Overlapping ownership in the Euronext 100 : how overlapping ownership and tunneling impact dividend policy

Detalhes bibliográficos
Autor(a) principal: Lino, José Miguel Soares
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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spelling 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
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format masterThesis
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dc.identifier.uri.fl_str_mv http://hdl.handle.net/10400.14/35264
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dc.language.iso.fl_str_mv eng
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