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Staggered Boards, Managerial Entrenchment, and Dividend Policy

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  • Pornsit Jiraporn
  • Pandej Chintrakarn

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  • Pornsit Jiraporn & Pandej Chintrakarn, 2009. "Staggered Boards, Managerial Entrenchment, and Dividend Policy," Journal of Financial Services Research, Springer;Western Finance Association, vol. 36(1), pages 1-19, August.
    • Handle: RePEc:kap:jfsres:v:36:y:2009:i:1:p:1-19
    DOI: 10.1007/s10693-009-0059-6
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    14. Easterbrook, Frank H, 1984. "Two Agency-Cost Explanations of Dividends," American Economic Review, American Economic Association, vol. 74(4), pages 650-659, September.
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    16. Joan Farre-Mensa & Roni Michaely & Martin Schmalz, 2014. "Payout Policy," Annual Review of Financial Economics, Annual Reviews, vol. 6(1), pages 75-134, December.
    17. Hu, Aidong & Kumar, Praveen, 2004. "Managerial Entrenchment and Payout Policy," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 39(4), pages 759-790, December.
    18. 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.
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    Citations

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    Cited by:

    1. Anwar Boumosleh & Brandon Cline, 2015. "Outside Director Stock Options and Dividend Policy," Journal of Financial Services Research, Springer;Western Finance Association, vol. 47(3), pages 381-410, June.
    2. Emilia Peni & Sami Vähämaa, 2012. "Did Good Corporate Governance Improve Bank Performance during the Financial Crisis?," Journal of Financial Services Research, Springer;Western Finance Association, vol. 41(1), pages 19-35, April.
    3. Hussein Abedi Shamsabadi & Byung-Seong Min & Richard Chung, 2016. "Corporate governance and dividend strategy: lessons from Australia," International Journal of Managerial Finance, Emerald Group Publishing Limited, vol. 12(5), pages 583-610, October.
    4. Jonathan Wiley & Brandon Cline & Xudong Fu & Tian Tang, 2012. "Valuation Effects for Asset Sales," Journal of Financial Services Research, Springer;Western Finance Association, vol. 41(3), pages 103-120, June.
    5. Woan-lih Liang & Konan Chan & Wei-Hsien Lai & Yanzhi Wang, 2013. "Motivation for Repurchases: A Life Cycle Explanation," Journal of Financial Services Research, Springer;Western Finance Association, vol. 43(2), pages 221-242, April.
    6. Jiraporn, Pornsit & Chintrakarn, Pandej & Kim, Young S., 2012. "Analyst following, staggered boards, and managerial entrenchment," Journal of Banking & Finance, Elsevier, vol. 36(11), pages 3091-3100.
    7. Benoit d’Udekem, 2021. "Agency Conflicts and Dividend Persistence," Journal of Financial Services Research, Springer;Western Finance Association, vol. 60(2), pages 207-234, December.
    8. Lee, Chien-Chiang & Wang, Yurong & Zhang, Xiaoming, 2023. "Corporate governance and systemic risk: Evidence from Chinese-listed banks," International Review of Economics & Finance, Elsevier, vol. 87(C), pages 180-202.
    9. Anshu Agrawal, 2021. "Impact of Elimination of Dividend Distribution Tax on Indian Corporate Firms Amid COVID Disruptions," JRFM, MDPI, vol. 14(9), pages 1-38, September.
    10. Li, Changhong & Li, Jialong & Liu, Mingzhi & Wang, Yuan & Wu, Zhenyu, 2017. "Anti-misconduct policies, corporate governance and capital market responses: International evidence," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 48(C), pages 47-60.
    11. Hui Liang James & Hongxia Wang, 2021. "Independent director tenure and dividends," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 48(5-6), pages 1057-1091, May.
    12. Battaglia, Francesca & Gallo, Angela, 2017. "Strong boards, ownership concentration and EU banks’ systemic risk-taking: Evidence from the financial crisis," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 46(C), pages 128-146.
    13. Suparatana Tanthanongsakkun & Sirimon Treepongkaruna & Pornsit Jiraporn, 2023. "Carbon emissions, corporate governance, and staggered boards," Business Strategy and the Environment, Wiley Blackwell, vol. 32(1), pages 769-780, January.
    14. George D. Cashman & David M. Harrison & Shelly Howton & Benjamin Scheick, 2023. "The Cost of Financial Flexibility: Information Opacity, Agency Conflicts and REIT at-the-Market (ATM) Equity Offerings," The Journal of Real Estate Finance and Economics, Springer, vol. 66(2), pages 505-541, February.
    15. Ongsakul, Viput & Papangkorn, Suwongrat & Jiraporn, Pornsit, 2023. "Estimating the effect of climate change exposure on firm value using climate policy uncertainty: A text-based approach," Journal of Behavioral and Experimental Finance, Elsevier, vol. 40(C).
    16. Smith, Deborah Drummond & Pennathur, Anita K. & Marciniak, Marek R., 2017. "Why do CEOs agree to the discipline of dividends?," International Review of Financial Analysis, Elsevier, vol. 52(C), pages 38-48.
    17. Gyimah, Daniel & Gyapong, Ernest, 2021. "Managerial entrenchment and payout policy: A catering effect," International Review of Financial Analysis, Elsevier, vol. 73(C).
    18. Chen Yugang & Liu Yu & Yasir Shahab & Zhou Yuan, 2021. "Do staggered board elections affect firms' financing costs? Evidence from China," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 26(2), pages 2118-2133, April.

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    More about this item

    Keywords

    Dividends; Classified boards; Staggered boards; Corporate governance; G30; G32; G35;
    All these keywords.

    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G35 - Financial Economics - - Corporate Finance and Governance - - - Payout Policy

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