Cash dividends and investor protection in Asia

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dc.contributor.author Goyal, Abhinav
dc.contributor.author Muckley, Cal B.
dc.date.accessioned 2020-01-22T16:13:02Z
dc.date.available 2020-01-22T16:13:02Z
dc.date.issued 2013-03-26
dc.identifier.citation Goyal, A. and Muckley, C. (2013) 'Cash dividends and investor protection in Asia', International Review of Financial Analysis, 29, pp. 31-43. doi: 10.1016/j.irfa.2013.03.009 en
dc.identifier.volume 29 en
dc.identifier.startpage 31 en
dc.identifier.endpage 43 en
dc.identifier.issn 1057-5219
dc.identifier.uri http://hdl.handle.net/10468/9562
dc.identifier.doi 10.1016/j.irfa.2013.03.009 en
dc.description.abstract We study the importance of investor rights in payout policy determination in Asia, using a sample of up to 52,778 firm years. The listed Asian firms located in relatively high investor protection, common law countries, have a greater tendency to payout and, if they do so, they tend to pay out more. We also examine the importance of distinctive creditor and minority shareholder rights in respect to payout policy determination. In our study of a variety of payout events (decisions to pay out, to initiate or omit payout and to markedly increase or decrease payout), we show that this set of payout events is principally determined by competing creditor and minority shareholder rights, rather than managerial sought reputation related effects, to diminish the cost of capital. Our findings indicate that creditors exert significant and far reaching influence over corporate payout policy decision-making, however, the importance of the agency costs of equity predominates. en
dc.format.mimetype application/pdf en
dc.language.iso en en
dc.publisher Elsevier en
dc.relation.uri http://www.sciencedirect.com/science/article/pii/S1057521913000410
dc.rights © 2013 Elsevier Inc. All rights reserved. This manuscript version is made available under the CC BY-NC-ND 4.0 licence. en
dc.rights.uri https://creativecommons.org/licenses/by-nc-nd/4.0/ en
dc.subject Dividends en
dc.subject International financial markets en
dc.subject Payout policy en
dc.subject Share repurchases en
dc.title Cash dividends and investor protection in Asia en
dc.type Article (peer-reviewed) en
dc.internal.authorcontactother Abhinav Goyal, Cork University Business School, University College Cork, Cork, Ireland. +353-21-490-3000 Email: abhinav.goyal@ucc.ie en
dc.internal.availability Full text available en
dc.date.updated 2020-01-22T15:51:26Z
dc.description.version Accepted Version en
dc.internal.rssid 500175809
dc.description.status Peer reviewed en
dc.identifier.journaltitle International Review of Financial Analysis en
dc.internal.copyrightchecked Yes
dc.internal.licenseacceptance Yes en
dc.internal.IRISemailaddress abhinav.goyal@ucc.ie en


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© 2013 Elsevier Inc. All rights reserved. This manuscript version is made available under the CC BY-NC-ND 4.0 licence. Except where otherwise noted, this item's license is described as © 2013 Elsevier Inc. All rights reserved. This manuscript version is made available under the CC BY-NC-ND 4.0 licence.
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