Dividend Policy Decisions and Ownership Concentration: Evidence from Thai Public Companies

J. Thomas Connelly () and Christian Wolff
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J. Thomas Connelly: Sasin School of Management, Chulalongkorn University, Bangkok, Thailand

Review of Pacific Basin Financial Markets and Policies (RPBFMP), 2023, vol. 26, issue 01, 1-35

Abstract: In this paper, we examine the relationship between ownership concentration and dividend policy for Thai publicly listed companies. High family ownership firms have higher dividend payouts than low family ownership firms, which we interpret to mean high family ownership firms follow a more rational dividend policy. This finding is consistent with the prediction that agency conflicts between the managers and shareholders are lower at firms with a controlling shareholder. The evidence is robust through different econometric specifications; robust when the level used to determine the extent of family ownership (family control) is lowered to 10% of the outstanding shares; and robust to the inclusion of the ownership wedge as a proxy for the severity of agency conflicts.

Keywords: Family ownership; control; payout policy; agency conflicts (search for similar items in EconPapers)
JEL-codes: G30 G35 (search for similar items in EconPapers)
Date: 2023
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Working Paper: Dividend Policy Decisions and Ownership Concentration: Evidence from Thai Public Companies (2019)
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DOI: 10.1142/S0219091523500066

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