THE RELATIONSHIP BETWEEN ENDOGENOUS OWNERSHIP AND DIVIDEND POLICY: BY USING THE PSM ESTIMATOR

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FILSARAEI MAHDI; ZAREI ALIREZA

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Journal: The Financial Accounting and Auditing Researches Year:2018 | Volume:10 | Issue:38 Page(s): 115-141

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Title

THE RELATIONSHIP BETWEEN ENDOGENOUS OWNERSHIP AND DIVIDEND POLICY: BY USING THE PSM ESTIMATOR

Author(s)

FILSARAEI MAHDI | ZAREI ALIREZA | Issue Writer Certificate

Keywords

DIVIDEND POLICYQ2

THE ENDOGENEITY OF OWNERSHIPQ1

INSTITUTIONAL OWNERSHIPQ2

CORPORATE OWNERSHIPQ2

PROPENSITY SCORE MATCHINGQ1

Abstract

The relationship between dividend and corporate governance index (in this study concentrated ownership) is debatable within the framework of agency theory is debatable and implementation of corporate governance is a mechanism to reduce agency cost. Dividend reduces agency cost through the distribution of free cash flow. In this study, a new aspect of the relationship of ownership (The endogenous relationship) and DIVIDEND POLICY has been investigated. Since the ownership structures are exogenous and are not randomly chosen by investors, Common regression causes bias in the coefficients. Matching techniques (PSM), are to control the endogeneity and to assess effects that ownership variables have on the behavior of dividend. For this purpose, data of 2080 firm-year were used. In this study, the effect of ownership variable on DIVIDEND POLICY was estimated as exogenous once and endogenous once again. For the statistical analysis, the results were analyzed via Software R by using ordinary panel data and data mathched by PSM. In both methods, the simple logistic regression and logistic panel model was fitted and Akaike's information criterion (AIC) were used for comparing the methods. It was observed that the p- value of concentrated institutional investors (INS) and concentrated corporate investors (CORP) is less than 0.05, so these two variables have a significant effect on the variable DIVIDEND POLICY. For the control variables, observations shows that only net income and company size doesn’t have a significant effect on DIVIDEND POLICY but other control variables have a significant effect on the dependent variable. Finally, using PSM and matching of data can have a significant role in improving the fitted regression and its results are more significant than normal data.

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APA: Copy

FILSARAEI, MAHDI, & ZAREI, ALIREZA. (2018). THE RELATIONSHIP BETWEEN ENDOGENOUS OWNERSHIP AND DIVIDEND POLICY: BY USING THE PSM ESTIMATOR. THE FINANCIAL ACCOUNTING AND AUDITING RESEARCHES, 10(38 ), 115-141. SID. https://sid.ir/paper/198142/en

Vancouver: Copy

FILSARAEI MAHDI, ZAREI ALIREZA. THE RELATIONSHIP BETWEEN ENDOGENOUS OWNERSHIP AND DIVIDEND POLICY: BY USING THE PSM ESTIMATOR. THE FINANCIAL ACCOUNTING AND AUDITING RESEARCHES[Internet]. 2018;10(38 ):115-141. Available from: https://sid.ir/paper/198142/en

IEEE: Copy

MAHDI FILSARAEI, and ALIREZA ZAREI, “THE RELATIONSHIP BETWEEN ENDOGENOUS OWNERSHIP AND DIVIDEND POLICY: BY USING THE PSM ESTIMATOR,” THE FINANCIAL ACCOUNTING AND AUDITING RESEARCHES, vol. 10, no. 38 , pp. 115–141, 2018, [Online]. Available: https://sid.ir/paper/198142/en

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