Nonfinancial goals, governance and dividend payout in private family firms Hasselt University
This article uses insights from behavioral economics to explain dividend policy in private family firms. Based on a sample of 501 Belgian firms, our results indicate that dividend payout is low when a family CEO leads the business and in the presence of a family dominated board. The tendency of a family CEO or family dominated board to retain earnings appears to be stronger in earlier generational stages compared to later generational stages. ...