How corporate governance affects payout policy under agency problems and external financing constraints
DC Field | Value | Language |
---|---|---|
dc.contributor.author | Chae, Joon | - |
dc.contributor.author | Kim, Sungmin | - |
dc.contributor.author | Lee, Eun Jung | - |
dc.date.accessioned | 2021-06-23T14:41:54Z | - |
dc.date.available | 2021-06-23T14:41:54Z | - |
dc.date.created | 2021-01-21 | - |
dc.date.issued | 2009-11 | - |
dc.identifier.issn | 0378-4266 | - |
dc.identifier.uri | https://scholarworks.bwise.kr/erica/handle/2021.sw.erica/40744 | - |
dc.description.abstract | This paper analyzes the effect of corporate governance on the payout policy when a firm has both agency problems and external financing constraints. We empirically test whether strong corporate governance would lead to higher payout to minimize agency problems (outcome hypothesis), or to lower payout to avoid costly external financing (substitute hypothesis). We find that firms with higher (lower) external financing constraints tend to decrease (increase) payout ratio with an improvement in their corporate governance. The results are consistent with our hypothesis that the relation between payout and corporate governance is reversed depending on the relative sizes of agency and external financing costs. (C) 2009 Elsevier B.V. All rights reserved. | - |
dc.language | 영어 | - |
dc.language.iso | en | - |
dc.publisher | Elsevier BV | - |
dc.title | How corporate governance affects payout policy under agency problems and external financing constraints | - |
dc.type | Article | - |
dc.contributor.affiliatedAuthor | Kim, Sungmin | - |
dc.contributor.affiliatedAuthor | Lee, Eun Jung | - |
dc.identifier.doi | 10.1016/j.jbankfin.2009.05.003 | - |
dc.identifier.scopusid | 2-s2.0-70249125387 | - |
dc.identifier.wosid | 000271343700014 | - |
dc.identifier.bibliographicCitation | Journal of Banking and Finance, v.33, no.11, pp.2093 - 2101 | - |
dc.relation.isPartOf | Journal of Banking and Finance | - |
dc.citation.title | Journal of Banking and Finance | - |
dc.citation.volume | 33 | - |
dc.citation.number | 11 | - |
dc.citation.startPage | 2093 | - |
dc.citation.endPage | 2101 | - |
dc.type.rims | ART | - |
dc.type.docType | Article | - |
dc.description.journalClass | 1 | - |
dc.description.isOpenAccess | N | - |
dc.description.journalRegisteredClass | scopus | - |
dc.relation.journalResearchArea | Business & Economics | - |
dc.relation.journalWebOfScienceCategory | Business, Finance | - |
dc.relation.journalWebOfScienceCategory | Economics | - |
dc.subject.keywordPlus | FREE CASH FLOW | - |
dc.subject.keywordPlus | INVESTMENT | - |
dc.subject.keywordPlus | DIVIDEND | - |
dc.subject.keywordPlus | INFORMATION | - |
dc.subject.keywordPlus | FIRMS | - |
dc.subject.keywordPlus | COSTS | - |
dc.subject.keywordPlus | STOCK | - |
dc.subject.keywordAuthor | Payout policy | - |
dc.subject.keywordAuthor | Corporate governance | - |
dc.subject.keywordAuthor | Agency problems | - |
dc.subject.keywordAuthor | External financing constraints | - |
dc.identifier.url | https://www.sciencedirect.com/science/article/pii/S0378426609001046?via%3Dihub | - |
Items in ScholarWorks are protected by copyright, with all rights reserved, unless otherwise indicated.
55 Hanyangdeahak-ro, Sangnok-gu, Ansan, Gyeonggi-do, 15588, Korea+82-31-400-4269 sweetbrain@hanyang.ac.kr
COPYRIGHT © 2021 HANYANG UNIVERSITY. ALL RIGHTS RESERVED.
Certain data included herein are derived from the © Web of Science of Clarivate Analytics. All rights reserved.
You may not copy or re-distribute this material in whole or in part without the prior written consent of Clarivate Analytics.