This paper examines the relationship between institutional holdings and dividend policy by jointly considering … investment style and firms' growth opportunities. It helps to resolve the apparent low-dividend-preference puzzle in which … institutional investors have higher holdings in dividend-paying firms, but among dividend payers, prefer firms that pay low …

This study addresses the debate over the relation between institutional ownership and dividend payout through the lens … conditioning on firms' financial performance, they will use dividend payout to mitigate the firms' agency problems. We find the … ownership and dividend payout ratio; (2) the positive relation is more salient when the firm has high agency costs; and (3) the …

This paper examines the response of private firms and their shareholders to a dividend tax increase, which affects only … minority stakes in private firms after the dividend tax reform. Additional cross-sectional tests indicate a higher shareholder … response, if corporate minority shareholders are financially distressed, own a minority stake in a firm with a high dividend …

Motivated by agency theory, we investigate how a firm’s overall quality of corporate governance affects its dividend … firms with stronger governance exhibit a higher propensity to pay dividends and, for dividend payers, pay larger dividends … decisions such as dividend policy …

did not provide the foundation for the unwinding of family ownership what did? This paper argues that the dividend policy …