Abstract

http://ssrn.com/abstract=1107118
 
 

References (58)



 
 

Citations (4)



 


 



The Shareholder Base and Payout Policy


Andriy Bodnaruk


University of Illinois at Chicago

Per Östberg


University of Zurich - Department of Banking and Finance; Ecole Polytechnique Fédérale de Lausanne - Swiss Finance Institute

February 12, 2012

AFA 2009 San Francisco Meetings Paper
Swiss Finance Institute Research Paper No. 12-11

Abstract:     
We examine the relation between the shareholder base and payout policy. Consistent with the idea that the shareholder base is related to the cost of external …financing we …find that fi…rms with small shareholder bases have lower payout levels and maintain higher cash holdings. We show that undertaking an open market repurchase results in a signi…cant reduction in the size of the shareholder base. Consequently, we …find that …firms with small shareholder bases are less likely to undertake a repurchase (reduce the shareholder base even further) and are more likely to pay special dividends.

Number of Pages in PDF File: 62

Keywords: Payout Policy, Cost of Capital, Special Dividends, Repurchases, Asymmetric Information, Investor recognition.

JEL Classification: G35, G14, G15


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Date posted: March 26, 2008 ; Last revised: February 1, 2014

Suggested Citation

Bodnaruk, Andriy and Östberg, Per, The Shareholder Base and Payout Policy (February 12, 2012). AFA 2009 San Francisco Meetings Paper; Swiss Finance Institute Research Paper No. 12-11. Available at SSRN: http://ssrn.com/abstract=1107118 or http://dx.doi.org/10.2139/ssrn.1107118

Contact Information

Andriy Bodnaruk
University of Illinois at Chicago ( email )
1200 W Harrison St
Chicago, IL 60607
United States
Per Östberg (Contact Author)
University of Zurich - Department of Banking and Finance ( email )
Plattenstrasse 14
CH-8032 Zurich, Zurich 8032
Switzerland
+41 44 6342956 (Phone)
Ecole Polytechnique Fédérale de Lausanne - Swiss Finance Institute ( email )
c/o University of Geneve
40, Bd du Pont-d'Arve
1211 Geneva, CH-6900
Switzerland

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