Do Managerial Motives Impact Dividend Decisions in REITs?
Tóm tắt
Từ khóa
Tài liệu tham khảo
Agarwal A, Knoeber CR (1996) Firm performance and mechanisms to control agency problems between managers and shareholders. J Financ and Quant Anal 31(3):377–397
Byrd J, Hickman K (1992) Do outside directors monitor managers? Evidence from tender offer bids. J Financ Econ 32:195–221
Campbell R, Ghosh C, Sirmans CF (2001) The information content of method of payment in mergers: evidence from real estate investment trusts (REITs). Real Estate Econ 29:360–387
Cho M-H (1998) Ownership structure, investment, and the corporate value: an empirical analysis. J Financ Econ 47:103–121
Chopin MC, Dickens RN, Shellor RM (1995) An empirical examination of compensation of REIT managers. J Real Estate Res 10(3):263–277
Crystal G (1991) In search of excess: the overcompensation of American executives. New York: W. W. Norton & Co
Davis BJ, Shellor RM (1995) Executive compensation and financial performance in the real estate industry. J Real Estate Res 10(2):141–151
EasterBrook F (1984) Two agency—cost explanations of dividends. Am Econ Rev 74:650–659
Farinha J (2003) Dividend policy, corporate governance, and the managerial entrenchment hypothesis: an empirical analysis. J Bus Finance and Account 30(9 and 10):1173–1200
Feng Z, Ghosh C, Sirmans CF (2005) How important is the board of directors to REIT performance? Forthcoming, J Real Estate Portf Manag 11(3):281-294 (Sep -Dec)
Ghosh C, Sirmans CF (2003) Board independence, ownership structure and performance in real estate investment trusts. J Real Estate Finance and Econ 26(2–3):287–318
Ghosh C, and CF Sirmans (2005) On REIT CEO compensation: does board structure matter? J Real Estate Finance Econ 30(4):397–428
Holder ME, Langrehr FW, Hexter JL (1998) Dividend policy determinants: an investigation of the influences of stakeholder theory. Financ Manage 27(3):73–82
Hu A, Kumar P (2004) Managerial entrenchment and payout policy. Forthcoming, J Financ and Quant Anal 39(4), Dec 2004
Holthausen R, Larcker D (1996) The financial performance of reverse leveraged buyouts. J Financ Econ 42:293–332
Jensen MC (1986) Agency cost of free cash flow, corporate finance, and takeovers. Am Econ Rev 76:323–329
Lambert R, Larcker D, Weigelt K (1993) The structure of organizational incentives. Adm Sci Q 38:438– 461
Loderer C, Martin K (1997) Executive stock ownership and performance: tracking faint traces. J Financ Econ 45(2):223–255
Mishra CS, Nielsen JF (2000) Board independence and compensation policies in large bank holding companies. Financ Manage (Autumn), pp 51–70
Morck R, Shleifer A, Vishny RW (1988) Management ownership and market valuation: an empirical analysis. J Finan Econ 20:293–315
Pennathur AK, Shellor R (2002) The determinants of REIT CEO compensation. J Real Estate Finance and Econ 25(1):99–113
Rosenstein S, Wyatt JG (1990) Outside directors, board independence, and shareholder wealth. J Financ Econ 26:175–191
Rozeff M (1982) Growth, beta and agency costs as determinants of dividend payout ratios. J Financ Res 5:249–259
Schooley DK, Barney LD (1994) Using dividend policy and managerial ownership to reduce Agency costs. J Financ Res Vol XVII(3):363–373.
Shivdasani A (1993) Board composition, ownership structure, and hostile takeovers. J Account Econ 16:167–198
Subrahmanyam V, Rangan N, Rosenstein S (1997) The role of outside directors in bank acquisitions. Financ Manage 20(1–2):461–492
White HL (1980) A heteroskedasticity—consistent covariance matrix estimator and a direct test for heteroskedasticity. Econometrica 48:817–838