal of Finance, American Finance Association, vol. 55(1), pages 1-33, February.
- Rafael La Porta & Florencio Lopez-de-Silane & Andrei Shleifer & Robert Vishny, 1998. "Agency Problems and Dividend Policies Around the World," NBER Working Papers 6594, National Bureau of Economic Research, Inc.
- La Porta, Rafael & Lopez-de-Silanes, Florencio & Shleifer, Andrei & Vishny, Robert W., 2000. "Agency Problems and Dividend Policies around the World," Scholarly Articles 30747163, Harvard University Department of Economics.
- Rafael La Porta & Florencio Lopez-de-Silanes & Andrei Shleifer & Robert W. Vishny, 1998. "Agency Problems and Dividend Policies Around the World," Harvard Institute of Economic Research Working Papers 1839, Harvard - Institute of Economic Research.
- Ying Dou & Ronald W Masulis & Jason Zein, 2019. "Shareholder Wealth Consequences of Insider Pledging of Company Stock as Collateral for Personal Loans," The Review of Financial Studies, Society for Financial Studies, vol. 32(12), pages 4810-4854.
- Bianco, Magda & Nicodano, Giovanna, 2006. "Pyramidal groups and debt," European Economic Review, Elsevier, vol. 50(4), pages 937-961, May.
- Jensen, Michael C, 1986. "Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers," American Economic Review, American Economic Association, vol. 76(2), pages 323-329, May.
- Almeida, Heitor & Park, Sang Yong & Subrahmanyam, Marti G. & Wolfenzon, Daniel, 2011. "The structure and formation of business groups: Evidence from Korean chaebols," Journal of Financial Economics, Elsevier, vol. 99(2), pages 447-475, February.
- Banerjee, Suman & Gatchev, Vladimir A. & Spindt, Paul A., 2007. "Stock Market Liquidity and Firm Dividend Policy," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 42(2), pages 369-397, June.
- Imbens, Guido W & Angrist, Joshua D, 1994.
"Identification and Estimation of Local Average Treatment Effects,"
Econometrica, Econometric Society, vol. 62(2), pages 467-475, March.
- Joshua D. Angrist & Guido W. Imbens, 1995. "Identification and Estimation of Local Average Treatment Effects," NBER Technical Working Papers 0118, National Bureau of Economic Research, Inc.
- Claessens, Stijn & Djankov, Simeon & Lang, Larry H. P., 2000. "The separation of ownership and control in East Asian Corporations," Journal of Financial Economics, Elsevier, vol. 58(1-2), pages 81-112.
- Henrik Cronqvist & Rüdiger Fahlenbrach, 2009.
"Large Shareholders and Corporate Policies,"
The Review of Financial Studies, Society for Financial Studies, vol. 22(10), pages 3941-3976, October.
- Cronqvist, Henrik & Fahlenbrach, Rüdiger, 2007. "Large Shareholders and Corporate Policies," SIFR Research Report Series 60, Institute for Financial Research.
- Cronqvist, Henrik & Fahlenbrach, Rudiger, 2007. "Large Shareholders and Corporate Policies," Working Paper Series 2006-14, Ohio State University, Charles A. Dice Center for Research in Financial Economics.
- Demsetz, Harold & Lehn, Kenneth, 1985. "The Structure of Corporate Ownership: Causes and Consequences," Journal of Political Economy, University of Chicago Press, vol. 93(6), pages 1155-1177, December.
- Marco Becht & Fabrizio Barca, 2001. "The control of corporate Europe," ULB Institutional Repository 2013/13302, ULB -- Universite Libre de Bruxelles.
- DeAngelo, Harry & DeAngelo, Linda, 1990. "Dividend Policy and Financial Distress: An Empirical Investigation of Troubled NYSE Firms," Journal of Finance, American Finance Association, vol. 45(5), pages 1415-1431, December.
- Agrawal, Anup & Knoeber, Charles R., 1996. "Firm Performance and Mechanisms to Control Agency Problems between Managers and Shareholders," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 31(3), pages 377-397, September.
Citations
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
Cited by:
- Silvia Rossetto & Nassima Selmane & Raffaele Staglianò, 2023.
"Ownership concentration and firm risk: The moderating role of mid‐sized blockholders,"
Journal of Business Finance & Accounting, Wiley Blackwell, vol. 50(1-2), pages 377-410, January.
- Rossetto, Silvia & Selmane, Nassima & Staglianò, Raffaele, 2022. "Ownership concentration and firm risk: The moderating role of mid-sized blockholders," TSE Working Papers 22-1346, Toulouse School of Economics (TSE).
- Silvia Rossetto & Nassima Selmane & Raffaele Stagliano, 2022. "Ownership concentration and firm risk: the moderating role of mid-sized blockholders," Post-Print hal-04067634, HAL.
- François Belot & Timothee Waxin, 2024. "Government awards to CEOs," Post-Print hal-04659614, HAL.
- Justin Hung Nguyen & Buhui Qiu, 2022. "The effect of skilled labor intensity on corporate dividend payouts," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 49(5-6), pages 963-1010, May.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Urzúa Infante, F., 2014. "Essays on ownership and control," Other publications TiSEM f17a9a42-f7a7-4ffa-a95d-a, Tilburg University, School of Economics and Management.
- repec:dau:papers:123456789/5922 is not listed on IDEAS
- Liu, Chunyan & Uchida, Konari & Yang, Yufeng, 2014. "Controlling shareholder, split-share structure reform and cash dividend payments in China," International Review of Economics & Finance, Elsevier, vol. 29(C), pages 339-357.
- Nicodano, Giovanna & Regis, Luca, 2019.
"A trade-off theory of ownership and capital structure,"
Journal of Financial Economics, Elsevier, vol. 131(3), pages 715-735.
- Giovanna Nicodano & Luca Regis, 2017. "A Trade-off Theory of Ownership and Capital Structure," Working papers 045, Department of Economics, Social Studies, Applied Mathematics and Statistics (Dipartimento di Scienze Economico-Sociali e Matematico-Statistiche), University of Torino.
- Imen Derouiche & Majdi Hassan & Sarra Amdouni, 2018. "Ownership structure and investment-cash flow sensitivity," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 22(1), pages 31-54, March.
- Schmid, Thomas & Ampenberger, Markus & Kaserer, Christoph & Achleitner, Ann-Kristin, 2010. "Controlling shareholders and payout policy: do founding families have a special 'taste for dividends'?," CEFS Working Paper Series 2010-01, Technische Universität München (TUM), Center for Entrepreneurial and Financial Studies (CEFS).
- Edwards, Jeremy S.S. & Weichenrieder, Alfons J., 2009.
"Control rights, pyramids, and the measurement of ownership concentration,"
Journal of Economic Behavior & Organization, Elsevier, vol. 72(1), pages 489-508, October.
- Edwards, Jeremy S S & Weichenrieder, Alfons J, 2009. "Control Rights, Pyramids, and the Measurement of Ownership Concentration," MPRA Paper 13830, University Library of Munich, Germany.
- Jeremy S.S. Edwards & Alfons J. Weichenrieder, 2009. "Control Rights, Pyramids, and the Measurement of Ownership Concentration," Post-Print hal-00701897, HAL.
- Larrain, Borja & Urzúa I., Francisco, 2013. "Controlling shareholders and market timing in share issuance," Journal of Financial Economics, Elsevier, vol. 109(3), pages 661-681.
- Boubaker, Sabri & Derouiche, Imen & Lasfer, Meziane, 2015.
"Geographic location, excess control rights, and cash holdings,"
International Review of Financial Analysis, Elsevier, vol. 42(C), pages 24-37.
- Sabri Boubaker & Imen Derouiche & Meziane Lasfer, 2014. "Geographic Location, Excess Control Rights and Cash Holdings," Post-Print hal-01158100, HAL.
- Viswanathan Nagarajan & Pitabas Mohanty & Apalak Khatua, 2023. "Financing effects of corporate diversification: A review," Review of Managerial Science, Springer, vol. 17(7), pages 2555-2585, October.
- Byun, Hae-Young & Choi, Sunhwa & Hwang, Lee-Seok & Kim, Robert G., 2013. "Business group affiliation, ownership structure, and the cost of debt," Journal of Corporate Finance, Elsevier, vol. 23(C), pages 311-331.
- Almeida, Heitor & Park, Sang Yong & Subrahmanyam, Marti G. & Wolfenzon, Daniel, 2011. "The structure and formation of business groups: Evidence from Korean chaebols," Journal of Financial Economics, Elsevier, vol. 99(2), pages 447-475, February.
- Javakhadze, David & Ferris, Stephen P. & Sen, Nilanjan, 2014. "An international analysis of dividend smoothing," Journal of Corporate Finance, Elsevier, vol. 29(C), pages 200-220.
- Paligorova, Teodora & Xu, Zhaoxia, 2012.
"Complex ownership and capital structure,"
Journal of Corporate Finance, Elsevier, vol. 18(4), pages 701-716.
- Teodora Paligorova & Zhaoxia Xu, 2009. "Complex Ownership and Capital Structure," Staff Working Papers 09-12, Bank of Canada.
- Kim, Soo Jin & Kim, Woojin & Yang, Dong Ryung, 2015. "Infant firms in emerging market: An analysis of stand-alones vs. subsidiaries," Emerging Markets Review, Elsevier, vol. 25(C), pages 30-52.
- Chan-Jane Lin & Tawei Wang & Chao-Jung Pan, 2016. "Financial reporting quality and investment decisions for family firms," Asia Pacific Journal of Management, Springer, vol. 33(2), pages 499-532, June.
- Luis H. Gutiérrez & Carlos Pombo, 2005.
"Corporate Valuation and Governance: Evidence from Colombia,"
Research Department Publications
3216, Inter-American Development Bank, Research Department.
- Luis H Gutiérrez & Carlos Pombo, 2005. "Corporate Valuation and Governance: Evidence from Colombia," Borradores de Investigación 2203, Universidad del Rosario.
- Heitor Almeida & Sang Yong Park & Marti Subrahmanyam & Daniel Wolfenzon, 2009. "The Structure and Formation of Business Groups: Evidence from Korean Chaebols," NBER Working Papers 14983, National Bureau of Economic Research, Inc.
- Randall Morck, 2011.
"Finance and Governance in Developing Economies,"
Annual Review of Financial Economics, Annual Reviews, vol. 3(1), pages 375-406, December.
- Randall Morck, 2011. "Finance and Governance in Developing Economies," NBER Working Papers 16870, National Bureau of Economic Research, Inc.
- Marc Levy & Ariane Szafarz, 2017.
"Cross-Ownership: A Device for Management Entrenchment?,"
Review of Finance, European Finance Association, vol. 21(4), pages 1675-1699.
- Marc Levy & Ariane Szafarz, 2016. "Cross-Ownership: A Device for Management Entrenchment?," Working Papers CEB 16-009, ULB -- Universite Libre de Bruxelles.
- Marc Levy & Ariane Szafarz, 2017. "Cross-Ownership: A Device for Management Entrenchment?," ULB Institutional Repository 2013/239878, ULB -- Universite Libre de Bruxelles.
- Zeineb Barka & Taher Hamza, 2020. "The effect of large controlling shareholders on equity prices in France: monitoring or entrenchment?," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 24(3), pages 769-798, September.
More about this item
JEL classification:
- G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
- G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
- G35 - Financial Economics - - Corporate Finance and Governance - - - Payout Policy
Statistics
Access and download statisticsCorrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bla:jbfnac:v:47:y:2020:i:1-2:p:253-292. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Wiley Content Delivery (email available below). General contact details of provider: http://www.blackwellpublishing.com/journal.asp?ref=0306-686X .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.