Burns, Natasha; McTier, Brian C.; Minnick, Kristina - In: Journal of Corporate Finance 30 (2015) C, pp. 85-97
We examine the effects of executive compensation and investor protection on payout policy in Europe. We find a negative … (positive) relationship between both option and restricted stock compensation and dividends (repurchases). However, when the … incentive compensation is dividend protected, dividend payouts increase. Firms in weak investor protection countries pay higher …