Why do privatized firms pay higher dividends?

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dc.contributor.authorGoyal, Abhinav
dc.contributor.authorJategaonkar, Shrikant
dc.contributor.authorMuckley, Cal B.
dc.date.accessioned2020-01-21T12:56:17Z
dc.date.available2020-01-21T12:56:17Z
dc.date.issued2019-09-05
dc.date.updated2020-01-21T12:50:20Z
dc.description.abstractWe examine state income and reputation incentives to account for the high dividends of privatized firms. Consistent with these agency-cost based incentives, we show strong and robust evidence that the extent of state ownership is positively related to corporate dividends. We distinguish between the empirical importance of these incentives using variation in the rule of law to protect minority shareholders, the fiscal deficit and the political orientation of the state. Our findings show that an incentive to enhance the state's reputation with minority shareholders can account for the high dividends of privatized firms.en
dc.description.statusPeer revieweden
dc.description.versionAccepted Versionen
dc.format.mimetypeapplication/pdfen
dc.identifier.articleid101493en
dc.identifier.citationGoyal, A., Jategaonkar, S. P. and Muckley, C. B. (2020) 'Why do privatized firms pay higher dividends?', Journal of Corporate Finance, 60, 101493 (19 pp). doi: 10.1016/j.jcorpfin.2019.101493en
dc.identifier.doi10.1016/j.jcorpfin.2019.101493en
dc.identifier.endpage19en
dc.identifier.issn0929-1199
dc.identifier.journaltitleJournal of Corporate Financeen
dc.identifier.startpage1en
dc.identifier.urihttps://hdl.handle.net/10468/9545
dc.identifier.volume60en
dc.language.isoenen
dc.publisherElsevieren
dc.relation.urihttps://www.sciencedirect.com/science/article/pii/S0929119918303900#ec0005
dc.rightsCrown Copyright © 2019, Elsevier Ltd. 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.subjectMinority shareholdersen
dc.subjectPayout policyen
dc.subjectPrivatizationen
dc.subjectState incomeen
dc.subjectState ownershipen
dc.subjectState reputationen
dc.titleWhy do privatized firms pay higher dividends?en
dc.typeArticle (peer-reviewed)en
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