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We examine the relation between the shareholder base and payout policy. Consistent with the idea that the shareholder base is related to the cost of external financing we find that fi rms with small shareholder bases have lower payout levels and maintain higher cash holdings. We show that...
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Purpose: This paper examines whether the characteristics of boards are more important in determining dividend policy … than management characteristics. We show that as the final declarers of dividend policy is a firm’s board, the composition … of a firm’s board significantly subsumes the effect of management characteristics that may also influence dividend policy …
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Dual-class firms face great criticism as it is believed that firms choose this structure to expropriate minority shareholders’ wealth. We compare market performance of Chinese dual-class firms with their single-class counterparts by constructing a list of Chinese firms cross-listed on U.S....
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