This paper focuses on dominant owners' use of leverage to finance their blockholdings and its relationship to dividend … shock. We use panel data for France where blockholders have tax incentives to structure their leverage in pyramidal holding … following the crisis, dividend payouts increase in proportion to pyramidal debt of dominant owners. We inspect pyramidal …

This paper focuses on dominant owners' use of leverage to finance their blockholdings and its relationship to dividend … shock. We use panel data for France where blockholders have tax incentives to structure their leverage in pyramidal holding … following the crisis, dividend payouts increase in proportion to pyramidal debt of dominant owners. We inspect pyramidal …

, and cash dividend policy. The study is conducted with a sample of 180 firms listed on Vietnam stock exchange markets from … level of holdings by the largest shareholders, the lower the dividend payout. Moreover, companies with the State and Foreign … investors as the largest shareholders have higher dividend payout ratio than companies with local investors and managers as the …