Company Dividends and Ownership Structure : Evidence From UK Panel Data  

Oleh:

Khan, Tehmina

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Economic Journal (EBSCO) vol. 116 no. 510 (2006), page C172-C189.
Topik: FINANCIAL; company dividens; ownership structure; evidence; panel data
Fulltext: C172.pdf (124.14KB)

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: EE28.21 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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This study investigates the relationship between dividends and ownership structure for a panel of 330 large quoted UK firms. Controlling for unobserved firm - specific effects, results indicate a negative relationship between dividends and ownership concentration. Ownership composition also matters, with a positive relationship observed for shareholding by insurance companies, and a negative one for individuals. These results are consistent with agency models in which dividends substitute for poor monitoring by a firm's shareholders but can also be explained by the presence of powerful principals who are able to impose their preferred payout policy upon firms.

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