Common ownership and firm dividend policies

被引：4
|
作者：
Di Giuli, Alberta [1 ]
Karmaziene, Egle [2 ,3 ,4 ]
Sekerci, Naciye [5 ,6 ]
机构：
[1] ESCP Business Sch, 79 Ave Republ, F-75011 Paris, France
[2] Vrije Univ Amsterdam, De Boelelaan 1105, NL-1081 HV Amsterdam, Netherlands
[3] Tinbergen Inst, Netherlands & Swedish House Finance, Stockholm, Sweden
[4] Swedish House Finance, Stockholm, Sweden
[5] Univ Utrecht, Sch Econ, Utrecht, Netherlands
[6] Lund Univ, Knut Wicksell Ctr Financial Studies, Lund, Sweden
来源：
FINANCE RESEARCH LETTERS | 2021年 / 40卷
关键词：
Common ownership; Dividends; Institutional investors; Family owners; MULTIPLE LARGE SHAREHOLDERS; GOVERNANCE; INVESTORS;
D O I：
10.1016/j.frl.2020.101779
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This paper examines the relationship between common owners and firm dividend policy. We find that dividend policies of firms newly added to an investor?s portfolio evolve towards the dividend policies of the existing firms in this portfolio. This relationship is neither driven by owners targeting firms forecasted to change their dividend policies, nor by firms with a similar dividend strategy to the companies in the new investor?s existing portfolio. Our results suggest that owners have a dividend policy style, and that their influence depends on the type of co-owner and the existing governance characteristics of the co-purchased firm.
引用
收藏
页数：8
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