Ownership Structure and Dividend Policy: Evidence from China

Abstract

This study investigates the impact of ownership structure on dividend policies of listed companies in the Shanghai Stock Exchange over the period [2007][2008][2009][2010][2011]. The results show that firms with higher ownership by the largest shareholder, ownership concentration, and government ownership are more likely to pay dividends. However, the probability of paying dividends decreases when institutions hold more shares. It is also found that the magnitude of dividend payouts has a positive relationship with the ownership by the largest shareholder, ownership concentration, and government ownership but a negative relationship with the ownership by institutions and foreign investors.

The Relationship between Ownership Structure and Dividend: An Application in Istanbul Stock Exchange

“…In other words, as the share rate of the largest shareholder increases, dividend payout ratio also increases. Our obtained conclusion is consistent with the results of Wallgren (2006), Ramli (2010), Daradkah and Ajlouni (2013), Thanatawee (2013) and Thanatawee (2014). However,our conclusion differs from the results obtained through the studies of Maury and Pajuste (2002) Gugler and Yurtoğlu (2003), Thomsen (2005), Renneboog and Trojanowski (2005), Mancinelli and Özkan (2006), Chkir and Saadi (2007), Amoako-Aduvd, (2009), Vintila andMoscu (2012), and Berezinets et al (2014).…”

“…In other words, as the company's return on assetsincreases, dividend payout ratio decreases. However, our conclusion differs from the study result of Baba (2009), Wei and Xiao (2009), Chai (2010, Ramli (2010), Lam et al (2012), Houcine and Ajina (2013), Thanatawee (2013), Thanatawee (2014), Dandago et al (2015). Authors believe that there is a positive relationship between ROA and dividend.…”

Dividendos, propriedade e governança corporativa: evidências no mercado brasileiro

“…As fontes econométricas utilizadas para construção e desenvolvimento dessa seção foram Hair et al (2009), Gujarati & Porter (2011), Fávero (2014, Sweeney et al (2015) e Wooldridge (WOOLDRIDGE, 2016 Div.PL representa a somatória do total de dividendos distribuídos no ano t, dividido pelo patrimônio líquido no final do ano t-1. (FARINHA, 2003;KUMAR, 2006;THANATAWEE, 2014;GONZALEZ, MOLINA, et al, 2017). Por último, a variável LnA representa o logaritmo natural do ativo total no ano anterior a distribuição de dividendos.…”

“…O objetivo dessa variável é considerar o efeito do tamanho da empresa nos resultados obtidos. O logaritmo natural dos ativos totais é uma variável que foi extensamente explorada em pesquisas anteriores (ADJAOUD e BEN-AMAR, 2010; THANATAWEE, 2014;GONZALEZ, MOLINA, et al, 2017;LAHIRI, 2018…”

“…Por outro lado, no Brasil, o maior, os três maiores e os cinco maiores acionistas possuíam, respectivamente, 76, 88 e 89 por cento do capital votante, ou seja, do controle da gestão da companhia. Ainda, possuíam 56, 65 e 65 por cento do capital total da empresa diretamente, respectivamente (CARVALHAL, 2004) Alguns estudos anteriores que analisaram a política de dividendos de mercados emergentes e da América Latina mostraram uma relação positiva entre a distribuição desse recurso e a concentração acionária (THANATAWEE, 2014;LIN, CHEN e TSAI, 2017;LAHIRI, 2018). Por exemplo, Thanatawee (2014) e Lin, Chen e Tsai (2017) mostraram que as empresas com concentração de propriedade por acionistas comum ou pelo governo, pagam dividendos mais elevados.…”