The Aging Population, Superannuation and Corporate Dividend Policy

该项目旨在研究人口财富和年龄如何影响公司决策的一个重要方面，即股息政策。研究人员投入了相当多的精力来了解人口结构如何影响包括社会保障和税收在内的政府系统的需求和结构，但对其对资本市场或公司决策的影响知之甚少。尽管个人投资者本质上是原子性的，但该项目认为，投资者偏好的变化最终将促使公司改变其股息政策。公司更新这些政策的压力将来自退休金和养老基金经理，作为受托人，他们将按照客户修改后的偏好进行投资。该项目旨在更全面地描述澳大利亚人口老龄化将如何影响公共和私营部门。

The project intends to examine how population wealth and age affect one important aspect of corporate decision-making, namely dividend policy. Researchers invest considerable effort in understanding how demographics impact upon the need for, and structure of, government systems including social security and taxation, but relatively little is known about its effect on capital markets or corporate decision-making. Although individual investors are, by nature, atomistic, the project argues changes in investor preferences will ultimately prompt companies to alter their dividend policies. Pressure on firms to update these policies will come from superannuation and pension fund managers who, as fiduciaries, will invest money consistent with clients' revised preferences. The project aims to more fully characterise how Australia's ageing population will affect the public and private sectors.