The impact of ownership concentration on payout across Nordic firms

Khalfan, Twahir; Wendt, Stefan

doi:10.1016/j.mulfin.2020.100640

Cited by 16 publications

(6 citation statements)

References 57 publications

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“…For the DPR proxy FO, the probability is greater than 10% (0.1578 > 0.1), which indicates that high or low FO has no significant effect on DPR. This result supports the research of Khalfan and Wendt (2020) in Norway, as well as that of Jayanti and Puspitasari (2017) and Al-Najjar and Kilincarlsan (2016). It also supports the tax-preference theory, which states that foreign ownership encourages companies to retain profits rather than pay taxes on dividends distributed.…”

Section: Hypothesis Testssupporting

confidence: 90%

Do ownership structure and corporate governance mechanisms affect dividend payouts? Evidence from Indonesia

Kusumaningtyas

2022

gabs

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This research aims to show how ownership structure and corporate governance mechanisms influence the dividend policies of nonfinancial companies listed on the Kompas 100 index from 2015–2018. The independent variables are foreign ownership, insider ownership, board independence, board intensity, and board size; the dependent variables are dividend policy measured with dividend payout ratio (DPR), dividend yield (DY), and dividends to total assets (DTA). Six control variables were also considered: leverage, volatility (risk), asset tangibility, age, sales growth, and profitability based on annual data and reports from non-financial registered companies listed on the Kompas 100 Period Stocks Index from 2015–2018 (180 observations). Purposive sampling with balanced panel data was used. The model used in this research is a data panel with a fixed-effect model; random effect model approaches were also utilized. The results show that foreign ownership, insider ownership, board independence, board intensity, and board size do not significantly affect dividend policy, except board intensity significantly affects dividend payout ratio.

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Section: Hypothesis Testssupporting

confidence: 90%

Do ownership structure and corporate governance mechanisms affect dividend payouts? Evidence from Indonesia

Kusumaningtyas

2022

gabs

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“…Our primary measure of ownership concentration is the percentage of the total equity owned by the largest shareholder and 10 largest shareholders. Although beyond the five largest shareholders the ownership structures become rather dispersed, we believe that although decision-making is in the hands of minority shareholders, the proportion of the top 10 shareholders' equity will have a certain rational impact on the top 5 shareholders [105,139].…”

Section: Independent Variablesmentioning

confidence: 96%

“…In this study, considering the company's performance in terms of company size and profitability, operating income, assets, liabilities, and ROA are selected as control variables. In terms of corporate control and ownership concentration, we select the propor-tion of legal person shares and the five largest shareholders (5LOWN) as the corresponding control variables [139]. The Shanghai Stock Exchange (SSE) and the Shenzhen Stock Exchange (SZSE) constitute the A-share market.…”

Section: Control Variablesmentioning

confidence: 99%

Establishment of Corporate Energy Management Systems and Voluntary Carbon Information Disclosure in Chinese Listed Companies: The Moderating Role of Corporate Leaders’ Low-Carbon Awareness

Dan

Shen

2022

Sustainability

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The “Energy-Saving and Low-Carbon Action Implementation Plan for Ten Thousand Enterprises” urged Chinese energy users to establish an energy management system (EEM) that emphasizes energy conservation and emission reduction. This study applied the voluntary information disclosure theory, stakeholder theory, and legitimacy theory to construct a research framework for corporate voluntary carbon information disclosure (CID) under combined action of disclosure decision, EEM related to carbon information collection, and pressure to disclose. This study uses A-share listed companies from 2009 to 2017 as its research sample. Panel data regression analyses show that EEM positively affects CID in the high-carbon industry, and LLA positively affects CID in the low-carbon industry. In addition, ownership concentration has significant effects on CID. Moreover, the existence of state-owned shares positively affects CID of AH-share samples. The moderating effect test found that LLA has a negative moderating effect (a positive moderating effect) on the relationship between EEM and CID in the high-carbon industry (in AH-share samples). This study has verified the promoting effect of energy policies implementation related to carbon reduction and leaders’ carbon awareness on CID. It provided a strong basis for the significance of accelerating climate-change policies and promotion effects of international capital markets.

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“…The conclusions of the analysis done by (Hussain, Rafique, Khalil, & Nawaz, 2013;Musallam et al, 2018) demonstrated that nearly a critical impact of institutional ownership, operating leverage, liquidity on worth of the firm on the performance of an organization. Khalfan and Wendt (2020) looked into that how concentration of ownership affects payment policies and the impact of foreign institutions and state as owners on payout by Nordic companies. Therefore, the effect of concentration of possession on appropriation shifts generally from one country to another, with expanded proprietorship fixation in Finland being more averse to deliver profits and higher possession focus builds the inclination to deliver profits in Denmark and Norway, while higher possession focus builds the penchant to repurchase Norway and Sweden.…”

Section: Literature Reviewmentioning

confidence: 99%

Impact of Structure of Ownership on the Company’s Performance regarding Dividend: Evidence from Pakistan

Shah¹,

Ahmed²

2022

Pak. J. Humanit. Soc. Sci

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It is critical for firms to consider the impact on their structure of ownership and dividends on the execution of the organization when making choices with a view toward maximizing earnings. The focus of this study is on the dividend's and ownership structure's effects on a company's bottom line. The study used a panel-regression analysis to determine impact of foreign ownership, family ownership &institutional ownership, on the financial execution of Pakistani firms. Secondary sources were used for this study's data collection. Using information from the PSEL and the Reports of 74 firms over a 6-year period, we have identified a population of interest consisting of non-financial enterprises included in the KSE-100 index. Foreign ownership dividend payment was all shown to significantly affect business performance in the research. Based on the findings, it seems information is crucial for describing the pattern of dividend distribution and its effect on a betterment of firm. This study is novel in that it examines the relation among ownership structure and dividend performance. Evaluation of the structure of ownership to analyze its influence on business execution to generate returns of high investment, this study will aid firms in making of decision to earn greater revenue and help individuals in making their choice.

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The impact of ownership concentration on payout across Nordic firms

Cited by 16 publications

References 57 publications

Do ownership structure and corporate governance mechanisms affect dividend payouts? Evidence from Indonesia

Do ownership structure and corporate governance mechanisms affect dividend payouts? Evidence from Indonesia

Establishment of Corporate Energy Management Systems and Voluntary Carbon Information Disclosure in Chinese Listed Companies: The Moderating Role of Corporate Leaders’ Low-Carbon Awareness

Impact of Structure of Ownership on the Company’s Performance regarding Dividend: Evidence from Pakistan

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