Unternehmensfinanzierung und beschränkte Rationalität — Das Beispiel optimaler Dividendenpolitik

  • Wolfgang Breuer
  • Nora Hartmann
Beschränkte Rationalität Dividendenpolitik 


Recently, a growing literature of behavioral finance has been developed. Its main focus is the impact of investors’ bounded rationality on financial markets conditions, in particular asset prices. On the contrary, the consequences of investors’ limited rationality for corporate financing decisions are rarely discussed. However, bounded rationality leads to a new kind of “transformation function” furnished by entrepreneurial financial decisions. This study is an attempt to analyze this new variant of transformation function in more detail. As an example, we explore consequences of limited rationality for corporate dividend policy. Thereby, strengths and weaknesses of such models can be clarified. Altogether, new and interesting fields of research are likely to be discovered which also may obtain practical importance due to the descriptive character of the underlying assumptions of human behavior. Admittedly, a closer examination also reveals several difficulties.


Behavioral Finance Dividend Policy 




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Copyright information

© Schmalenbach-Gesellschaft.eV. 2003

Authors and Affiliations

  • Wolfgang Breuer
    • 1
  • Nora Hartmann
    • 2
  1. 1.Lehrstuhls für Betriebswirtschaftslehre, insbesondere Betriebliche FinanzwirtschaftRheinisch-Westfälischen Technischen Hochschule AachenAachenGermany
  2. 2.Abteilung FinanzwirtschaftTU BraunschweigBraunschweigDeutschland

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