Dividend Policies of Privately Held Companies: Stand‐Alone and Group Companies in Belgium
研究了比利时私营公司的股利政策，发现它们通常不支付股利，且集团内公司比独立公司支付更多股利，这与集团内部资本市场税收优惠假说一致。
Abstract This study examines the dividend policies of privately held Belgian companies, differentiating between stand‐alone companies and those affiliated with a business group. We find that privately held companies typically do not pay dividends. Compared to public companies, they are less likely to pay dividends and they have lower dividend payouts. Our results also suggest that group companies pay more dividends than stand‐alone companies, consistent with the hypothesis that tax‐exempt group firms redistribute dividend payments on the group's internal capital market. Group companies pay higher dividends if they have minority shareholders.