公司治理和公司特有特征对股息政策的影响:一个新兴市场案例

M. Farooq, Q. Al-Jabri, Muhammad T. Khan, Muhamamad Akbar Ali Ansari, Rehan Tariq
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引用次数: 3

摘要

本研究旨在探讨股权结构和公司特征(即公司规模、杠杆、成长机会、上一年度股息、公司风险、盈利能力和流动性)对巴基斯坦证券交易所上市公司股息行为的影响。设计/方法/方法研究的最终样本包括140家psx上市公司。该研究为期6年,从2015年开始到2020年。采用股利支付假人、股利支付比率和股利收益率来评估样本公司的股利行为。采用适当的回归程序(logistic、probit、普通最小二乘(OLS)和固定效应回归)来检验研究假设。为了检验结果的鲁棒性,本研究还使用了系统GMM估计技术。研究发现,机构持股、外资持股和个人持股对样本公司的股利决策具有显著的正向影响,而管理层持股对样本公司的股利决策具有显著的负向影响。在公司具体特征中,我们发现流动性、盈利能力和上一年度的股息显著正相关,而成长机会与psx上市公司的股息支付决策显著负相关。实际意义本研究揭示了股利政策、股权结构和企业特定因素在巴基斯坦等新兴市场背景下的关系。研究结果对寻求非金融上市公司股利政策指导的管理者、小股东、立法者和投资者具有重要意义。独创性/价值文献缺乏研究,共同分析所有权特征和公司特定变量的股息决策,特别是在发展中经济体的背景下。目前的研究旨在填补这一空白。
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The impact of corporate governance and firm-specific characteristics on dividend policy: an emerging market case
PurposeThe present study aims to investigate the impact of corporate governance proxies by ownership structure and firm-specific characteristics, i.e. firm size, leverage, growth opportunities, previous year dividend, firm risk, profitability, and liquidity on dividend behavior of the Pakistan Stock Exchange (PSX) listed firms.Design/methodology/approachFinal sample of the study consists of 140 PSX-listed firms. The study covers a period of six years, starting from 2015 to 2020. Dividend payout dummy, dividend payout ratio, and dividend yield were used to assess the dividend behavior of the sample firms. The appropriate regression procedures (logistic, probit, ordinary least square (OLS), and fixed effect regression) are used to test the study hypothesis. To check the robustness of the result, a system GMM estimation technique is also used in the present study.FindingsThe study reveals that institutional ownership, foreign ownership, and individual ownership have a significant positive whereas managerial ownership has a significant negative impact on the dividend decision of sample firms. Among firm-specific characteristics, it was found that liquidity, profitability, and the previous year's dividend were significantly positive, while growth opportunities were significantly inversely associated with dividend payout decisions of PSX-listed firms.Practical implicationsThis study sheds light on the relationship between dividend policy, ownership structure, and firm-specific factors in the context of an emerging market like Pakistan. The study's findings have important implications for managers, minority shareholders, lawmakers, and investors looking for guidance on the dividend policy of publicly-traded non-financial firms.Originality/valueThe literature lacks studies that together analyze the ownership characteristics and firm-specific variables on dividend decisions, particularly in the context of developing economies. The current study aims to fill this gap.
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来源期刊
CiteScore
7.20
自引率
13.20%
发文量
69
期刊介绍: The Asia Pacific Journal of Business Administration (APJBA) publishes original research on: Business Strategy and Policy, Accounting and Board Governance, Marketing and People Management, and Operations and Supply Chain Management. The journal welcomes practical and skill-based submissions in these areas. There is particular interest in submissions regarding: Sustainable Business Practices, Quality Management Practices, Innovation and Creativity in Management, as well as Managing a Learning Organisation. The Asia Pacific region is full of collaborations between government, NGOs and private enterprise. Submissions are welcome which contribute to our understanding of partnerships and the cross-cultural issues. Research methods vary, and the journal is interested in the full diverse of qualitative (case and action research, etc) as well as quantitative survey studies and their recommendations. The APJBA seeks to become a forum for both established scholars and early career researchers in all aspects of management and business in the Asia-Pacific region. Emphasis is on rigour and relevance, on theory and practice, in a globalised scholarly environment.
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