Increased presence of foreign investors and dividend policy of Japanese firms |
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Authors: | Naohiko Baba |
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Affiliation: | Bank for International Settlements, Centralbahnplatz 2, CH-4002 Basel, Switzerland |
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Abstract: | This paper investigates the impact of the increased presence of foreign investors on the dividend policy of Japanese firms. A choice-to-pay model, estimated with a random-effects binary probit method, shows that a higher level of foreign ownership is associated with a significantly higher probability of dividend payouts. A choice-to-change model, estimated with a random-effects generalized ordered probit method, shows that a higher level of foreign ownership is associated with a significantly higher (lower) probability of an increase (no change) in dividends, while a larger 1-year increase is associated with a significantly higher (lower) probability of an increase (decrease). |
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