FOREIGN INSTITUTIONAL SHAREHOLDERS AND CORPORATE PAYOUT POLICY

Rahmat Setiawan, Nova Christiana, S. Singh
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引用次数: 0

Abstract

This study examines the effect of foreign institutional shareholders (FIS) on corporate payout policy. The study employs 97 Indonesian manufacturing firms listed on the Indonesia Stock Exchange period 2011-2015. Multivariate Tobit and Logit are employed to estimate the model. The result confirms the bird in the hand theory that FISs need assurance of their investments in the emerging market. FIS has a monitoring role over the firms since they have the ability to detect the firm’s quality and the agency problem within. The result confirms that the presence of the FIS in the firm has a positive and significant effect on both measures of corporate payout policy, dividend to net income and dividend to total asset. The presence of the FIS increases the propensity of the firm to pay a dividend.
外资机构股东与公司派息政策
本研究探讨外资机构股东对公司派息政策的影响。该研究选取了2011-2015年期间在印尼证券交易所上市的97家印尼制造企业。采用多元Tobit和Logit对模型进行估计。结果证实了“鸟在手”理论,即金融服务机构在新兴市场的投资需要保证。FIS对公司具有监督作用,因为他们有能力检测公司的质量和内部代理问题。结果证实,FIS在公司的存在对公司派息政策、股息对净收入和股息对总资产的两项指标都有积极而显著的影响。FIS的存在增加了公司支付股息的倾向。
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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