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Stockholder Conflicts and Dividend Payout

Berzins, Janis; Bøhren, Øyvind; Stacescu, Bogdan
Working paper
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URI
http://hdl.handle.net/11250/95408
Date
2011
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  • Centre for Corporate Governance Research (CCGR) [20]
Abstract
This paper examines how dividend policy influences conflicts of interest between majority and

minority stockholders in a large sample of private firms with controlling blockholders. We find

that a higher potential for stockholder conflicts is associated with higher payout. This tendency is

stronger when the minority stockholder structure is diffuse and when the minority is not on the

firm’s board. Minority-friendly payout is also associated with higher subsequent minority

investment in the firm. These findings are consistent with the notion that dividend policy is used

to mitigate agency costs, particularly when this benefits the majority in the longer run.
Publisher
BI Norwegian Business School
Series
CCGR Working Paper;5/2011

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