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Unternehmensfinanzierung und beschränkte Rationalität — Das Beispiel optimaler Dividendenpolitik

Author

Listed:
  • Wolfgang Breuer

    (Rheinisch-Westfälischen Technischen Hochschule Aachen)

  • Nora Hartmann

    (TU Braunschweig)

Abstract

Summary Recently, a growing literature of behavioral finance has been developed. Its main focus is the impact of investors’ bounded rationality on financial markets conditions, in particular asset prices. On the contrary, the consequences of investors’ limited rationality for corporate financing decisions are rarely discussed. However, bounded rationality leads to a new kind of “transformation function” furnished by entrepreneurial financial decisions. This study is an attempt to analyze this new variant of transformation function in more detail. As an example, we explore consequences of limited rationality for corporate dividend policy. Thereby, strengths and weaknesses of such models can be clarified. Altogether, new and interesting fields of research are likely to be discovered which also may obtain practical importance due to the descriptive character of the underlying assumptions of human behavior. Admittedly, a closer examination also reveals several difficulties.

Suggested Citation

  • Wolfgang Breuer & Nora Hartmann, 2003. "Unternehmensfinanzierung und beschränkte Rationalität — Das Beispiel optimaler Dividendenpolitik," Schmalenbach Journal of Business Research, Springer, vol. 55(4), pages 343-363, June.
    • Handle: RePEc:spr:sjobre:v:55:y:2003:i:4:d:10.1007_bf03372708
    DOI: 10.1007/BF03372708
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    References listed on IDEAS

    as
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    Keywords

    G35;

    JEL classification:

    • G35 - Financial Economics - - Corporate Finance and Governance - - - Payout Policy

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