Relevant bibliographies by topics / Institutional investors. Dividends. Stock ownership

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Academic literature on the topic 'Institutional investors. Dividends. Stock ownership'

Author: Grafiati
Published: 4 June 2021
Last updated: 13 February 2022

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Journal articles on the topic "Institutional investors. Dividends. Stock ownership"

1

El-Nader, Ghaith. "Does stock ownership impact liquidity and dividends?" Investment Management and Financial Innovations 15, no. 3 (July 23, 2018): 111–21. http://dx.doi.org/10.21511/imfi.15(3).2018.09.

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This study investigates the interactions among stock ownership, liquidity and dividends in the UK stock market over the period 2002–2016. Using different liquidity measures, it is shown that stocks with higher levels of free float (institutional ownership) are associated with higher (lower) levels of liquidity. In addition, a positive and significant relation is found between institutional ownership and dividend payout policy, which, as a result, highlights the comparative tax advantages that UK institutions have for dividend income. These relations hold even after controlling for firm-specific characteristics. Finally, a negative relation is found between dividends and liquidity, implying that investors with less (more) liquid stocks are more (less) likely to receive dividend payments.
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Kim, Dong H. "The effect of share ownership structure on ex-dividend day stock price behavior." Managerial Finance 45, no. 6 (June 10, 2019): 744–59. http://dx.doi.org/10.1108/mf-10-2017-0433.

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Purpose The purpose of this paper is to explore whether share ownership structure plays a role in determining the ex-day pricing of dividends. If share ownership structure, specifically the proportion of the firm’s stock held by individuals vs institutions, has an effect on the ex-dividend day stock price behavior, the ex-day premium is expected to be different for firms with different ownership structures. Design/methodology/approach To investigate whether the ex-day pricing of dividends is affected by the proportion of the firm’s stock held by individuals vs institutions, the author look into the ex-day premium. The ex-day premium is calculated by dividing the difference between the closing price on the cum-dividend day and the closing price on the ex-dividend day by the amount of the dividend. Findings Consistent with both the tax-based theory and the dynamic trading clientele theory, the author find that the ex-day premium decreases with the level of individual ownership. Consistent with the short-term trading theory, the author also find that the ex-day premium increases with the degree of investor heterogeneity, defined as the product of the proportion of the firm’s stock held by individual investors and the proportion held by institutional investors. Originality/value The author believe that this study contributes to the literature by providing useful evidence that share ownership structure affects the ex-day pricing of dividends, and thus this study will be of interest to the readers of managerial finance.
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3

Tran, Thi Xuan Anh, and Quoc Tuan Le. "The Relationship between Ownership Structure and Dividend Policy: An Application in Vietnam Stock Exchange." Academic Journal of Interdisciplinary Studies 8, no. 2 (July 1, 2019): 131–46. http://dx.doi.org/10.2478/ajis-2019-0025.

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Abstract This research examines the possible association between ownership structure and Vietnam listed companies’ dividend payout policy over the period of 2009 – 2015. We have investigated 642 listed firms in Hochiminh stock exchange and Hanoi stock exchange, using pannel data analysis. Ownership structure is described with two main sub-variables: ownership concentration and ownership composition. Specifically, the Herfindahl index (or H-index) was applied to measure the level of ownership concentration /dispersion for all major shareholders in the company, including the five biggest investors, corporate institutional investors, the ownership concentration level, and foreign investors. It has been observed that the H-index of all major shareholders has an average of less than 0.5 but the value of the H-index of institutional investors at 0.594 indicates that institutional investors are more likely to be concentrated in the hands of large institutional investors. The result showed linear relationship between institutional ownership and the dividend rate, but not statistically significant for the relationship between managerial ownership and dividend payout ratio.
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Wikartika, Ira, and Fajar Syaiful Akbar. "Pengaruh Kepemilikan Institusional, Konsentrasi Kepemilikan Dan Dividen Terhadap Kinerja Perusahaan." JBMP (Jurnal Bisnis, Manajemen dan Perbankan) 6, no. 1 (April 30, 2020): 69–75. http://dx.doi.org/10.21070/jbmp.v6i1.444.

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Improving company performance is crucial for the company's future life continuity. The company has a primary objective that increases the prosperity of shareholders. Basically, investors expect returns in the form of dividends. The structure of ownership and dividends is one way to improve the company's performance. This research aims to determine the influence of institutional ownership, ownership concentration, and dividends on the company's performance. The research methods used are quantitative methods using multiple linear regression analysis techniques. The research population uses companies listed on LQ45 in the Indonesia Stock Exchange. Sample research of 45 companies during the year 2018. The results showed that institutional ownership and ownership concentration did not affect the company's performance while dividends were influential in the company's performance.
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El Houcine, Rim, and Adel Boubaker. "The Relation Between Stock Repurchase And Ownership Structure In France." International Journal of Accounting and Financial Reporting 3, no. 2 (October 11, 2013): 149. http://dx.doi.org/10.5296/ijafr.v3i2.4007.

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The aim of this article is to study the relationship between the type of shareholders of French companies and their stock repurchase policy. According to the financial theory, the presence of institutional investors negatively influences the policy of purchasing the fact of preference of these investors over the reinvestment projects. The theoretical hypotheses of interest alignment and entrenchment have been used to justify the relationship between management stockholding and repurchasing policy. We have tested the validity of our hypotheses on a sample of 77 French companies during 2003-2008. The results have shown that the institutional investors affect negatively the repurchase, which can explain the priority of these latter for dividends compared to repurchasing and with holding the profit to invest it again. Moreover, we have found a positive relationship between the management stockholding and the repurchase, which has been explained by the power of entrenchment that can perform the repurchase by raising the stockholding percentage of managers who repurchase the stocks.
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Hussain, Atif. "The Impact of Dividend Policy on the Relationship Between Institutional Ownership and Stock Price Volatility: Evidence from Pakistan." Lahore Journal of Business 2, no. 1 (September 1, 2013): 111–32. http://dx.doi.org/10.35536/ljb.2013.v2.i1.a5.

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This study aims to determine the effects of dividend policy on the relationship between institutional ownership and stock price volatility, based on a sample of 36 firms listed on the Karachi Stock Exchange over a seven-year period (2005–11). We use a fixed-effects model applied to panel data to investigate this relationship and find that institutional ownership has a negative relation with stock price volatility and a positive relation with the dividend payout ratio. The results also show that dividend payouts significantly affect the relationship between institutional ownership and stock price volatility. The mediating role of dividend policy between institutional ownership and stock price volatility reveals that institutional investors prefer to invest in low-volatility dividend-paying stock.
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Rohov, Heorhiy, Oleh Kolodiziev, Nataliya Shulga, Mykhailo Krupka, and Tetiana Riabovolyk. "Factors affecting the dividend policy of non-financial joint-stock companies in Ukraine." Investment Management and Financial Innovations 17, no. 3 (August 7, 2020): 40–53. http://dx.doi.org/10.21511/imfi.17(3).2020.04.

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Dividend policy, as part of corporate governance, is largely dependent on the institutional environment in which companies operate. The study aims to determine factors affecting dividend policy in the conditions of the Ukrainian underdeveloped stock market, legal insecurity of minority shareholders, high cost and concentration of capital. For this purpose, hypotheses about the impact of a company’s financial state, size, business risk, and ownership structure on dividend payments were tested using a sample of 58 Ukrainian non-financial public joint-stock companies and applying Interactive tree classification techniques (C&RT). The resulting classification model for predicting dividend decisions correctly classifies 92.86% of companies that paid dividends and 93.3% of companies that did not. The findings, based on the classification tree and importance scale, prove the hypothesis that companies in which individuals and institutional investors have a controlling interest are more likely to pay dividends than other non-state companies. The financial indicators accurately classify only those firms that do not pay dividends, and business risk does not affect classification accuracy at all. The paper substantiates the ways of using the study findings for economic regulation, protection of minority shareholders’ rights, and proliferation of modern corporate governance practices.
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Taolin, Maximus Leonardo. "The DEBT POLICY AND OWNERSHIP STRUCTURE OF FIRM IN INDONESIA STOCK EXCHANGE." Inspirasi Ekonomi : Jurnal Ekonomi Manajemen 2, no. 2 (June 30, 2020): 1–16. http://dx.doi.org/10.32938/jie.v2i2.553.

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This study examines the effect of ownership structures (insiders ownership, shareholders dispersion and institutional investors) on debt policy. The variable that has a significant influence is institutional investors, while the insiders ownership variable has no significant effect but the direction of the inverse relationship with the debt ratio is in accordance with the theory. Shareholders dispersion variable does not have a significant influence and the direction of the relationship is not in accordance with the theory. These results indicate that the presence of institutional investors can reduce the role of debt in monitoring the behavior of managers, thereby reducing the total agency costs. Control variable. shows growth opportunities, firm size, asset structure and profitability affect the debt ratio and can be used as an instrument to support debt policy to minimize agency costs. Whereas dividend payments and tax rates are not. Using a sample of all companies listed on the Indonesia Stock Exchange other than insurance and financial companies with a research period between 2008 and 2011
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Hardianto, Muhammad Bagas Syabana. "The Effect of Financial, Institutional and Managerial Ownership Factors on Dividend Policy of Manufacturing Companies in Consumer Goods Sector Listed on The Indonesia Stock Exchange in Period 2016-2019." Journal of Business and Management Review 2, no. 8 (August 16, 2021): 517–30. http://dx.doi.org/10.47153/jbmr28.1892021.

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Dividend payment is one of the rewards given by the company to investors for the time, risk, and commitment of a number of funds that have been given to the company. The distribution of dividends is generally carried out at the end of each financial reporting year and has obtained the approval of the General Meeting of Shareholders (RUPS). However, the distribution of company dividends is not mandatory, the agreement on the deal and certain factors. This study aims to identify the influence of financial factors and corporate governance (institutional ownership and managerial ownership) on company dividend policy. The type of data used in this research is quantitative data, which comes from secondary sources. The method used is purposive sampling with criteria, namely manufacturing companies in the consumer goods sector listed on the Indonesia Stock Exchange for the period 2016-2019. The data analysis technique used in this study is multiple linear regression with SPSS version 26 software. The results of this study indicate that financial factors such as profitability, company size, and company growth have an effect on dividend policy. Meanwhile, liquidity and leverage have no effect on dividend policy. In corporate governance, it is known that managerial ownership and ownership have no effect on dividend policy.
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Pieloch-Babiarz, Aleksandra. "Diversified Ownership Structure and Dividend Pay‑outs of Publicly Traded Companies." Acta Universitatis Lodziensis. Folia Oeconomica 6, no. 345 (December 30, 2019): 93–110. http://dx.doi.org/10.18778/0208-6018.345.05.

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The aim of this article is to identify and characterise the relationship between the ownership structure and dividend pay‑out of listed companies. The research hypothesis states that along with an increase in a degree of ownership concentration both the propensity to pay a dividend and its amount increase. The research has been conducted on a group of 354 non‑financial companies listed on the Warsaw Stock Exchange. The basic research method is the analysis of logistic and tobit regression. The research shows that along with an increase in the complexity of the ownership structure, the share of the State Treasury, institutional investors and board members, decisions on dividend pay‑out are made more often, and the amount of dividend is higher. Examining the degree of ownership concentration expressed by the Herfindahl‑Hirschman index, diversified results have been obtained. An estimation of some regression models shows that stronger ownership concentration favours the decision to pay a dividend (dividends are paid out more frequently), however, as a degree of ownership concentration increases, a decrease in the amount of dividend is observed. The research results presented in this article are a supplement to the existing analyses carried out on the global markets and an extension of the existing research conducted on the companies listed on the Warsaw Stock Exchange.
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Dissertations / Theses on the topic "Institutional investors. Dividends. Stock ownership"

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Zaghloul, Bichara Lina Impson Michael. "Institutional ownership and dividend policy a framework based on tax clientele, information signaling and agency costs /." [Denton, Tex.] : University of North Texas, 2008. http://digital.library.unt.edu/permalink/meta-dc-9004.

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Zaghloul, Bichara Lina. "Institutional ownership and dividend policy: A framework based on tax clientele, information signaling and agency costs." Thesis, University of North Texas, 2008. https://digital.library.unt.edu/ark:/67531/metadc9004/.

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This study is an empirical examination of a new theory that links dividends to institutional ownership in a framework of both information signaling and agency costs. Under this theory put forth by Allen, Bernardo and Welch in 2000, dividends are paid out to attract tax-favored institutional investors, thereby signaling good firm quality and/or more efficient monitoring. This is based on the premise that institutions are considered sophisticated investors with superior ability and stronger incentive to be informed about the firm quality compared to retail investors. On the agency level, institutional investors display monitoring capabilities, and can detect and correct managerial pitfalls, thus their presence serves as an assurance that the firm will remain well run. The study provides a comprehensive analysis of the implications of the theory by testing various aspects of the relationship between dividends and institutional holdings. Unlike the prevalent literature on this topic, I give specific attention to the different types of institutional investors and their incentives to invest in dividend paying stocks. Moreover, I analyze the signaling and the agency effects on the market reaction to dividend initiations within the framework proposed by the theory. Finally, I test the smoothing effect institutions have on dividends by examining the firm's propensity to increase dividends given the level of institutional ownership. I find institutional holders to respond positively to dividend initiation announcements as they adjust their portfolios by buying or increasing their holdings of the dividend paying stock following the announcement. I also find that this response is displayed more strongly among tax-favored institutions. My test results also reveal that positive abnormal returns to dividend initiation announcements are a decreasing function of institutional holdings in the dividend initiating firm, and that this mitigating effect of institutional ownership on the market reaction to dividend initiations is stronger for firms with higher information asymmetry and more potential for agency problems. This evidence lends some degree of support to the tested theory. Additional support to lies in the test results of its smoothing hypothesis which reveal that as institutional ownership increases, the propensity of firms to increase dividends decreases.
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Bergquist, Philip, Patrik Lindgren, and Olof Persson. "The Value of Change : An event-study of Ownership Disclosures." Thesis, Jönköping University, JIBS, Business Administration, 2005. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-310.

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Background:

Recent business paper articles observe that stocks soar when there is a change in ownership. The clothing company JC climbed 26% when it was announced Torsten Jansson had increased his holdings. Daydream, a computer game developer, followed this trend increasing its market value by 17% on the news that TA Capital had increased its hold-ings. In these examples, the market learned of the changes in ownership through a press release created by the acquiring entity. These pieces of news, also known as ownership disclosures, is the target of this thesis.

Purpose:

The purpose of this thesis is to investigate whether ownership disclosures result in abnormal stock price changes. Furthermore, the aim is to find out if there are any differ-ences in returns depending on who announced the ownership disclosure. In order to fulfil this purpose, a quantitative approach was used.

Method:

A random sample of 160 ownership disclosures is gathered. 77 of these are classified as passive- and 83 as active investors. For each of these pieces of news, 183 days of historical stock price data is retrieved. This data is then parsed through the market model event-study framework.

Findings:

Graphically analyzing the whole sample indicates that the market is not efficient in its strong form. The same is true when dividing the sample into passive- and active investors. Statistically, an abnormal return is confirmed for the active investors, but not for the whole sample or the passive investors.

Conclusion:

By looking at the price change effects of ownership disclosures, the Stockholm Stock Exchange O-list is determined to be efficient at the semi-strong level. The anomaly caused by active investors leads to the possibility of making a profit of 2.70% between day -1 and day +1 relative to the day of the ownership disclosure being sent out. It should be noted, though, that transaction costs and taxes are not taken into consideration.

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Wu, E.-Cheng, and 吳依正. "An Empirical Study of Institutional Investors’ Supervision and Agency Problem on the Announcement of Stock Dividends." Thesis, 1998. http://ndltd.ncl.edu.tw/handle/20568563208876296341.

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碩士
實踐大學
企業管理研究所
86
This thesis examines the adequacy of applying agency theory to stock dividends by observing changes of the announcement effects of stock dividends before and after the change of rules. Event study is used as the research method. Whether the announcement of stock dividends will cause cumulative abnormal rate of return in markets is measured. This theis employs variables of agency problems to proceed examinations of multiple regression analysis upon announcement effects. Capital Asset pricing model and Three-Factor-Model are adapted at the same time to calculate abnormal rate of return. The fact that the abnormal rate of return is higher when stock dividends are announced is found in the following situations. First, the effects of institutional investor’s supervision of stock dividends are stricter, and the decreasing rate of agency problems is bigger. Secondly, companies possessing more free cash flow have more serious agency problems. Thirdly, in companies where the rate of managers holding stock is lower, there are more serious agency problems.
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Sun, Libo. "Two essays on the corporate governance for real estate investment trusts (REITs)." Thesis, 2006. http://hdl.handle.net/2152/2969.

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Books on the topic "Institutional investors. Dividends. Stock ownership"

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Institutional investors: Passive fiduciaries to activist owners. New York, N.Y: Practising Law Institute, 1990.

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1919-, Robinson James William, and Practising Law Institute, eds. Shareowner activism: The emerging role of institutional investors. New York, N.Y. (810 7th Ave., New York 10019): Practising Law Institute, 1987.

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Book chapters on the topic "Institutional investors. Dividends. Stock ownership"

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Harris, Kevan. "Iran’s Commanding Heights." In Crony Capitalism in the Middle East, 363–99. Oxford University Press, 2019. http://dx.doi.org/10.1093/oso/9780198799870.003.0015.

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Who owns the commanding heights in the Islamic Republic of Iran? Examining the top 300 firms on the Tehran Stock Exchange, this chapter finds a diverse set of ownership categories existing across economic sectors, associated with public, parastatal, pension, and provincial institutional investors. The main similarity between investors is the form through which ownership took place: the diversified business group. The persistence of the diversified business group is not unique to Iran. Instead, diversified business groups profitably thrive in Turkey and the Gulf emirates, as they do in liberalized economies such as South Korea, Israel, Mexico, and South Africa. As foreign capital comes to Iran, new cleavages will likely appear in the economic commanding heights. Many existing business groups will shrink or change ownership. But the organizational form of the diversified conglomerate will likely persist and remain dominant in Iran’s political economy through the next wave of business restructuring and beyond.
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