Dividend Policies and Business Groups: the Case of Croatia

Agrawal, A. & Jayaraman, N. (1994). The Dividend Policies of All-Equity Firms: A Direct Test of the Free Cash Flow Theory. Managerial and Decision Economics, 15(2), 139-148. DOI: 10.1002/mde.4090150206.10.1002/mde.4090150206Open DOISearch in Google Scholar

Aivazian, V., Booth, L. & Cleary, S. (2003). Do Emerging Market Firms Follow Different Dividend Policies From U.S. Firms?. Journal of Financial Research, 26(3), 371-387. DOI: 10.1111/1475-6803.00064.10.1111/1475-6803.00064Open DOISearch in Google Scholar

Alchian, A. (1969). Corporate management and property rights. In Manne, H. (Eds.), Economic policy and the regulation of corporate securities (pp. 337-360) American Enterprise Institute: Washington.Search in Google Scholar

Al-Kuwari, D. (2009). Determinants of the Dividend Policy of Companies Listed on Emerging Stock Exchanges: The Case of the Gulf Cooperation Council (GCC) Countries. Global Economy & Finance Journal, 2(2), 38-63.Search in Google Scholar

Donaldson, G. (1961). Corporate Debt Capacity: A Study of Corporate Debt Policy and the Determination of Corporate Debt Capacity. Boston: Harvard University.Search in Google Scholar

Fama, E. & French, K. (2001). Disappearing dividends: Changing firms characteristics or low propensity to pay?. Journal of Finance Economics, 60(1), 3-43. DOI: 10.1016/s0304-405x(01)00038-1.10.1016/s0304-405x(01)00038-1Open DOISearch in Google Scholar

Fluck, Z. & Lynch, A. (1999). Why Do Firms Merge and Then Divest? A Theory of Financial Synergy. The Journal of Business, 72(3), 319-346. DOI: 10.1086/209617.10.1086/209617Open DOISearch in Google Scholar

Goldman, E. & Viswanath, P. V. (2017). Internal Capital Markets, Forms of Intragroup Transfers, and Dividend Policy: Evidence from Indian Corporates. Journal of Financial Research, 40(4), 567-610. DOI: 10.1111/jfir.12135.10.1111/jfir.12135Open DOISearch in Google Scholar

Gopalan, R., Nanda, V. & Seru, A. (2014). Internal Capital Market and Dividend Policies: Evidence from Business Groups. Review of Financial Studies, 27(4), 1102-1142. DOI: 10.1093/rfs/hhu004.10.1093/rfs/hhu004Open DOISearch in Google Scholar

Gugler, K. & Yurtoglu, B. (2003). Corporate governance and dividend pay-out policy in Germany. European Economic Review, 47(4), 731-758. DOI: 10.1016/s0014-2921(02)00291-x.10.1016/S0014-2921(02)00291-XOpen DOISearch in Google Scholar

Holder, M., Langrehr, F. & Hexter, L. (1998). Dividend Policy Determinants: An Investigation of the Influences of Stakeholder Theory. Financial Management, 27(3), 73-82. DOI: 10.2307/3666276.10.2307/3666276Open DOISearch in Google Scholar

Jensen, M. (1986). Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers. The American Economic Review, 76(2), 323-329. DOI: 10.2139/ssrn.99580.10.2139/ssrn.99580Open DOISearch in Google Scholar

Liebeslikind, J. P. (2000). Internal Capital Markets: Benefits, Costs and Organizational Arrangements. Organization Science, 11(1), 58-76. DOI: 10.1287/orsc.11.1.58.12568.10.1287/orsc.11.1.58.12568Open DOISearch in Google Scholar

Lloyd, W., Jahera, J. & Page, D. (1985). Agency costs and dividend payout ratios. The Financial Review, 20(3), 78-78. DOI: 10.1111/j.1540-6288.1985.tb00256.x.10.1111/j.1540-6288.1985.tb00256.xOpen DOISearch in Google Scholar

Manos, R., Murinde, V. & Green, C. (2012). Dividend policy and business groups: Evidence from Indian firms. International Review of Economics & Finance, 21(1), 42-56. DOI: 10.1016/j.iref.2011.05.002.10.1016/j.iref.2011.05.002Open DOISearch in Google Scholar

Miller, M. & Modigliani, F. (1961). Dividend Policy, Growth, and the Valuation of Shares. The Journal of Business, 34(4), 411-433. DOI: 10.1086/294442.10.1086/294442Open DOISearch in Google Scholar

Myers, S. C. (1984). The Capital Structure Puzzle. Journal of Finance, 39(3), 574-592. DOI: 10.2307/2327916.10.2307/2327916Open DOISearch in Google Scholar

Peyer, U. (2002). Internal and External Capital Markets. Retrieved January 12, 2018, from Social Science Research Network: https://ssrn.com. DOI: 10.2139/ssrn.30974610.2139/ssrn.309746Open DOISearch in Google Scholar

Rajan, R., Servaes, H. & Zingales, L. (2000). The Cost of Diversity: The Diversification Discount and Inefficient Investment. Journal of Finance, 55(1), 35-80. DOI: 10.1111/0022-1082.00200.10.1111/0022-1082.00200Open DOISearch in Google Scholar

Rozeff, M. (1982). Growth, beta and agency costs as determinants of dividend payout ratios. Journal of Financial Research, 5(3), 249-259. DOI: 10.1111/j.1475-6803.1982.tb00299.x.10.1111/j.1475-6803.1982.tb00299.xOpen DOISearch in Google Scholar

Samphantharak, K. (2006). Internal Capital Markets in Business Groups. Retrieved January 06, 2018, from Social Science Research Network: https://ssrn.com. DOI: 10.2139/ssrn.975562.10.2139/ssrn.975562Open DOISearch in Google Scholar

Shin, H. & Stulz, R. (1998). Are Internal capital Markets Efficient?. The Quarterly Journal of Economics, 113(2), 531-552. DOI: 10.1162/003355398555676.10.1162/003355398555676Open DOISearch in Google Scholar

Stein, J. (1997). Internal Capital Markets and the Competition for Corporate Resources. The Journal of Finance, 52(1), 111-133. DOI: 10.2307/2329558.10.2307/2329558Open DOISearch in Google Scholar

Stiglitz, J. & Weiss, A. (1981). Credit Rationing in Markets with Imperfect Information. The American Economic Review, 71(3), 393-410. DOI: 10.2307/1802787.10.2307/1802787Open DOISearch in Google Scholar

Titman, S. & Wessels, R. (1988). The Determinants Of Capital Structure Choice. The Journal of Finance, 43(1), 1-19. DOI: 10.1111/j.1540-6261.1988.tb02585.x.10.1111/j.1540-6261.1988.tb02585.xOpen DOISearch in Google Scholar

Williamson, O. (1975). Markets and Hierarchies: Analysis and Antitrust Implications. Free Press: New York.Search in Google Scholar