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Stakeholder conflicts and dividend policy

Bøhren, Øyvind; Josefsen, Morten G.; Steen, Pål E.
Journal article, Peer reviewed
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Bøhren_JBF_2012.pdf (245.1Kb)
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http://hdl.handle.net/11250/93642
Utgivelsesdato
2012
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  • Scientific articles [1334]
Originalversjon
http://dx.doi.org/ 10.1016/j.jbankfin.2012.06.007
Sammendrag
This paper compares the dividend policy of owner-controlled firms with that of firms

where the owners are a minority relative to non-owner employees, customers, and community

citizens. We find that regardless of whether owners or non-owners control the firm, the strong

stakeholder uses the dividend payout decision to mitigate rather than to intensify the conflict of

interest with the weak stakeholder. Hence, the higher the potential agency cost as reflected in

the firm’s stakeholder structure, the more the actual agency cost is reduced by the strong

stakeholder’s dividend payout decision. These findings are consistent with a dividend policy in

which opportunistic power abuse in stakeholder conflicts is discouraged by costly

consequences for the abuser at a later stage. Indirect evidence supports this interpretation.
Beskrivelse
This is the authors’ final, accepted and refereed manuscript to the article
Utgiver
Elsevier
Tidsskrift
Journal of Banking and Finance

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