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39 Antitrust Bull. 163 (1994)
Antitrust and Corporate Dividend Policy: Revising Dividend Payment Policies to Empower Shareholders to Curb Mergers and Acquisitions

handle is hein.journals/antibull39 and id is 171 raw text is: The Antitrust Bulletin/Spring 1994 Antitrust and corporate dividend policy: revising dividend payment policies to empower shareholders to curb mergers and acquisitions BY MARSHA COPE HUIE* I. Introduction This article marries basic principles of corporate finance that are centered around the payment of corporate dividends to the law of antitrust that concerns mergers and acquisitions (Ms&As). The underlying thesis of this article is that the Business Judgment Rule has gone haywire in allowing undue managerial discretion in the declaration, or more aptly, the nondeclaration, of corporate dividends. The effect of the underdeclaration of dividends is to allow corporations to accumulate large amounts of retained earn- ings with virtual impunity. These retained monies, instead of * Professor of Law, St. Mary's University School of Law. This piece is condensed from an article appearing at 25 St. Mary's L. J. 243 (1993), and is reprinted with the ind permission of the ST. MARY'S LAW JouRNAL.

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