Signaling vs. agency theory: What drives dividends of promoter-owned firms during a crisis?

IF 6.3 2区经济学 Q1 BUSINESS, FINANCE

Research in International Business and Finance Pub Date : 2024-09-18 DOI:10.1016/j.ribaf.2024.102590

Neha Gosain, Smita Kashiramka, Neeru Chaudhry

引用次数: 0

Abstract

This paper analyses the effect of the COVID-19 pandemic on the relationship between promoter ownership and dividends. Using a sample of listed firms between 2015 and 2021, we find that promoter control positively relates to dividends during normal (pre-crisis) times. This is attributed to the desire to communicate information about the firm’s prospects, supporting the signaling theory. The positive relationship is inversed during the crisis owing to agency motives of withholding resources. To the best of our knowledge, this is the first-ever India-based study examining ownership structure's impacts on the dividend policy during the COVID-19 crisis.

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信号理论与代理理论：是什么在危机期间推动了发起人所有企业的分红？

本文分析了 COVID-19 大流行对发起人所有权与股息之间关系的影响。以 2015 年至 2021 年期间的上市公司为样本，我们发现在正常时期（危机前），发起人控制权与股息呈正相关。这归因于公司希望传达有关公司前景的信息，支持信号传递理论。而在危机期间，这种正相关关系则被逆转，原因是代理动机是扣留资源。据我们所知，这是印度首次研究所有权结构对 COVID-19 危机期间股利政策的影响。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Research in International Business and Finance BUSINESS, FINANCE-

CiteScore

11.20

自引率

9.20%

发文量

240

期刊介绍： Research in International Business and Finance (RIBAF) seeks to consolidate its position as a premier scholarly vehicle of academic finance. The Journal publishes high quality, insightful, well-written papers that explore current and new issues in international finance. Papers that foster dialogue, innovation, and intellectual risk-taking in financial studies; as well as shed light on the interaction between finance and broader societal concerns are particularly appreciated. The Journal welcomes submissions that seek to expand the boundaries of academic finance and otherwise challenge the discipline. Papers studying finance using a variety of methodologies; as well as interdisciplinary studies will be considered for publication. Papers that examine topical issues using extensive international data sets are welcome. Single-country studies can also be considered for publication provided that they develop novel methodological and theoretical approaches or fall within the Journal''s priority themes. It is especially important that single-country studies communicate to the reader why the particular chosen country is especially relevant to the issue being investigated. [...] The scope of topics that are most interesting to RIBAF readers include the following: -Financial markets and institutions -Financial practices and sustainability -The impact of national culture on finance -The impact of formal and informal institutions on finance -Privatizations, public financing, and nonprofit issues in finance -Interdisciplinary financial studies -Finance and international development -International financial crises and regulation -Financialization studies -International financial integration and architecture -Behavioral aspects in finance -Consumer finance -Methodologies and conceptualization issues related to finance