The role of cross-listing, foreign ownership and state ownership in dividend policy in an emerging market

Lam, Kevin C. K.; Sami, Heibatollah; Zhou, Haiyan

doi:10.1016/j.cjar.2012.06.001

Cited by 52 publications

(53 citation statements)

References 42 publications

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“…There is a statistically significant and negative relationship at the level of 1% between foreign ownership (FO) and dividend (DIVD).In other words, existence of foreign ownership in companies reduces dividend payout ratio. Our obtained conclusion is consistent with the results of Lam et al (2012). However, our conclusion differs from the results of Baba (2009), Chai (2010, Ullah et al (2012), and Dandago et al (2015).Authors claim that there is a statistically positive relationship between foreign ownership and dividend.…”

Section: According Tosupporting

confidence: 65%

“…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.…”

Section: According Tocontrasting

confidence: 56%

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

Sakınç¹,

Gungor²

2015

JEDS

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This study defines the ownership structures of 271 real and banking sectors companies registered in the Istanbul Stock Exchange between 2004-2011 years and the impact of ownership structure on dividend was determined by panel data analysis. According to the results of the analysis, it has been observed that the largest shareholder has about 45.37 percent of the shares. Therefore, it has been concluded that companies in the real and banking sector has mostly concentrated ownership structure. Ownership structure is described with two main sub-variables: ownership concentration and ownership composition. It is determined that increase in the concentration of ownership increases the proportion of cash dividend. As the free float rate increases, dividend payout ratio decreases. A negative relationship was found out between the foreign ownership of ownership composition variables and dividend payout ratio. This result is statistically significant. Accordingly, the more is the ratio of the foreign ownership, the less is the dividend rate. In addition, increase in the ratio of managerial ownership decreases dividend payout ratio. However, this result is not statistically significant.

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Section: According Tosupporting

confidence: 65%

Section: According Tocontrasting

confidence: 56%

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

Sakınç¹,

Gungor²

2015

JEDS

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“…To examine the relation among dividend announcement and board gender diversity, we applied the Tobit regression model. Prior studies on dividend payout policy have used a similar estimation technique (Attig et al 2016;Saeed and Sameer 2017;Al-Najjar and Kilincarslan 2016;Lam et al 2012).…”

Section: Methods Of Analysismentioning

confidence: 99%

Board-Gender Diversity, Family Ownership, and Dividend Announcement: Evidence from Asian Emerging Economies

Mustafa

Saeed

Awais

et al. 2020

JRFM

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In eras of intense debates on the appointment of women on corporate boards, this research sheds light on the structure of board in Asian emerging economies by examining how women on board of family businesses separately and collectively affect the dividend announcement of business organizations. On the basis of the panel data of four Asian emerging economies—China, Malaysia, Pakistan, and India—for the period 2010–2018, the results from our Tobit regression showed the adverse (negative) and significant impact of women on boards and in family businesses upon dividend announcement. It is important that policymakers should not view firms with one eye. There should be a spillover on board gender diversity from international to domestic levels, and international firms should be set as an example for domestic firms for the inclusion of women on boards. It might be the best time for Asian emerging economies to take productive action for balancing the gender in boardroom settings, and to set a minimum mass of women on boards for better and more effective decision making.

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“…Gugler (2003) asserts that state-controlled firms are more likely to contain "a double owner-manager problem" and dividend payments can reduce more severe agency problems in these firms. Wang et al (2011) and Lam et al (2012) show that higher state ownership is associated with higher dividend payouts. In contrast, Kouki and Guizani (2009) find a negative correlation between state ownership and dividend policy.…”

Section: H1h: Asset Tangibility Is Negatively Related To the Bist Finmentioning

confidence: 99%

“…Alternatively, it is argued that small investors characteristically care about the appreciation or depreciation of shares they hold and rely on capital gains rather than dividend income, due to reasons such as their incapability of monitoring the managements or favourable capital gains tax over dividends (Wei et al, 2004;Wang et al, 2011). For example, Lam et al (2012) report that firms with higher minority ownership tend to distribute lower dividends in China.…”

Section: H1h: Asset Tangibility Is Negatively Related To the Bist Finmentioning

confidence: 99%

The Factors Determining Dividend Policy of Financial Firms Listed on the Borsa Istanbul

Kılınçarslan

2018

BU Journal

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This study examines the factors determining the dividend policy of financial firms in Turkey. Analysing a panel dataset of 80 financial firms listed on the Borsa Istanbul over the period 2009-2016, the results reveal that profitability, debt, growth, firm size, liquidity and asset tangibility are the financial characteristics that have significant effects on dividend decisions. The findings also show that foreign shareholders are the only owners influencing financial firms in setting dividend payments, whereas board size, family members on the board and independent directors have significant impacts on dividend policies of financial corporations. Overall, the study results suggest that the major factors determining dividend policy decisions of financial firms in Turkey are similar to those of the industrial (non-financial) firms documented in the literature. Borsa İstanbul'da İşlem Gören Finansal Firmaların Temettü Politikalarını Belirleyen Faktörler ÖzetBu çalışma, Türkiye'deki finansal firmaların temettü politikalarını belirleyen faktörleri incelemektedir. Borsa İstanbul'da işlem gören 80 finansal firmanın, 2009-2016 döne-mine ait, panel verilerinin analizi sonucunda, kârlılık, borç, büyüme, firma büyüklüğü, likidite ve maddi duran varlıkların oranı, temettü kararlarında önemli etkiye sahip finansal özellikler olarak ortaya çıkmaktadır. Bulgular ayrıca sadece yabancı hissedarların finansal firmaların temettü ödemelerini etkileyen sahiplik çeşidi olduğunu göstermekle birlikte, yönetim kurulu büyüklüğünün, yönetim kurulundaki aile üyelerinin ve bağımsız yöneticilerin finans şirketlerinin temettü politikaları üzerine önemli etkilerini tespit etmiştir. Genel olarak, çalışma sonuçları Türkiye'deki finansal firmaların temettü politikalarını belirleyen başlıca faktörlerin, literatürde belirtilen ve sanayi (finansal olmayan) firmalarını etkileyen faktörlere benzer olduğunu göstermektedir.

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The role of cross-listing, foreign ownership and state ownership in dividend policy in an emerging market

Cited by 52 publications

References 42 publications

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

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

Board-Gender Diversity, Family Ownership, and Dividend Announcement: Evidence from Asian Emerging Economies

The Factors Determining Dividend Policy of Financial Firms Listed on the Borsa Istanbul

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