This article examines the effects of family involvement on dividend policy in closely held firms that face agency problems involving majority-minority shareholders. We argue that minority shareholders press for dividends when they perceive situations fostering wealth expropriation. Looking at...

This study examines the relation between corporate governance practices measured by Transparency Disclosure Index (TDI) and dividend policy in Poland. Our empirical approach, constructs measures of the quality of the corporate governance for 110 non-financial companies listed on Warsaw Stock...

This paper examines the effect of institutional ownership on stock volatility, returns, and dividend policy in Egypt. It also investigates the impact of dividend policy on the direction of the relation between institutional ownership and stock volatility and returns. Our main results show that...

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...

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...

We investigate dividend smoothing behaviors of approximately 6,000 firms from 28 countries. The data find a wide variation in the extent of dividend smoothing across countries, while US firms smooth dividends the most. Firms with a concentrated ownership structure adjust their dividends quickly,...

The Chinese market is characterized by state-controlled and closely held firms as well as significant differences in economic development and legal structures at the provincial level and corporate regulations that require firms seeking external financing to show a history of dividend payment....

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...

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...

This paper studies the impact of the concentration of control, the type of controlling shareholder and the dividend tax preference of the controlling shareholder on dividend policy for a panel of 220 German firms over 1984-2005. In line with the agency model, we find a negative relation between...