Does Ownership Structure Influence Dividend Distribution Policy in India? Evidence Using Panel Data Analysis

Q3 Business, Management and Accounting

Indian Journal of Corporate Governance Pub Date : 2022-11-09 DOI:10.1177/09746862221129342

G. Pinto, Shailesh Rastogi, Jagjeevan Kanoujiya

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引用次数: 0

Abstract

This article evaluates the influence of ownership structure (OS) components on dividend distribution policy in India. More precisely, it aims to comprehend the impacts of promoters’ shareholdings (PRMS), institutional investors’ shareholdings (INS) and retail investors’ shareholdings (RIS) on dividends of Indian listed companies. This article uses equity dividend divided by book value (DNW) to determine the dividend distribution policy for the selected panel of 80 listed companies for the period of 5 years (2016–2020). The static as well as dynamic panel data regression models are applied in the study. The static panel data regression results exhibit that none of the three OS explanatory variables (PRMS, INS and RIS) affect significantly the dividend distribution policy of Indian listed companies. Similar results are depicted by the dynamic panel data regression model also, thus ensuring robustness of the results. Hence, this article does not find support for agency theory, signalling theory and clientele effect. The study recommends that investors need not consider the composition of shareholding pattern of a company to have any significant influence on dividends while making their investment-decisions. The findings also add to the increasing studies across the globe evaluating the influence of OS on dividends.

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股权结构是否影响印度的股利分配政策？使用小组数据分析的证据

本文评估了股权结构(OS)成分对印度股利分配政策的影响。更准确地说，它旨在理解发起人持股(PRMS)，机构投资者持股(INS)和散户投资者持股(RIS)对印度上市公司股息的影响。本文采用股权股利除以账面价值(DNW)的方法确定了所选80家上市公司5年(2016-2020年)的股利分配政策。研究中采用了静态和动态面板数据回归模型。静态面板数据回归结果显示，三个OS解释变量(PRMS、INS和RIS)对印度上市公司的股利分配政策均无显著影响。动态面板数据回归模型也描述了类似的结果，从而保证了结果的稳健性。因此，本文没有找到代理理论、信号理论和客户效应的支持。研究表明，投资者在进行投资决策时，不需要考虑公司股权结构的构成对股息的重大影响。这一发现也增加了全球越来越多的研究评估OS对股息的影响。

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

Indian Journal of Corporate Governance Business, Management and Accounting-Business and International Management

CiteScore

2.00

自引率

0.00%

发文量

期刊介绍： Indian Journal of Corporate Governance is a bi-annual refereed journal that provides a forum for discussions and exchanging views on a wide range of corporate governance issues ranging from board practices, independent directors, whistle blower policies and shareholder activism on one hand to media’s role in corporate governance, corporate social responsibility and sustainability reporting on the other. It comprises of research articles, concept papers, case studies and reports providing a blend of theory and practices of corporate governance globally to cater to the interests of practitioners, academics, researchers and policy makers.