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

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


	Document type :	Reports : External report
	Discipline(s) :	Business & economic sciences : Finance
	Focus Areas :	Finance
	To cite this reference:	http://hdl.handle.net/10993/41297

Title :	Dividend Policy Decisions and Ownership Concentration: Evidence from Thai Public Companies
Language :	English
Author, co-author :	Wolff, Christian [University of Luxembourg > Faculty of Law, Economics and Finance (FDEF) > Luxembourg School of Finance (LSF) >]
Publication date :	2019
Publisher :	CEPR
Keywords :	[en] Family ownership, control, payout policy, agency conflicts
Abstract :	[en] 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.
Research centres :	LSF
Permalink :	http://hdl.handle.net/10993/41297

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