Artikel
Dividend policy and institutional holdings: Evidence from Australia
This paper investigates the relationship between dividend payout and institutional ownership for all Australian listed firms in the period between 2001 and 2015. In our univariate tests, we find that institutional investors, in general, prefer dividend-paying firms more than non-paying firms, and for the dividend-paying firms in our sample, institutional investors hold more shares in the firms who pay higher dividends. We further explore the causality between dividend payout and institutional ownership in our multivariate tests with our panel data. The results show an insignificant effect of institutional ownership (dividend payout) on the future dividend payout (institutional ownership) while controlling for firms' fundamentals, that a higher dividend yield does not attract more institutional investors and that there is no catering to Australian institutional investors.
- Sprache
-
Englisch
- Erschienen in
-
Journal: International Journal of Financial Studies ; ISSN: 2227-7072 ; Volume: 8 ; Year: 2020 ; Issue: 1 ; Pages: 1-14 ; Basel: MDPI
- Klassifikation
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Wirtschaft
Corporate Finance and Governance: General
Payout Policy
- Thema
-
Australian study
dividend policy
imputation tax system
institutional investor
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Nguyen, Thao
Li, Hui
- Ereignis
-
Veröffentlichung
- (wer)
-
MDPI
- (wo)
-
Basel
- (wann)
-
2020
- DOI
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doi:10.3390/ijfs8010012
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:45 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
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ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Artikel
Beteiligte
- Nguyen, Thao
- Li, Hui
- MDPI
Entstanden
- 2020
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