The Effect of Institutional Ownership on Payout Policy: Evidence from Index Thresholds

We show that higher institutional ownership causes firms to pay more dividends. Our identification relies on a discontinuity in ownership around Russell index thresholds. Our estimates indicate that a one-percentage-point increase in institutional ownership causes a $7 million (8%) increase in divid...

Ausführliche Beschreibung

Bibliographische Detailangaben

Veröffentlicht in:	The Review of financial studies 2016-06, Vol.29 (6), p.1377-1408
Hauptverfasser:	Crane, Alan D., Michenaud, Sébastien, Weston, James P.
Format:	Artikel
Sprache:	eng
Schlagworte:	Business ownership Corporate governance Dividends Economic indices Instrumental variables estimation Investors Market capitalization Organizational behavior Organizational behaviour Proxy reporting Proxy statements Shareholder voting Shareholders Stock market indices Studies
Online-Zugang:	Volltext
Tags:	Tag hinzufügen Keine Tags, Fügen Sie den ersten Tag hinzu!