Common ownership and firm dividend policies
(2021) In Finance Research Letters 40.- Abstract
This paper examines the relationship between common owners and firm dividend policy. We find that dividend policies of firms newly added to an investor's portfolio evolve towards the dividend policies of the existing firms in this portfolio. This relationship is neither driven by owners targeting firms forecasted to change their dividend policies, nor by firms with a similar dividend strategy to the companies in the new investor's existing portfolio. Our results suggest that owners have a dividend policy style, and that their influence depends on the type of co-owner and the existing governance characteristics of the co-purchased firm.
Please use this url to cite or link to this publication:
https://lup.lub.lu.se/record/7ed13d16-d9d0-4147-a543-f2b20d248a6f
- author
- Giuli, Alberta Di ; Karmaziene, Egle and Sekerci, Naciye LU
- organization
- publishing date
- 2021-05-01
- type
- Contribution to journal
- publication status
- published
- subject
- keywords
- Common ownership, Dividends, Family owners, Institutional investors
- in
- Finance Research Letters
- volume
- 40
- article number
- 101779
- publisher
- Elsevier
- external identifiers
-
- scopus:85092225504
- ISSN
- 1544-6123
- DOI
- 10.1016/j.frl.2020.101779
- language
- English
- LU publication?
- yes
- id
- 7ed13d16-d9d0-4147-a543-f2b20d248a6f
- date added to LUP
- 2020-11-19 15:19:19
- date last changed
- 2022-04-19 02:03:37
@article{7ed13d16-d9d0-4147-a543-f2b20d248a6f,
abstract = {{<p>This paper examines the relationship between common owners and firm dividend policy. We find that dividend policies of firms newly added to an investor's portfolio evolve towards the dividend policies of the existing firms in this portfolio. This relationship is neither driven by owners targeting firms forecasted to change their dividend policies, nor by firms with a similar dividend strategy to the companies in the new investor's existing portfolio. Our results suggest that owners have a dividend policy style, and that their influence depends on the type of co-owner and the existing governance characteristics of the co-purchased firm.</p>}},
author = {{Giuli, Alberta Di and Karmaziene, Egle and Sekerci, Naciye}},
issn = {{1544-6123}},
keywords = {{Common ownership; Dividends; Family owners; Institutional investors}},
language = {{eng}},
month = {{05}},
publisher = {{Elsevier}},
series = {{Finance Research Letters}},
title = {{Common ownership and firm dividend policies}},
url = {{http://dx.doi.org/10.1016/j.frl.2020.101779}},
doi = {{10.1016/j.frl.2020.101779}},
volume = {{40}},
year = {{2021}},
}