Dividends, leverage, and family ownership in the emerging Indonesian market
Data(s) |
25/03/2016
|
---|---|
Resumo |
We examine the roles of dividends and leverage to mitigate agency problems within familyfirms in Indonesia. Using simultaneous equations, we find a significant negative associationbetween family ownership and dividend payout and a two-way negative relation betweendividend payout and leverage. Our analysis reveals that, compared to non-family firms,family firms tend to maintain a lower dividend pay-out and higher leverage. The presenceof large non-family ownership appears to have an impact on determining levels of privatebenefit control. During the Asian and global financial crisis, family firms changed theirdividend pay-out more than non-family firms did. |
Identificador | |
Idioma(s) |
eng |
Publicador |
Elsevier |
Relação |
http://dro.deakin.edu.au/eserv/DU:30083055/mulyani-dividendsleverageand-2015.pdf http://dro.deakin.edu.au/eserv/DU:30083055/mulyani-dividendsleverageandfamily-2016.pdf http://dx.doi.org/10.1016/j.intfin.2016.03.004 |
Direitos |
2016, Elsevier B.V. |
Palavras-Chave | #dividend #leverage #family ownership |
Tipo |
Journal Article |