원문정보
초록
영어
Previous studies of the relation between insider ownership and dividend policy have focused only on U.S. or European firms from a legal system perspective. We explore how the effects of the increase in insider ownership concentration on the dividend policy change in different legal, corporate governance, and cultural environments in Asian countries. The severity of agency problems between controlling insiders and outside investors in Asian countries provides a unique circumstance for exploring this issue. We find that insider ownership has an inverse U-shaped relation with dividend payouts in Asian countries and that the inversely U-shaped relation becomes stronger in common law, strong corporate governance, low long-term orientation, or low uncertainty avoidance countries.
목차
1. Introduction
2. Literature Review
3. Hypotheses development
3.1. Joint effect of law and insider ownership on dividend policy
3.2. Joint effect of corporate governance and insider ownership on dividend policy
3.3. Joint effect of culture and insider ownership on dividend policy
4. Data and Methodology
4.1. Data description
4.2. Methodology
5. Empirical Results
5.1. Summary Statistics
5.2. Differences in the variables between the two groups dichotomized by law, corporate governance, and culture
5.3. The relation between insider ownership and dividend policy in different legal, corporate governance, and cultural environments
5.4. Robustness check
6. Conclusions
References