Internal Capital Market and Dividend Policies: Evidence from Business Groups
Internal Capital Market and Dividend Policies: Evidence from Business Groups
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DOI：
10.2139/ssrn.639184
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发表时间：
2011-08
期刊：
影响因子：
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通讯作者：
R. Gopalan;Vikram Nanda;Amit Seru
中科院分区：
文献类型：
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作者：
R. Gopalan;Vikram Nanda;Amit Seru
我们认为，企业集团的内部资本市场需求，即在集团公司之间的资本重新分配，会影响关联公司的股利政策。直觉是在一种模式下发展起来的，在这种模式下，商业集团内部人士从现金充裕的公司分配股息，并将他们的分红份额投资于其他附属公司。利用多个国家的面板数据，我们发现支持这一渠道：集团公司的股息与其关联公司的股权融资投资正相关。通过利用进口关税政策变化引起的公司投资机会的变化，结果得到了证实：关联公司的投资机会受到的冲击被传播到集团内其他公司的股利政策。
We argue that internal capital market imperatives of business groups i.e., reallocation of capital across group firms, influences an affiliated firm's dividend policy. Intuition is developed in a model in which business group insiders distribute dividends from cash-rich firms and use their share of payout to invest in other affiliated firms. Employing multi-country panel-data, we find support for this channel: Dividends by a group firm are positively related with equity-financed investments by its affiliated firms. Results are corroborated by exploiting variation in a firm's investment opportunity generated by changes in import tariff policy: a shock to investment opportunity of an affiliated firm is propagated to dividend policies of other firms in its group.