This paper uses the Brexit referendum in 2016 as a quasi-natural experiment to estimate the effect of an exogenous negative shock to globalization on executive compensation for German companies listed in the DAX and MDAX stock indices. We show that it matters whether they work for firms...

The valuation of banks is inherently complicated because of the uncertainties arising from their information opaqueness and inherent risks. Unlike non-banking firms, banks require specialised equity-side valuation approaches. This study addresses a gap in the literature by examining valuation...

The present study primarily examines the impact of financial distress (FD) on the dividend policy of 33 banks working in the Indian economy from 2010 to 2019. In addition, we further explore the association between financial distress and dividend policy under the influence of shareholder...

This paper uses the Brexit referendum in 2016 as a quasi-natural experiment to estimate the effect of an exogenous negative shock to globalization on executive compensation for German companies listed in the DAX and MDAX stock indices. We show that it matters whether they work for firms...

In recent years, the focus on state-owned enterprises (SOE) has returned. SOEs are an important part of the post-socialist countries that comprise Central and Eastern Europe (CEE). However, there are still no consistent findings on SOEs’ performance and dividend payouts, although the popular...

An increase in the dividend tax on shares of Swedish closely-held corporations, scheduled for January 1, 2018, was canceled at short notice. In a difference-in-difference setting, we examine how firms reacted to the canceled reform. We find that dividends payments increased in 2016 and 2017 and...

• By reducing reliance on fossil fuels, EU climate policy substantially lowers Russia's financial strength, thereby limiting its military capabilities to sustain its aggression on Ukraine and beyond. • We provide estimates for the security dividend of EU climate policy. • A one-euro...

Research & development (R&D) subsidies, especially defense R&D spending, raise private R&D investment (a crowd-in effect). Public R&D funding increases employment without driving up wages. Supported industries see gains in productivity. International spillovers amplify the impact across...

The previous federal government coalition had planned to pay private households a climate dividend to offset rising carbon prices; a payout process was even prepared. However, the climate dividend is nowhere to be seen in the new federal government's coalition agreement. In the long term, a...

This study investigates the role of savings as a channel for the second demographic dividend in minimum comparable areas (MCA) in Brazil between 2000 and 2010. Using spatial econometric models, the research analyzed the effects of per capita savings, education, and labor force participation on...

The study explores ways to enhance the visibility of companies' investments in employee training, with the aim of recognising human capital as a value-creating resource, encouraging private sector investment in training and ultimately reducing skills shortages. Currently, only a limited number...

Kenya faces a growing youth employment challenge, with nearly 80 percent of its population under 35 working in informal, low-quality jobs that offer little security or opportunity for advancement. About 85 percent of youth rely on informal work, contributing to cycles of poverty and inequality,...

We examine the macroeconomic, asset pricing, and public debt consequences of deficit financing dividend taxation in a dynamic general equilibrium model featuring partial investment irreversibility. Dividend taxes interact directly with the occasionally-binding irreversibility constraint,...

This report explores how fiscal policy can improve both fiscal and environmental balances. The first chapter reviews fiscal aggregates and trends, assessing the need for adjustment and recent fiscal rules. It identifies opportunities for savings and revenue beyond environmental considerations....

This paper investigates the behavior of stock prices around ex-dividend dates in Europe over the period 2018-2022. In the early months of the COVID-19 pandemic in 2020, a significant fraction of firms cut, suspended, or reduced their dividend payments, leading to a shortage. Using a...

This study investigates the interdependencies between debt capital and dividend policy as complementary factors influencing firm value among corporations listed on the Korea Composite Stock Price Index (KOSPI). Using Tobin's Q as a firm value metric and employing robust econometric techniques...

Purpose - The purpose of this research is to review the dividend smoothing effectiveness from the perspective of managers' overconfidence and accounting competence. Accounting competence is considered as an important factor in recognizing management's ability to override internal controls as an...

This paper analyzes the possibility of creating worker cooperatives in which members are paid not through wages but through dividends calculated on the organization's residual income, as stipulated by the economic theory of the labor-managed firm. It is shown how dividends paid to members can be...

We study the causal effect of country-specific democratic regime change on bilateral trade flows, extending structural gravity empirics to ‘heterogeneous gravity’ estimated at the country-pair level. Our difference-in-differences implementation accounts for selection into regime change,...

Dividends allow shareholders to receive investment returns; however, Chinese listed companies are often reluctant to share profits with external minority shareholders, instead channeling funds into "tunneling" activities of major shareholders. By examining the China Securities Investor Service...

This study investigates the relationship between cyber risks and dividend policy, as well as how boards, as a governance mechanism, affect the dividend policy under cyber risk. This study collected firm-level financing, corporate governance, and control variables from the Bloomberg database...

This paper investigates asset pricing anomalies in sharia-compliant (SC) stocks in the US market, focusing on whether dividend-oriented strategies can yield significant alphas. SC stocks adhere to Islamic principles, avoiding activities such as the production and sale of alcoholic beverages,...

This study investigates whether, and to what extent, dividend-paying firms follow pecking order behavior when altering their capital structure. Using a panel of 3173 U.S. firms from 1960 to 2020 (49,424 firm-year observations), we examine four financing activities: equity and debt issuance under...

As corporate income tax rates have fallen across the world, other capital taxes become more important. This paper studies the choice between income taxation at the corporate and shareholder level. I develop a sufficient-statistics framework to determine optimal tax reforms. The main result is...

Canada and other members of the North Atlantic Treaty Organization (NATO) are facing higher defence-spending targets in response to growing geopolitical tensions. NATO's 2025 Hague Summit Declaration requires member states to increase their defence spending to five percent of their GDP by 2035....

The purpose of dividends is to distribute income to shareholders. Many stock market investors have only a few shares in their portfolios. For these investors, selling one share to generate income is not an attractive alternative to receiving dividends. We describe the dividend decision process...