Agency Problems and Dividend Policies around the World

Agency Conflicts Around the World∗

We use a dynamic model of of financing decisions to measure agency conflicts at the firm level for a large panel of 12,652 firms from 14 countries. Our estimates show that agency conflicts are large and vary significantly across firms and countries. Differences in agency conflicts are largely due to differences in firm-level governance, ownership concentration, and other firm characteristics. T...

Dividend Smoothing, Agency Costs, and Information Asymmetry: Lessons from the Dividend Policies of Private Firms

Agency Problems, Product Market Competition and Dividend Policy in Japan

This study investigates whether product market competition reduces agency problems between controlling shareholders and minority shareholders in Japan. We study Japan because of its salient weakness in investor protection and the severity of agency conflicts. In a large sample of Japanese firms we find that Japanese firms in more competitive industries pay more dividends than firms in less comp...

Stem Cell Research Policies around the World

The proliferation of stem cell research, conflated with its ethical and moral implications, has led governments to attempt regulation of both the science and funding of stem cells. Due to a diversity of opinions and cultural viewpoints, no single policy or set of rules exist to govern stem cell research. Instead, each country has developed its own policy. The following map catalogs the general ...

an investigation of agency theory and signaling theory in dividend policies: the role of institutional investors

journal of accounting advances (j.a.a) vol. 2, no. 2, fall & winter 2010, ser. 59/3     extended abstract   an investigation of agency theory and signaling theory in dividend policies: the role of institutional investors   dr. g. r. karami         dr. s. mehrani               h. eskandar tehran university   introduction        dividend has a special position among decision makers. dividend poli...