Ownership Concentration and Dividend Payout in Emerging Markets: Evidence from India
Ownership Concentration and Dividend Payout in Emerging Markets: Evidence from India
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新兴市场的股权集中度和股息支付：来自印度的证据
DOI：
10.1177/0972150918824953
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发表时间：
2019
影响因子：
2.4
通讯作者：
Aman Srivastava
中科院分区：
文献类型：
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作者：
R. Arora;Aman Srivastava
股权集中度在决定企业股利支付方面发挥着重要作用。印度企业由于其独特的股权结构，股权集中度相当高。我们利用面板数据方法研究了 2010-2017 年印度股权集中度与股息支付之间的关系，发现所有权集中度与股息支付呈正相关。这些证据与许多发达市场的证据不一致，但却证实了许多其他新兴市场的类似发现。新兴市场的企业股利政策似乎与发达市场有所不同。此外，发起人集团之外的除个人以外的大股东的存在也会对股息支付产生负面影响。这种负面影响对于金融公司来说更大，并且很大程度上取决于大股东相对于发起人集团的持股规模。这项研究为印度所有权集中度与股息支付之间的关系提供了更多见解，并为越来越多的关于这种关系的文献做出了贡献。基金经理和投资者可以利用研究结果来预测公司的派息，并通过选择最适合他们的股票来建立投资组合。
Ownership concentration plays an important role in determining the dividend payout of firms. Ownership concentration of Indian companies is quite high due to their peculiar shareholding pattern. We examine the relationship between ownership concentration and dividend payout in India over the period 2010–2017 using panel-data methodology and found that ownership concentration is positively correlated with dividend payout. The evidence, which is at odds with that in many developed markets, corroborates similar findings in many other emerging markets. Corporate dividend policy in emerging markets seems to be different from that in developed markets. Further, the presence of a large shareholder, other than an individual, outside the promoter group has a negative influence on the dividend payout. This negative influence is higher for a financial company and is strongly dependent on the size of the shareholding of such large shareholder relative to that of the promoter group. This study provides additional insights into the relationship between ownership concentration and dividend payout in India and contributes to the growing literature on this relationship. Fund managers and investors can use the findings of the study to predict firms’ payout and to build their portfolios by selecting stocks that best suit them.
DOI：
10.2139/ssrn.99580
发表时间：
1999-03
期刊：
The American Economic Review
影响因子：
--
作者：
Michael C. Jensen
通讯作者：
Michael C. Jensen