This paper provides empirical evidence showing that dual-class firms use dividend payments to mitigate agency problems while using repurchases of superior shares to maintain the private benefits of control. With a sample of dual-class firms from 1994 to 2015 that have both their superior voting...

The paper aims to analyze, under the Agency Theory framework, whether ownership concentration has effects on dividend policy of the Brazilian company. Specifically, the work analyzes the possibility of expropriation of minority shareholders by reducing the dividend distribution as predicted by...

This paper analyzes the dividend payout by Romanian companies listed on the Bucharest Stock Exchange in connection with the changes in corporate taxes. If the tax burden on corporate gross incomes is increasing, the companies' management can follow two reasons in deciding the dividend payout: to...

Using a unique, comprehensive data set from a survey on corporate governance practices among Korean listed firms, this paper shows that business group (chaebol) firms have overall stronger governance practices but weaker shareholder rights and lower dividend payout ratios than independent firms...

We examine the influence of ownership concentration on payout policy in Japan. According to the monitoring hypothesis, large shareholders prefer higher dividends to mitigate the agency cost of free cash flows. In contrast, the rent extraction hypothesis assumes that large shareholders derive...

This paper investigates the influence of retail minority shareholders in the determination of corporate dividend policies of Australian companies. While retail investors are typically also minority shareholders and therefore perceived in academic literature to have limited influence on corporate...

We study the tax regulations in relation to dividends and capital gains over the last two decades for the UK in order to determine whether changes in tax regimes affect corporate payout policy (dividends, share repurchases, or a combination). While we can identify investors' tax-driven...

This paper studies the impact of banks' dividend restrictions on the behavior of their institutional investors. Using an identification strategy that relies on the within investor variation and a difference in difference setup, I find that funds permanently decrease their ownership shares at...

In this paper, we analyze the effects of common institutional blockholders (CIBs) on the dividend policies of investee firms. We find that firms are more likely to pay dividends (and pay larger dividends) when dividends are more prevalent among other firms held by a CIB. We establish causality...

This paper examines whether corporate payout policies are associated with inter-corporate ownership. Using the System for Electronic Document Analysis and Retrieval (SEDAR) and the Inter-Corporate Ownership (ICO) from Statistics Canada databases, we find that inter-corporate ownership is...