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TitleMutual fund ownership and firms’ dividend policies : Evidence from Thailand
Author Surayut Thanapattanaporn
Imprint 2017
Descript 45 leaves: tables

SUMMARY

This paper investigates the relation between mutual fund ownership and firms’ cash dividend policies in Thailand. As the agency theory suggests that there are conflicts of interest between corporate insider and outsider. Cash dividends can be the mechanism reduce agency costs, and ownership structure might affect the firm dividend policies. The empirical evidence finds that mutual funds cannot influence firms to pay higher cash dividends and to initiate cash dividends. I also find that the mutual fund ownership of the non-family firm is not associated with a firm’s future dividend policy.
The empirical results are different from the finding of Firth et al. (2016) in China which find that mutual fund ownership is positively and significantly associated with a firm’s dividend payout. There are the difference mutual fund ownerships’ characteristic between Thailand and China. The evidence concludes that mutual fund in Thailand may not be the influent investor and cannot drive the important firm’s policy.


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