Two proxies for shareholder influence: A case of payout policy
نویسندگان
چکیده
منابع مشابه
The Shareholder Base and Payout Policy∗
We examine the relation between the shareholder base and payout policy. Consistent with the idea that the shareholder base is related to the cost of external financing we find that fi rms with small shareholder bases have lower payout levels and maintain higher cash holdings. We show that undertaking an open market repurchase results in a signi cant reduction in the size of the shareholder base...
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We examine the effect of corporate governance on the use of dividends and repurchases, composition of payout, and inclusion of a pre-commitment feature in the payout policy. We find that dividend payout is decreasing in governance quality. Corporate governance has a mixed effect on repurchases: good external governance prompts managers to repurchase more and to use repurchases as the only form ...
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ژورنال
عنوان ژورنال: Corporate Ownership and Control
سال: 2012
ISSN: 1810-3057,1727-9232
DOI: 10.22495/cocv10i1c6art2