کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5093092 1478433 2017 47 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Political freedom and corporate payouts
ترجمه فارسی عنوان
آزادی سیاسی و پرداخت های شرکت ها
موضوعات مرتبط
علوم انسانی و اجتماعی مدیریت، کسب و کار و حسابداری کسب و کار و مدیریت بین المللی
چکیده انگلیسی
We study the effect of a country's political freedom status on corporate payouts around the world. In both OLS and two-stage regressions, we find that firms in less free countries pay out more cash, suggesting that low political freedom is associated with a less friendly investment environment. Consistent with this view, we further find that firms reduce payouts when a country's political freedom status improves, while they tend to pay out past excess cash and cut future investment in the face of a deterioration in political freedom. In additional analysis, we also find that firms in less free countries do not pay out cash mainly to ease agency concerns: cash payouts in these countries are more volatile and hence less valuable.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Corporate Finance - Volume 43, April 2017, Pages 514-529
نویسندگان
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