of the empirical literature shows that dividend payout ratios are lower in firms with controlling shareholders. We … the hands of the firm insiders, and the lack of monitoring mechanisms for checking the power of controlling shareholders … between controlling shareholders and outside investors. We conclude that controlling shareholders are currently using the …

strengths of the agency conflicts faced by their shareholders and creditors. We show that dividend policy depends on the …

strengths of the agency conflicts faced by their shareholders and creditors. We show that dividend policy depends on the …

mechanism to monitor management and are instrumental in mitigating the agency conflict between managers and shareholders. We … detrimental to the long term interests of companies and their long term shareholders. Moreover, our findings suggest that hedge … funds generate substantial long term value for target firms and its long term shareholders when they function as a …

more cash; (2) when they have excess cash, they invest less and pay out more to shareholders; and (3) they are more likely …