Dividends and Corporate Shareholders

• 成果类型: Article
• 署名作者: Barclay, Michael J.; Holderness, Clifford G.; Sheehan, Dennis P.
• 署名单位: Boston College; University of Rochester; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454
• DOI: 10.1093/rfs/hhn060
• 发表日期: 2009
• 页码: 2423
• 关键词: PRODUCT MARKET RELATIONSHIPS; MARGINAL TAX RATE; EQUITY OWNERSHIP; payout policy; CLIENTELES; governance; prices; debt

摘要

Corporations uniquely have a tax preference for cash dividends. Nevertheless, dividends do not increase following trades of large-percentage blocks of stock from individuals to corporations. Moreover, although one-third of firms have corporate blockholders, 68% of these firms pay no dividends, and ownership is not clustered at levels that increase the tax benefits of dividends. These findings are not driven by the investing firms' tax rates or by agency problems. Instead, operating companies expand the target firms and pursue joint ventures. Dividends are lower with these investors. Financial investors are not attracted to dividend-paying firms and tend to be passive.