Increased presence of foreign investors and dividend policy of Japanese firms
This paper investigates the impact of the increased presence of foreign investors on the dividend policy of Japanese firms. A choice-to-pay model, estimated with a random-effects binary probit method, shows that a higher level of foreign ownership is associated with a significantly higher probability of dividend payouts. A choice-to-change model, estimated with a random-effects generalized ordered probit method, shows that a higher level of foreign ownership is associated with a significantly higher (lower) probability of an increase (no change) in dividends, while a larger 1-year increase is associated with a significantly higher (lower) probability of an increase (decrease).
Year of publication: |
2009
|
---|---|
Authors: | Baba, Naohiko |
Published in: |
Pacific-Basin Finance Journal. - Elsevier, ISSN 0927-538X. - Vol. 17.2009, 2, p. 163-174
|
Publisher: |
Elsevier |
Keywords: | Dividend Foreign investors Unobserved heterogeneity Generalized ordered probit Random effects |
Saved in:
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