Purpose – The purpose of this paper is to test two agency-based hypotheses regarding the effect of ownership concentration on dividend policy using a large sample of Japanese firms. Design/methodology/approach – Level regressions associating payout rates to ownership concentration are run....

Purpose – The purpose of this paper is to test two agency‐based hypotheses regarding the effect of ownership concentration on dividend policy using a large sample of Japanese firms. Design/methodology/approach – Level regressions associating payout rates to ownership concentration are run....