?
Do shareholder coalitions modify the dominant owner's control? The impact on dividend policy
Высшая школа экономики
,
2015.
No. 41.
Lopez Iturriaga F. J., Sanz I. P.
We examine the effect of shareholder coalitions on the corporate payout policy in Spain, a context characterized by the presence of dominant shareholders. Our results show that shareholder coalitions affect payout policy negatively (both for dividends and shares repurchases). This finding suggests that shareholder coalitions serve as an instrument for the dominant shareholder’s to extract private benefits. We also find that the relation between the voting rights involved in the coalition and the dominant owner´s voting rights is negatively related to dividends. This result means that the dominant owner uses the coalition as a mechanism to amplify his or her control over the firm and reduce the cost of expropriation. The results provide new evidence on the effects of corporate control mechanisms on shareholders wealth; this evidence is complementary to the US or UK centered research, where dominant ownership is not as prevalent and, thus, it is more difficult to capture these effects.
Publication based on the results of:
Kokoreva M. S., Stepanova A. N., Karnoukhova E., Экономическая политика 2016 Т. 11 № 6 С. 36-59
The recent restructuring of the economy has led to the fact that the leaders of information
technology sector — Apple, Google, Facebook, Microsoft, Amazon — became the largest
companies in the world, replacing the banking and oil and gas sectors. The emergence
of a large number of technology start-ups resulted in the increase of the entrepreneurial
ownership. Business founders ...
Added: March 15, 2017
Tamara Teplova, Evgeniya Mikova, Research in International Business and Finance 2015 No. 34 P. 84-109
We investigate the cross section momentum effect in the Japanese stock market over the period January 1997 to December 2013, sub-periods before August 2008 and during the crisis September2008–2009. From previous studies, it follows that the Japanese market is the exception to the findings on developed capital markets (momentum effect does not occur or is ...
Added: December 22, 2014
Lopez Iturriaga F. J., Jara-Bertin M., Espinosa C., BRQ Business Research Quarterly 2015 No. 18 P. 259-274
We analyze the effect of two types of corporate diversification (business diversification and ownership diversification) on the market value of the Chilean firms. For a sample of 83 nonfinancial firms listed on the Santiago Stock Market from 2005 to 2013, we find a discount for both business and ownership diversification, which is consistent with that ...
Added: December 10, 2015
Khvostova I., Novak A., Силкина О. С., Финансы: теория и практика 2018 Т. 22 № 5 С. 90-104
The article examines the issue of differences in the dividend policy of public and private companies in Russia. State corporations form more than 40% of revenues of the largest Russian companies, at the same time the role of ownership structure in determining dividend policy is not uniquely determined in the literature. Comparative analysis of Russian ...
Added: October 1, 2018
Sprenger C., Lazareva O., Journal of Comparative Economics 2022 Vol. 50 No. 1 P. 71-100
This paper investigates how corporate governance of unlisted firms in an emerging market economy affects financing constraints, measured by the sensitivity of investment to cash flow. In order to evaluate the quality of corporate governance, we develop two corporate governance indices based on a large-scale survey of Russian enterprises – one for shareholder protection and ...
Added: June 22, 2021
Volodin S., Чиркова К. А., Валютное регулирование. Валютный контроль 2016 Т. 152 № 8 С. 27-35
In order to successfully attract financial resources, the issuers should pay special attention to the competent building of private financial policy, including to the dividend payout strategy. Because Russian companies have not had a rich experience of its developing to date, this process cannot always be called effective. From this point of view, understanding of ...
Added: November 10, 2016
Anilov A., Ivashkovskaya I., Journal of Management and Governance 2020 No. 24 P. 989-1017
In this article, we evaluate CEO behavior in terms of his or her preferences to risk, and how the actions of boards of directors interplay with these behaviors. Specifically, we set out to test whether the actions of boards of directors can overcome the negative impacts of CEO behavior on various aspects of payout policy. ...
Added: October 27, 2019
Stepanova A. N., Kopyrina O., / Высшая школа экономики. Series FE "Financial Economics". 2019. No. 74/FE/2019.
This paper presents an empirical analysis of the influence of ownership structure and board independence on bond yield spread in BRIC countries, 2007-2016. The main finding of the study is the presence of significant country-specific effects of ownership structure on the cost of debt, and the absence of effects of board independence. According to our ...
Added: November 2, 2020
Lopez Iturriaga F. J., López-Millán E., R & D Management 2017 Vol. 47 No. 1 P. 141-157
We combine agency theory with the law and finance approach to analyze how the legal protection of investors and the corporate ownership structure affect corporate investment in research and development (R&D). We use information from 956 firms from the five most R&D-intensive industries in 19 developed countries. Our results show that better protection of investors’ ...
Added: September 20, 2016
Malyshev P., Финансы 2018 № 12 С. 38-47
The article deals with the problems associated with the current procedure of calculation and payment of personal income tax on transactions with foreign stocks and eurobonds. It justifies the proposal to switch to the calculation of the tax base related to the capital gain on foreign shares and eurobonds by converting the capital gain obtained ...
Added: November 11, 2018
Ovanesova Y., Шахова Г. В., Экономическая политика, Российская Федерация 2021
Nowadays the question is often raised: is the state effective if it is the owner of the company? The privatization process has passed a little more than 30 years in Russia, so researchers have the opportunity to conduct an analysis. In addition to state participation in the shareholder structure, the authors consider the share of ...
Added: September 14, 2021
Gergert D. V., Ponomareva T. V., Вестник Пермского университета. Серия: Экономика 2018 Т. 13 № 1 С. 90-105
Family businesses are known to be the oldest form of business that permeate the world. A lot of studies
devoted to the analysis of family business features in different branches of economy have been made over the past
two decades. However, family business as an independent subject of study is still in the making; currently it is
being ...
Added: April 2, 2018
Teplova T., Sokolova T., Gubareva M. et al., Sustainability 2020 No. 12 P. 1-38
Financial market imperfections constrain firms’ ability to obtain funds. This is especially true for the former communist bloc countries. However, the restrictions on access to financing and the attitudes of management in these geographies remain overlooked by academic research and represent an important obstacle on the roadmap to sustainable development. The objective of this paper ...
Added: September 1, 2020
Karminsky A. M., Rybalka A., Procedia Computer Science 2019 Vol. 162 P. 496-502
The paper identifies and analyzes key factors in the sectoral ownership structure, the influence of the CEO and competition among owners at the industry level and business size. We show the positive impact on the financial sustainability of the company of the CEO's equity participation (compared to the average industry share). We also show that if the property is distributed more evenly among owners-founders, ...
Added: October 24, 2019
Lopez Iturriaga F. J., Lozano M. B., Bezerra V., International Review of Finance 2019 P. 1-24
We test whether a market‐level corporate governance reform in Brazil influences the behavior of firms. To do so, we first verify whether the Novo Mercado (NM)—the segment applying more stringent corporate governance practices—impacts specific firms’ financial characteristics. We also investigate if it impacts firms’ dividends and leverage, two well‐known mechanisms for mitigating agency problems. Results ...
Added: February 27, 2020
Bykova A., Molodchik M., Шамилова Е. Г., Прикладная эконометрика 2017 № 45 С. 50-74
This study is devoted to the analysis of ownership concentration as the mechanism of corporate governance and its impact on corporate performance. We estimated the concentration through the Herfindahl-Hirshman Index, whereas corporate performance indicators are measured trough ROA and Tobin’s Q. Based on the data of Russian public companies during 2004-2013 years, we found out ...
Added: February 21, 2017
Voyko A. V., Корпоративные финансы 2018
Reduction of Federal budget revenues over the past few years necessitates the search for additional sources of financing budget expenditures. And one such source stands retained earnings from previous years. State companies accumulate significant amounts of retained earnings, due to extensive investment program. At the same time, the amount of retained earnings of state-owned companies ...
Added: February 12, 2018
Anilov A., Journal of Corporate Finance Research 2019 Vol. 13 No. 2 P. 25-35
This paper aims to discover evidence on the possible impact of CEO overconfidence on payout policy, and the role of corporate boards in offsetting the possible negative effects of this overconfidence. Our investigation demonstrates the effect of overconfidence on the choice of payout method, specifically regarding the repurchases-dividends mix. We also evaluate the ability of ...
Added: October 27, 2019
Tatiana Ershova, Marina Zavertiaeva, Dmitry Kirpishchikov, Journal of Economic Studies 2023 Vol. 50 No. 4 P. 821-839
Purpose: This study examines the impact of influential shareholders, namely, state and influential businessmen, on the dividend policies of firms. A special focus is made on the causal effect of exogenous changes: general and personal economic sanctions leading to toughened state policies concerning dividends.
Design/methodology/approach: Ninety Russian firms included into the Moscow Stock Exchange Broad Market ...
Added: June 12, 2022
Kuzmichev K., Вопросы новой экономики 2012 № 4(24) С. 20-24
Main aim of this article is to investigate a new mechanism for Russian companies of dividend policy – share repurchases. The author comes to the conclusion that only few hypotheses of share repurchases stated in developed countries could be confirmed with the use of Russian data. Moreover there are some phenomena peculiar for Russia. ...
Added: January 9, 2013
Stepanova A. N., Izabella G. Kazaryan, Journal of Corporate Finance Research 2017 Vol. 11 No. 4 P. 11-35
In this article, we consider the relation between capital structure, corporate governance, ownership structure and performance of a company depending on its life cycle stages. The central aim of this study is to define the most sustainable and effective types of financial architecture by using the cluster and regression analysis. This study describes the three ...
Added: January 31, 2018
Teplova T., Galenskaya K., Teplov A., Прикладная эконометрика 2018 № 4(52) С. 22-45
This paper presents the testing results for hypotheses which try to explain, how do Russian companies choose such financing sources, as public debt (bonds). Bivariate probit models have been applied on a sample of 1107 companies in the interval from 2015 to 2017. The main aim of this paper is to identify the presence of ...
Added: November 30, 2018
Teplova T., Sokolova T., Galenskaya K. et al., Communist and Post-Communist Studies 2019
We analyze the role of ownership structure, segments of debt market and institutional environment for perception of financial constraints by top-management. The unique feature is the panel for 28 countries of the former communist block from 2002 to 2013 on the base of BEEPS survey data. We apply probit and Heckman models and investigate
non-linear and ...
Added: December 14, 2018
Karnoukhova E., Stepanova A. N., Kokoreva M. S., / Высшая школа экономики. Series FE "Financial Economics". 2018.
Innovative companies are a major driver of the global economy. The typical major owner is an institutional investor. In recent years the stakes of institutional owners have increased, which should increase the role of institutional investors. Institutional investors, however, differ. Traditional investment managers, banks, insurance companies and hedge funds have different goals and strategies, so ...
Added: November 26, 2018