Overlapping ownership in the Euronext 100 : how overlapping ownership and tunneling impact dividend policy
Autor(a) principal: | |
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Data de Publicação: | 2021 |
Tipo de documento: | Dissertação |
Idioma: | eng |
Título da fonte: | Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
Texto Completo: | http://hdl.handle.net/10400.14/35264 |
Resumo: | The purpose of this dissertation is to assess the impacts of overlapping ownership and tunneling on dividend policy. The presence of overlapping shareholders leads managers to consider the profits of other firms when making strategic decisions. This results in a decline in competition causing less investment and higher frequency and size of dividend payments. However, when overlapping shareholders wish to “tunnel” resources out of firms, dividends may impair their ability to do so. To answer the question of how overlapping ownership and tunneling influence dividend policy, a logit regression model was estimated to explain dividend payments using measures of overlapping ownership, tunneling, profitability, investment opportunities, size, and compensation schemes. The estimation’s results suggest a link between overlapping ownership, tunneling and dividend payments. Specifically, overlapping ownership is shown to have a positive influence on dividend payments, while tunneling is shown to have a negative influence. |
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Overlapping ownership in the Euronext 100 : how overlapping ownership and tunneling impact dividend policyOverlapping ownershipTunnelingDividend policyPolítica de dividendosDomínio/Área Científica::Ciências Sociais::Economia e GestãoThe purpose of this dissertation is to assess the impacts of overlapping ownership and tunneling on dividend policy. The presence of overlapping shareholders leads managers to consider the profits of other firms when making strategic decisions. This results in a decline in competition causing less investment and higher frequency and size of dividend payments. However, when overlapping shareholders wish to “tunnel” resources out of firms, dividends may impair their ability to do so. To answer the question of how overlapping ownership and tunneling influence dividend policy, a logit regression model was estimated to explain dividend payments using measures of overlapping ownership, tunneling, profitability, investment opportunities, size, and compensation schemes. The estimation’s results suggest a link between overlapping ownership, tunneling and dividend payments. Specifically, overlapping ownership is shown to have a positive influence on dividend payments, while tunneling is shown to have a negative influence.O objetivo desta dissertação é avaliar o impacto de overlapping ownership e de tunneling em políticas de dividendos. A presença de acionistas em comum leva os gestores a considerar os lucros de outras empresas quando escolhem estratégias de negócio. Isto resulta numa diminuição da competição que, por sua vez, leva a menos investimento e a uma maior dimensão e número de pagamentos de dividendos. No entanto, quando os acionistas em comum tencionam expropriar os recursos de empresas, o pagamento de dividendos prejudica a habilidade de o fazerem. Para responder à questão de como overlapping ownership e tunneling influenciam as políticas de dividendos, um modelo de regressão logit foi corrido de forma a estimar os impactos no pagamento de dividendos de overlapping ownership, tunneling, rentabilidade, oportunidades de investimento, dimensão, e esquemas de compensação. Os resultados da estimação sugerem uma ligação entre overlapping ownership, tunneling e pagamento de dividendos. Especificamente, os resultados mostram que overlapping ownership tem uma influência positiva no pagamento de dividendos, enquanto tunneling tem uma influência negativa.Ribeiro, Ricardo Miguel Martins da CostaVeritati - Repositório Institucional da Universidade Católica PortuguesaLino, José Miguel Soares2021-09-28T09:53:04Z2021-07-152021-052021-07-15T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisapplication/pdfhttp://hdl.handle.net/10400.14/35264TID:202749487enginfo:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2023-07-12T17:40:46Zoai:repositorio.ucp.pt:10400.14/35264Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T18:28:38.162501Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse |
dc.title.none.fl_str_mv |
Overlapping ownership in the Euronext 100 : how overlapping ownership and tunneling impact dividend policy |
title |
Overlapping ownership in the Euronext 100 : how overlapping ownership and tunneling impact dividend policy |
spellingShingle |
Overlapping ownership in the Euronext 100 : how overlapping ownership and tunneling impact dividend policy Lino, José Miguel Soares Overlapping ownership Tunneling Dividend policy Política de dividendos Domínio/Área Científica::Ciências Sociais::Economia e Gestão |
title_short |
Overlapping ownership in the Euronext 100 : how overlapping ownership and tunneling impact dividend policy |
title_full |
Overlapping ownership in the Euronext 100 : how overlapping ownership and tunneling impact dividend policy |
title_fullStr |
Overlapping ownership in the Euronext 100 : how overlapping ownership and tunneling impact dividend policy |
title_full_unstemmed |
Overlapping ownership in the Euronext 100 : how overlapping ownership and tunneling impact dividend policy |
title_sort |
Overlapping ownership in the Euronext 100 : how overlapping ownership and tunneling impact dividend policy |
author |
Lino, José Miguel Soares |
author_facet |
Lino, José Miguel Soares |
author_role |
author |
dc.contributor.none.fl_str_mv |
Ribeiro, Ricardo Miguel Martins da Costa Veritati - Repositório Institucional da Universidade Católica Portuguesa |
dc.contributor.author.fl_str_mv |
Lino, José Miguel Soares |
dc.subject.por.fl_str_mv |
Overlapping ownership Tunneling Dividend policy Política de dividendos Domínio/Área Científica::Ciências Sociais::Economia e Gestão |
topic |
Overlapping ownership Tunneling Dividend policy Política de dividendos Domínio/Área Científica::Ciências Sociais::Economia e Gestão |
description |
The purpose of this dissertation is to assess the impacts of overlapping ownership and tunneling on dividend policy. The presence of overlapping shareholders leads managers to consider the profits of other firms when making strategic decisions. This results in a decline in competition causing less investment and higher frequency and size of dividend payments. However, when overlapping shareholders wish to “tunnel” resources out of firms, dividends may impair their ability to do so. To answer the question of how overlapping ownership and tunneling influence dividend policy, a logit regression model was estimated to explain dividend payments using measures of overlapping ownership, tunneling, profitability, investment opportunities, size, and compensation schemes. The estimation’s results suggest a link between overlapping ownership, tunneling and dividend payments. Specifically, overlapping ownership is shown to have a positive influence on dividend payments, while tunneling is shown to have a negative influence. |
publishDate |
2021 |
dc.date.none.fl_str_mv |
2021-09-28T09:53:04Z 2021-07-15 2021-05 2021-07-15T00:00:00Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/masterThesis |
format |
masterThesis |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10400.14/35264 TID:202749487 |
url |
http://hdl.handle.net/10400.14/35264 |
identifier_str_mv |
TID:202749487 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.source.none.fl_str_mv |
reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação instacron:RCAAP |
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Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
instacron_str |
RCAAP |
institution |
RCAAP |
reponame_str |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
collection |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
repository.name.fl_str_mv |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
repository.mail.fl_str_mv |
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1799132005494947840 |