Marc Goergen

Luc Renneboog

Luis Correia da Silva

Luis Correia da Silva Domingos

An analysis of the extent to which dividend payout policy differs from country to country. In particular the authors investigate the differences between the UK market-oriented and the German blockholder-oriented systems.

Dividend Policy and Corporate Governance

Dividends are not only a signal about a firm's prospects under asymmetric information, but they can also act as a corporate governance device to align the management's interests with those of the shareholders. Dividend Policy and Corporate Governance is the first comprehensive volume on the relationship between dividend policy and corporate governance, and examines in detail empirical studies and current theories. Reviewing the interactions between dividend policy and other corporate governance mechanisms, it compares results for the UK and the US with those for other countries such as France, Germany, and Japan, and provides new empirical evidence on corporate governance in continental Europe and its impact on dividends. Focusing on one of the main representatives of this system, Germany, it highlights major differences between the dividend policies of German firms and those of UK or US firms. Conventional wisdom states that German dividends are lower than UK or US dividends, yet on a published-profits basis the exact converse is true. In addition, the authors demonstrate a link between corporate control structures and dividend payouts, report evidence that the existence of a loss is an additional determinant of dividend changes, and demonstrate that the tax status of the controlling shareholder and the firm's dividend payout are not linked. The conclusions reached in this book have important implications for the current debate on corporate governance, making it invaluable for academics, finance professionals, regulators, and legal advisors.

Tilman Müller

Bettina Sengling

Katja Gloger

Walter Wüllenweber

Janis Vougioukas

Von Marie Curie bis Fukushima: 110 Jahre Spiel mit dem Höllenfeuer. Das stern eBook "Die Geschichte der Atomkraft" erzählt den Wettlauf um die Atombombe bis zum verheerenden Abwurf auf Hiroshima 1945 und beschreibt das atomare Kräftemessen im Kalten Krieg. Es gibt Einblick in den Widerstand der Deutschen gegen Atomkraftwerke und den Schock nach der Reaktorkatastrophe von Tschernobyl sowie in die internationale Atom-Kriminalität, das verdrängte Endlagerproblem und die weltweiten Folgen von Fukushima. Zeitgeschichte und aktuelle Ereignisse - beleuchtet in bekannter stern-Qualität.

Die Geschichte der Atomkraft (stern eBook)

Iris Hse-Yu Chiu

Eve Mitleton-Kelly

Ahmed Al-Hawamdeh

Christine Mallin

This book is a major advancement in the area of complexity and corporate governance. By bringing together a range of leading experts in the fields of complexity and corporate governance, this book manages to knowledgeably wed the emerging field of complex systems thinking with the more established area of corporate governance. It brings a range of new and exciting concepts, such as emergence, co-evolution and selforganisation, and integrates them into an overarching and holistic understanding of corporate governance that is a clear benefit to corporate actors and stakeholders. The book is a major resource for both academic and practitioner audiences.

Corporate Governance and Complexity Theory

Marc Goergen

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