Cash dividends and investor protection in Asia

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dc.contributor.authorGoyal, Abhinav
dc.contributor.authorMuckley, Cal B.
dc.date.accessioned2020-01-22T16:13:02Z
dc.date.available2020-01-22T16:13:02Z
dc.date.issued2013-03-26
dc.date.updated2020-01-22T15:51:26Z
dc.description.abstractWe 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.description.statusPeer revieweden
dc.description.versionAccepted Versionen
dc.format.mimetypeapplication/pdfen
dc.identifier.citationGoyal, 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.2013.03.009en
dc.identifier.doi10.1016/j.irfa.2013.03.009en
dc.identifier.endpage43en
dc.identifier.issn1057-5219
dc.identifier.journaltitleInternational Review of Financial Analysisen
dc.identifier.startpage31en
dc.identifier.urihttps://hdl.handle.net/10468/9562
dc.identifier.volume29en
dc.language.isoenen
dc.publisherElsevieren
dc.relation.urihttp://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.urihttps://creativecommons.org/licenses/by-nc-nd/4.0/en
dc.subjectDividendsen
dc.subjectInternational financial marketsen
dc.subjectPayout policyen
dc.subjectShare repurchasesen
dc.titleCash dividends and investor protection in Asiaen
dc.typeArticle (peer-reviewed)en
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