The Ownership Dividend
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The Ownership Dividend
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Author : Daniel Peris
language : en
Publisher:
Release Date : 2024
The Ownership Dividend written by Daniel Peris and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024 with Business & Economics categories.
"We are on the verge of a major paradigm shift for investors in the U.S. stock market. Dividend-focused stock investing has been receding in popularity for more than three decades in the U.S. Once the dominant investment style, it is now a boutique approach. This book argues that this is set to change. The Ownership Dividend explains how and why the stock market drifted away from a mostly cash-based returns system to one almost completely driven by near-term share price movements. It details why the exceptional forces behind that shift-notably the 40-year drop in interest rates and the rise of buybacks-are now substantially exhausted. As a result, the U.S. market is poised for a return to the more typical business-like relationships observed in the private sector and in other mature markets around the world. While many market participants have profited from and become used to the way things have been in recent decades, savvy individual investors, financial advisors, and even institutional portfolio managers will want to position themselves to benefit from the reversion to cash-based investment relationships in the years ahead. This is a must-read book for financial advisors, institutional consultants, as well as engaged individual investors"--
Ownership Structure And Dividend Policy
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Author : Yordying Thanatawee
language : en
Publisher:
Release Date : 2014
Ownership Structure And Dividend Policy written by Yordying Thanatawee and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with categories.
This study investigates the impact of ownership structure on dividend policies of listed companies in the Shanghai Stock Exchange over the period 2007-2011. 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.
Dividend Policy Decisions And Ownership Concentration
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Author : J. Thomas Connelly
language : en
Publisher:
Release Date : 2019
Dividend Policy Decisions And Ownership Concentration written by J. Thomas Connelly and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with Corporate governance categories.
In this paper we examine the relationship between ownership concentration and dividend policy for Thai publicly listed companies. High family ownership firms have higher dividend payouts than low family ownership firms, which we interpret to mean high family ownership firms follow a more rational dividend policy. This finding is consistent with the prediction that agency conflicts between the managers and shareholders are lower at firms with a controlling shareholder. The evidence is robust through different econometric specifications, robust when the level used to determine the extent of family ownership (family control) is lowered to 10 percent of the outstanding shares, and robust to the inclusion of the ownership wedge as a proxy for the severity of agency conflicts.
The Effect Of Ownership Concentration And Composition On Dividends
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Author : Maximiliano Gonzalez
language : en
Publisher:
Release Date : 2016
The Effect Of Ownership Concentration And Composition On Dividends written by Maximiliano Gonzalez and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.
We analyze a unique data set of publicly traded firms based in six Latin American countries to study the joint effect of ownership concentration and composition on dividend policy. We find that when ownership concentration is high, and the largest investor is identified as an individual, firms tend to pay fewer dividends, consistent with individual investors extracting benefits from minority shareholders. However, if the largest shareholder is based in a common-law country, the dividend paid is significantly higher. Finally, the higher the ownership of the second-largest shareholder, the firms decrease the dividends, suggesting a monitoring role of a large shareholder.
The Ownership Dividend
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Author : Daniel Peris
language : en
Publisher: Taylor & Francis
Release Date : 2024-02-14
The Ownership Dividend written by Daniel Peris and has been published by Taylor & Francis this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024-02-14 with Business & Economics categories.
We are on the verge of a major paradigm shift for investors in the U.S. stock market. Dividend-focused stock investing has been receding in popularity for more than three decades in the U.S.; once the dominant investment style, it is now a boutique approach. That is about to change. The Ownership Dividend explains how and why the stock market drifted away from a mostly cash-based returns system to one almost completely driven by near-term share price movements. It details why the exceptional forces behind that shift—notably the 40-year drop in interest rates and the rise of buybacks—are now substantially exhausted. As a result, the U.S. market is poised for a return to the more typical business-like relationships observed in the private sector and in other mature markets around the world. While many market participants have profited from and become used to the way things have been in recent decades, savvy individual investors, financial advisors, and even institutional portfolio managers will want to position themselves to benefit from the reversion to cash-based investment relationships in the years ahead. This is a must-read book for financial advisors, institutional consultants, as well as engaged individual investors.
Corporate Financial Decisions And Market Value
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Author : Giovanni Marseguerra
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06
Corporate Financial Decisions And Market Value written by Giovanni Marseguerra and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-12-06 with Business & Economics categories.
How do managers of a firm choose between alternative finan cial policies? Can the choice of a particular financial policy affect the value of the firm? Since the early 1960s, the debate on these questions has been lively and interesting as economists have inves tigated the effect on the value of the firm of relaxing the various assumptions in the celebrated Modigliani-Miller theory. Further more, even if we stick to the MM-assumptions (that is, we assume perfect and complete capital markets, no taxes and symmetric information), and we therefore know that only optimally chosen investments determine firm's value, another interesting question arises: How does the structure of ownership affect investment de cisions (and, in turn, values)? This research monograph attempts to analyze some of the issues involved in this debate. It belongs to the area of mathematical economics and is intended to appeal to mathematical economists as well as economists and mathemati cians. It is meant to deal with economically relevant problems in a mathematically adequate way. To decide whether or not it succeeds in this task, it is up to the reader. I am greatly indebted to Dr. Margaret Bray for her supervi sion of my PhD thesis in Economics at the London School of Eco nomics from which this book resulted. She helped me as friend and adviser through many struggles in the last three years and invested a great amount of work in this thesis.
Share Ownership And Corporate Performance
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Author : Jayesh Kumar
language : en
Publisher: Independently Published
Release Date : 2021-03-07
Share Ownership And Corporate Performance written by Jayesh Kumar and has been published by Independently Published this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-03-07 with categories.
This MPhil thesis examines whether the corporate governance framework (ownership structure) influence the firm performance and dividends payout policy. We consider the effect of interactions between corporate, foreign, institutional, and managerial ownership on the firm performance and profits payout policy for an unbalanced panel of 2478 Indian corporate firms over 1994 to 2000.We find that after controlling for observed firm characteristics and unobserved firm heterogeneity, using a fixed-effects panel data framework, the shareholding by institutional investors and directors affects firm performance. We also find that the equity ownership by dominant group influences firm-performance only in case of managerial ownership. We find no evidence in favor of the endogeneity of ownership structure. Unobserved firm heterogeneity is found to be significant. We also find that the ownership by foreign and corporates does not influence firm performance.In analyzing the dividends payout behavior, we suggest an empirical model explain the dividend payout behavior, with the help of a firm's financial structure and investment opportunities along with dividends, earnings, and ownership structure. Using a fixed-effects panel data approach, we find evidence of dividends' dependence on past dividends. Ownership by the corporate and directors is positively related to profits payout in level, and corporate ownership is negatively related in its square. Institutional ownership has an inverse effect on dividends in comparison to corporate ownership in standards as well as in its squares.We find no evidence in favor of an association between foreign ownership and dividend payout growth. We also find support for the hypothesis of a positive association between dividends and past earnings. Debt equity is found to be negatively associated, whereas recent investment opportunities are positively associated with dividends payout. We do not find evidence of the tax or group affiliation effect on payout policy.
Institutional Ownership And Dividend Policy
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Author : Lina Zaghloul Bichara
language : en
Publisher:
Release Date : 2008
Institutional Ownership And Dividend Policy written by Lina Zaghloul Bichara and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with Dividends categories.
Managerial Share Ownership Firm Performance And Dividends
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Author : Arifur Khan
language : en
Publisher:
Release Date : 2009
Managerial Share Ownership Firm Performance And Dividends written by Arifur Khan and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with Corporate governance categories.
This thesis examines the relationship between managerial share ownership and firm performance as well as the relationship between managerial share ownership and dividends in Australia. Agency theory, more specifically two alternative theories - incentive alignment and managerial entrenchment theory - provides the theoretical framework that underpins this thesis. The three empirical studies in this thesis examine the top 300 Australian listed companies for the period 2000 to 2006 and the methodology is based on multivariate regression analysis. Most importantly, all of the studies consider the potential endogeneity of managerial share ownership as well as the simultaneity between managerial share ownership and performance, and managerial share ownership and dividends. There are several primary motivations for this thesis. First, it is argued that characteristics of the Australian legal system, ownership characteristics, market for corporate control, and other corporate governance features, mean that the Australian corporate governance system is markedly different from that of the US and the UK; these differences have the potential to impact the ownership-performance and ownership-dividends relationships examined. Second, much of the prior literature examines the relationship between managerial share ownership and performance using share ownership by all the directors, and does not distinguish between share ownership by the executive directors and by the non-executive directors, in particular, the independent directors. It is posited that executive directors and independent directors have different ownership-performance and ownership-dividends incentives and these are examined separately. Third, the Australian dividend imputation system has interesting implications for the ownership-dividends relationship this thesis examines. The first empirical study in this thesis investigates the relationship between managerial share ownership and performance measured by Tobin's Q and earnings. This study finds a negative relationship followed by a positive relationship (U-shaped) between managerial share ownership and performance. It is also documented that the relationship is bidirectional, that is, performance also affects managerial ownership but only when it uses Tobin's Q to measure performance. The study also documents a similar relationship for the executive directors' share ownership as for managerial share ownership as a whole. As posited, it does not find any relationship between share ownership by the independent directors and performance. The second empirical study examines the relationship between managerial share ownership and discretionary accruals, as well as accrual adjusted earnings. The study finds a positive relationship followed by a negative relationship (inverse U-shaped) between managerial share ownership and the absolute value of discretionary accruals. It also finds that this relationship is driven by executive as opposed to independent directors' share ownership. It then re-examines the relationship between managerial share ownership and performance measured by earnings adjusted for accruals. Once again a U-shaped relationship is documented between managerial share ownership and adjusted earnings. It is also documented that the relationship is bidirectional. The analysis for the executive directors reveals a similar relationship to that of managerial share ownership as a whole. Once again, no relationship is found between ownership by the independent directors and adjusted earnings. The third and final empirical study investigates the relationship between managerial share ownership and the likelihood of paying dividends as well as dividend payouts. It is found in this study that firms are more likely to pay dividends when managerial share ownership, as well as ownership by the executive directors, is high. Related to this is a positive relationship documented between managerial share ownership and dividend payouts as well as executive directors' share ownership and dividend payouts. However, this study fails to find any significant relationship between ownership by the independent directors and dividends. Since the direction of causality may also be an issue, this study also investigates the simultaneous determination of managerial ownership and dividend payouts. It fails to find any simultaneous relationship between ownership by managers and dividend payouts. The thesis as a whole presents some unique and robust results relating to the ownership-performance and ownership-dividends relationships, which are argued to be a result of certain Australian institutional features that are clearly different to those in the US and the UK. The results also support the argument that executive directors and independent directors have different ownership-performance and ownership-dividends incentives, and suggest that independent directors may be immune to the theorised incentive alignment or entrenchment effects associated with share ownership.
Corporate Ownership Dividend Policy And Capital Structure Under Asymmetric Information
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Author : Upinder Singh Dhillon
language : en
Publisher:
Release Date : 1986
Corporate Ownership Dividend Policy And Capital Structure Under Asymmetric Information written by Upinder Singh Dhillon and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1986 with Capital categories.
Abstract.
