Organization capital, dividends and firm value: International evidence

IF 5.4 2区经济学 Q1 BUSINESS, FINANCE

Journal of International Financial Markets Institutions & Money Pub Date : 2024-10-31 DOI:10.1016/j.intfin.2024.102074

Ioannis Chasiotis , Georgios Loukopoulos , Kanellos Toudas

引用次数: 0

Abstract

This study investigates the relationship between organization capital, dividends, and firm value across 61 countries. We find that firms with higher organization capital distribute more dividends. By exploiting changes in the stringency of national labor regulations, we demonstrate that this effect strengthens when labor markets become more flexible. Additionally, we document that the market places a premium on dividend payouts from firms with higher organization capital. Further analysis reveals that this premium differential and the positive organization capital-dividend payouts relationship, are more pronounced in firms and countries marked by substantial agency issues. The robustness of our evidence is affirmed through several endogeneity tests, supporting the agency view of organization capital.

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组织资本、股息和公司价值：国际证据

本研究调查了 61 个国家的组织资本、股息和公司价值之间的关系。我们发现，组织资本越高的公司分红越多。通过利用各国劳动法规严格程度的变化，我们证明了当劳动力市场变得更加灵活时，这种效应会加强。此外，我们还记录了市场对组织资本较高的公司股利分配的溢价。进一步的分析表明，这种溢价差异以及组织资本与股利支付之间的正相关关系在存在大量代理问题的企业和国家中更为明显。通过几个内生性检验，我们的证据的稳健性得到了证实，支持了组织资本的代理观点。

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

Journal of International Financial Markets Institutions & Money Multiple-

CiteScore

6.60

自引率

10.00%

发文量

142

期刊介绍： International trade, financing and investments, and the related cash and credit transactions, have grown at an extremely rapid pace in recent years. The international monetary system has continued to evolve to accommodate the need for foreign-currency denominated transactions and in the process has provided opportunities for its ongoing observation and study. The purpose of the Journal of International Financial Markets, Institutions & Money is to publish rigorous, original articles dealing with the international aspects of financial markets, institutions and money. Theoretical/conceptual and empirical papers providing meaningful insights into the subject areas will be considered. The following topic areas, although not exhaustive, are representative of the coverage in this Journal. • International financial markets • International securities markets • Foreign exchange markets • Eurocurrency markets • International syndications • Term structures of Eurocurrency rates • Determination of exchange rates • Information, speculation and parity • Forward rates and swaps • International payment mechanisms • International commercial banking; • International investment banking • Central bank intervention • International monetary systems • Balance of payments.