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 "@type": "DefinedTerm",
 "@id": "https://wulfkaal.github.io/entities/dividends",
 "identifier": "kaal:entity:dividends",
 "name": "Dividends",
 "termCode": "dividends",
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 "author": {
  "@type": "Person",
  "name": "Wulf A. Kaal",
  "identifier": "https://orcid.org/0000-0003-0757-275X"
 },
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   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2922176-014",
   "identifier": "kaal:claim:2922176-014",
   "text": "Stewardship pressures push companies toward an unhealthy focus on short-term dividends and share buybacks designed to please the stock market, the opposite of the long-term orientation the codes intend.",
   "abstract": "Indeed, stewardship pressures often expose companies to an unhealthy focus on short-term dividends and share buybacks designed to please the stock market.",
   "citation": "Mark Fenwick, Wulf A. Kaal, Erik P. M. Vermeulen, The ‘Unmediated’ and ‘Tech-Driven’ Corporate Governance of Today's Winning Companies (2017). SSRN: https://ssrn.com/abstract=2922176",
   "datePublished": "2017",
   "claim_type": "failure",
   "confidence": "argued",
   "is_failure_mode": true,
   "scope_conditions": [
    "companies subject to institutional investor stewardship pressure"
   ],
   "source_pdf_sha256": "fa4e986917d437cb1504281e7b986be2698e9507d8feaf426c9d7d1754ca882c",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2922176-015",
   "identifier": "kaal:claim:2922176-015",
   "text": "A focus on dividends and share buybacks makes it extremely difficult for a company to fund the innovation investment on which long-term relevancy depends.",
   "abstract": "Figure 2 illustrates that a focus on dividends and share buybacks makes it extremely difficult for a company to invest in innovations that are critical to maintaining relevancy",
   "citation": "Mark Fenwick, Wulf A. Kaal, Erik P. M. Vermeulen, The ‘Unmediated’ and ‘Tech-Driven’ Corporate Governance of Today's Winning Companies (2017). SSRN: https://ssrn.com/abstract=2922176",
   "datePublished": "2017",
   "claim_type": "mechanism",
   "confidence": "evidenced",
   "is_failure_mode": false,
   "scope_conditions": [
    "S&P 500 companies, 2012 to 2016 revenue growth data"
   ],
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   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2922176-016",
   "identifier": "kaal:claim:2922176-016",
   "text": "Ten of the thirteen S&P 500 companies with above-average revenue growth over the 2012 to 2016 period had never paid a dividend and had never engaged in share buybacks.",
   "abstract": "Figure 2 shows that ten out of the thirteen S&P 500 with an above-average revenue growth have never paid any dividends to their shareholders and were never engaged in share buyback activities.",
   "citation": "Mark Fenwick, Wulf A. Kaal, Erik P. M. Vermeulen, The ‘Unmediated’ and ‘Tech-Driven’ Corporate Governance of Today's Winning Companies (2017). SSRN: https://ssrn.com/abstract=2922176",
   "datePublished": "2017",
   "claim_type": "empirical",
   "confidence": "evidenced",
   "is_failure_mode": false,
   "scope_conditions": [
    "thirteen S&P 500 companies with above-average revenue growth, 2012 to 2016"
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  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/5454054-032",
   "identifier": "kaal:claim:5454054-032",
   "text": "Because Landreth holds that instruments carrying equity attributes such as dividends or voting rights are securities, LER rewards cannot include any such features and must function as independent loyalty perks.",
   "abstract": "This is reinforced by SEC v. Landreth Timber Co. (1985), where the court held that stock sales are securities if they carry equity attributes like dividends or voting rights. Therefore, LER rewards cannot include such features.",
   "citation": "Wulf A. Kaal, Liquid Equity Rewards (2025). SSRN: https://ssrn.com/abstract=5454054",
   "datePublished": "2025",
   "claim_type": "condition",
   "confidence": "argued",
   "is_failure_mode": false,
   "scope_conditions": [
    "United States securities law"
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   "status": "current"
  }
 ],
 "description": "4 claims in the published works of Wulf A. Kaal carry the concept tag 'dividends'. Derived node: a roster, not an adjudicated definition."
}