Charakteristiky celkových výplat akcionářům soukromých firem v zemích Visegradské skupiny
Firms’ Total Payout Characteristics in Visegrad Countries
Author(s): Jan Hanousek, Jiří TrešlSubject(s): Politics / Political Sciences, Social Sciences, Economy
Published by: Vysoká škola ekonomická v Praze
Keywords: payout; smoothing; Lintner’s model; ownership; private firms; Visegrad countries; agency costs
Summary/Abstract: This paper examines payout characteristics of firms in a cultural and political alliance of four Central European nations, the Visegrad Group. The sample consists of more than 100,000 firmyear observations from 2001 to 2015. Our results indicate that smoothing behaviour diminishes among firms with majority ownership and that the total payout characteristics behave according to existing theories on passive ownership behaviour and agency costs.
Journal: Politická ekonomie
- Issue Year: 67/2019
- Issue No: 5
- Page Range: 458-475
- Page Count: 18
- Language: Czech
