JOURNAL ARTICLE

Dividend Policy Decisions and Ownership Concentration: Evidence from Thai Public Companies.

  • Published In: Review of Pacific Basin Financial Markets & Policies, 2023, v. 26, n. 1. P. 1 1 of 3

  • Database: Business Source Ultimate 2 of 3

  • Authored By: Thomas Connelly, J.; Wolff, Christian C. P. 3 of 3

Abstract

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% of the outstanding shares; and robust to the inclusion of the ownership wedge as a proxy for the severity of agency conflicts. [ABSTRACT FROM AUTHOR]

Additional Information

  • Source:Review of Pacific Basin Financial Markets & Policies. 2023/03, Vol. 26, Issue 1, p1
  • Document Type:Article
  • Subject Area:Business and Management
  • Publication Date:2023
  • ISSN:0219-0915
  • DOI:10.1142/S0219091523500066
  • Accession Number:162889562
  • Copyright Statement:Copyright of Review of Pacific Basin Financial Markets & Policies is the property of World Scientific Publishing Company and its content may not be copied or emailed to multiple sites without the copyright holder's express written permission. Additionally, content may not be used with any artificial intelligence tools or machine learning technologies. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

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