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Dividends and Exploration

dc.contributor.authorFaccio, Mara
dc.contributor.authorLang, Larry H.P.
dc.contributor.authorLeung, Joanne
dc.date.accessioned2015-02-11T21:38:54Z
dc.date.accessioned2022-07-06T22:41:28Z
dc.date.available2015-02-11T21:38:54Z
dc.date.available2022-07-06T22:41:28Z
dc.date.copyright18/01/2000
dc.date.issued2000
dc.description.abstractIn Western Europe and East Asia capital markets require higher dividends from corporations tightly affiliated (at the 20% level of control) to a group and within a group from corporations whose controlling shareholder has a lower ratio O/C of ownership to control rights. For loosely-affiliated corporations (whose controlling shareholder holds between 10% and 20% of control rights) dividends are positively related to O/C reflecting expropriation not contained by capital markets. Such corporations comprise 2.94% of European corporations but 15.44 % of Asian corporations. In our 9 Asian economies the 11 largest groups at the 10% level comprise 53.75% of all corporations and 84.58% of loosely-affiliated corporations so most expropriation occurs here. Dividend are higher in Europe than in Asia; having multiple large shareholders increases dividends in Europe but decreases them in Asia.en_NZ
dc.formatpdfen_NZ
dc.identifier.urihttps://ir.wgtn.ac.nz/handle/123456789/19016
dc.language.isoen_NZ
dc.publisherTe Herenga Waka—Victoria University of Wellingtonen_NZ
dc.rightsPermission to publish research outputs of the New Zealand Institute for the Study of Competition and Regulation has been granted to the Victoria University of Wellington Library. Refer to the permission letter in record: https://ir.wgtn.ac.nz/handle/123456789/18870en_NZ
dc.subjectdividendsen_NZ
dc.subjectAsian economiesen_NZ
dc.titleDividends and Explorationen_NZ
dc.typeTexten_NZ
vuwschema.contributor.unitNew Zealand Institute for the Study of Competition and Regulationen_NZ
vuwschema.contributor.unitVictoria Business School: Orauarikien_NZ
vuwschema.subject.anzsrcfor149999 Economics not elsewhere classifieden_NZ
vuwschema.subject.anzsrcforV2389999 Other economics not elsewhere classifieden_NZ
vuwschema.type.vuwWorking or Occasional Paperen_NZ

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