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We find that minority shareholders’ voting opposition to dividend proposals is associated with significantly higher cash dividend payout in the following year for stocks listed in Shanghai Stock Exchange. When minority shareholders’ voting opposition increases, the likelihood and frequency...
Persistent link: https://www.econbiz.de/10014258631
This paper studies the payout policy of Italian firms controlled by large majority shareholders (controlled firms). The paper reports that a firm's share of dividends in total payout (dividends plus repurchases) is negatively related to the size of the cash flow stake of the firm's controlling...
Persistent link: https://www.econbiz.de/10012975260
This Article investigates the determinants of dividend policy in firms with concentrated ownership structure. A review of the empirical literature shows that dividend payout ratios are lower in firms with controlling shareholders. We explain this finding as a consequence of the legal rules...
Persistent link: https://www.econbiz.de/10013033942
As an alternative version of the side-payment model, this paper presents a demonstration of how the necessity of winning majority support of shareholders influences the relation between a blockholder's monitoring incentive and a firm's dividend policy. When dividend-averse individuals...
Persistent link: https://www.econbiz.de/10013037504
This paper focuses on dominant owners' use of leverage to finance their blockholdings and its relationship to dividend policy. We postulate that blockholder leverage may impact payout policy, in particular when earnings are hit by a negative shock. We use panel data for France where blockholders...
Persistent link: https://www.econbiz.de/10012906183
This paper focuses on dominant owners' use of leverage to finance their blockholdings and its relationship to dividend policy. We postulate that blockholder leverage may impact payout policy, in particular when earnings are hit by a negative shock. We use panel data for France where blockholders...
Persistent link: https://www.econbiz.de/10012906198
This paper examines the relationship between ownership structure and dividend policy in Thailand in a sample of 1,927 observations over the period 2002-2010. The results show that firms are more likely to pay dividends when they have higher ownership concentration or the largest shareholder is...
Persistent link: https://www.econbiz.de/10013090329
This study investigates the impact of ownership structure on dividend policies of listed companies in the Shanghai Stock Exchange over the period 2007-2011. The results show that firms with higher ownership by the largest shareholder, ownership concentration, and government ownership are more...
Persistent link: https://www.econbiz.de/10013049815
Using a sample of U.S. firms from 1995 to 2002, we examine corporate payout policy in dual-class firms. The expropriation hypothesis predicts that dual-class firms pay out less to shareholders because entrenched managers want to maximize the value of assets under control and the private benefits...
Persistent link: https://www.econbiz.de/10013091802
We investigate how a firm's decision to hold excessive cash or to over-invest could influence its dividend payout policy in Indonesia. Additionally, we examine the association between corporate ownership structure and cash dividends. Using a data set of Indonesian listed firms for the period...
Persistent link: https://www.econbiz.de/10012859255