Common ownership and firm dividend policies

Alberta Di Giuli, Egle Karmaziene, Naciye Sekerci

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This paper examines the relationship between common owners and firm dividend policy. We find that dividend policies of firms newly added to an investor's portfolio evolve towards the dividend policies of the existing firms in this portfolio. This relationship is neither driven by owners targeting firms forecasted to change their dividend policies, nor by firms with a similar dividend strategy to the companies in the new investor's existing portfolio. Our results suggest that owners have a dividend policy style, and that their influence depends on the type of co-owner and the existing governance characteristics of the co-purchased firm.
Original languageEnglish
Article number101779
Pages (from-to)1-8
Number of pages8
JournalFinance Research Letters
Early online date28 Sep 2020
Publication statusPublished - May 2021


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