Institutional investors and dividend payments: evidence in the oil industry

IF 2.8 4区管理学 Q2 BUSINESS Industrial and Corporate Change Pub Date : 2024-05-13 DOI:10.1093/icc/dtae019

João Victor Machado, Fernando Sarti, Rodrigo Lanna Franco da Silveira

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Abstract

The debate over the impacts of shareholder value orientation on corporate management has been more intense with the increasing participation of institutional investors in companies’ ownership structures. In this context, the purpose of this study is to evaluate the influence of institutional investors’ shareholding on the payment of dividends in the oil industry. A regression model was used, estimated with the Generalized Method of Moments. The results indicated that the distribution of dividends is related to the profitability and the leverage of the companies, in addition to the history of distribution to shareholders. In general, the presence of institutional investors did not influence the dividend distribution. However, we observed a large participation of these investors in the ownership structure of companies in the oil and gas sector—the average control of these agents was around 25% in the companies of the sample. This study contributes to the literature regarding the influence of institutional investors on the corporate decisions of nonfinancial companies, being original in the context of the oil industry.

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机构投资者与股息支付：石油行业的证据

随着机构投资者越来越多地参与公司所有权结构，关于股东价值导向对公司管理的影响的讨论也越来越激烈。在此背景下，本研究旨在评估机构投资者持股对石油行业股息支付的影响。研究采用了回归模型，并用广义矩法进行了估计。结果表明，除了向股东分配股利的历史之外，股利分配还与公司的盈利能力和杠杆率有关。一般来说，机构投资者的存在并不影响股利分配。然而，我们发现这些投资者在石油和天然气行业公司的所有权结构中占有很大比例--在样本公司中，这些机构的平均控制权约为 25%。本研究为有关机构投资者对非金融公司企业决策的影响的文献做出了贡献，在石油行业中具有独创性。

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来源期刊

Industrial and Corporate Change Multiple-

CiteScore

5.10

自引率

4.00%

发文量

期刊介绍： The journal covers the following: the internal structures of firms; the history of technologies; the evolution of industries; the nature of competition; the decision rules and strategies; the relationship between firms" characteristics and the institutional environment; the sociology of management and of the workforce; the performance of industries over time; the labour process and the organization of production; the relationship between, and boundaries of, organizations and markets; the nature of the learning process underlying technological and organizational change.