Institutional Holdings And Payout Policy  

Oleh:

Grinstein, Yaniv ; Michaely, Roni

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 60 no. 3 (Jun. 2005), page 1389-1426.
Topik: institutional access; dividends; correlation analysis; studies; repurchase; models; institutional investments
Fulltext: p 1389.pdf (210.75KB)

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Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ88 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

We examine the relationship between institutional holdings and payout policy in U. S. public firms. We find that payout policy affects institutional holdings. Institutions avoid firms that do not pay dividends. However, among dividend-paying firms they prefer firms that pay fewer dividends. Our evidence indicates that institutes prefer firms that repurchase shares, and regular repurchasers over non regular repurchasers. Higher institutional holdings or a concentration of holdings do not cause firms to increase their dividends, their repurchases, or their total payout. Our results do not support models that predict that high dividends attract institutional clientele, or models that predict that institutions cause firms to increase payout.

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