Largest shareholder and dividend policy around the world |
| |
Authors: | Thanh Truong Richard Heaney |
| |
Institution: | aSchool of Economics, Finance and Marketing, RMIT University, Australia |
| |
Abstract: | This paper examines the interaction between the largest shareholder and dividend policy in a sample of 8,279 listed firms drawn from 37 countries. We find that firms are more likely to pay dividends when profitability is high, debt is low, investment opportunities are limited or when the largest shareholder is not an insider. Further, the magnitude of dividend payout tends to be smaller when the largest shareholder is either an insider or a financial institution. It is also apparent that largest shareholding and dividend payout are related and that, consistent with the extant literature, legal system does matter in dividend policy decisions. |
| |
Keywords: | Ownership Largest shareholder Dividend policy Legal system |
本文献已被 ScienceDirect 等数据库收录! |
|