Article ID | Journal | Published Year | Pages | File Type |
---|---|---|---|---|
975564 | Pacific-Basin Finance Journal | 2009 | 12 Pages |
Abstract
This paper investigates the impact of the increased presence of foreign investors on the dividend policy of Japanese firms. A choice-to-pay model, estimated with a random-effects binary probit method, shows that a higher level of foreign ownership is associated with a significantly higher probability of dividend payouts. A choice-to-change model, estimated with a random-effects generalized ordered probit method, shows that a higher level of foreign ownership is associated with a significantly higher (lower) probability of an increase (no change) in dividends, while a larger 1-year increase is associated with a significantly higher (lower) probability of an increase (decrease).
Related Topics
Social Sciences and Humanities
Economics, Econometrics and Finance
Economics and Econometrics
Authors
Naohiko Baba,