Family control, external governance mechanisms, and dividend payouts

被引：8
|
作者：
Teng, Chia-Chen [1 ]
Li, Shaomin [2 ]
Yang, J. Jimmy [3 ]
机构：
[1] Chung Yuan Christian Univ, Dept Finance, 200 Chung Pei Rd, Chungli 32023, Taiwan
[2] Old Dominion Univ, Dept Management, Norfolk, VA 23529 USA
[3] Oregon State Univ, Coll Business, Sch Accounting Finance & Informat Syst, 2751 SW Jefferson Way, Corvallis, OR 97331 USA
来源：
QUARTERLY REVIEW OF ECONOMICS AND FINANCE | 2021年 / 79卷
关键词：
Corporate governance; Dividend payout; Debtholder; Institutional investors; CORPORATE GOVERNANCE; DISAPPEARING DIVIDENDS; FIRM PERFORMANCE; OWNERSHIP; POLICY; INSTITUTIONS; PROTECTION; SEPARATION; INVESTORS; FINANCE;
D O I：
10.1016/j.qref.2020.05.012
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
This paper examines the ways in which three external governance mechanisms, namely market preferences, institutional investors, and debtholder monitoring, influence dividend payout decisions under a family-governance system. We find that family firms issue lower dividends when the dividend premium is high in the market. Institutional investors and family-controlled governance mechanisms interact to increase dividend payouts. Family firms under greater debtholder monitoring pay out more cash to shareholders. Our findings generate important policy implications. (c) 2020 Board of Trustees of the University of Illinois. Published by Elsevier Inc. All rights reserved.
引用
收藏
页码：198 / 209
页数：12
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