Catering to behavioral demand for dividends and its potential agency issue

被引：4
|
作者：
Jun, Xiao [1 ]
Li, Mingsheng [2 ]
Chen Yugang [3 ]
机构：
[1] Jiangxi Univ Finance & Econ, Nanchang, Jiangxi, Peoples R China
[2] Bowling Green State Univ, Bowling Green, OH 43403 USA
[3] Sun Yat Sen Univ, Business Sch, Guangzhou, Guangdong, Peoples R China
来源：
PACIFIC-BASIN FINANCE JOURNAL | 2017年 / 46卷
基金：
中国国家自然科学基金;
关键词：
Dividend pass-through; Agency problems; Flow-performance; Behavioral demand; Individual investors; Chinese mutual funds; MUTUAL FUND PERFORMANCE; RISK-TAKING; INSTITUTIONAL INVESTORS; PAYOUT POLICIES; FLOWS; INCENTIVES; FAMILIES; INDUSTRY; TOURNAMENTS; CLIENTELES;
D O I：
10.1016/j.pacfin.2017.09.013
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
Using a unique sample of open-ended mutual funds, which are not subject to "pass through" requirements, we test whether paying dividend creates a potential agency issue. We find that dividend yield (DY) is positively (negatively) related to a fund's post-dividend net cash flow (performance). In addition, small funds and funds suffering from low inflows have stronger in centives to distribute high dividends after controlling for dividend paying capacity. More importantly, the prevalent behavioral demand for dividend is mainly due to individual investors' dividend chasing. Thus, catering to a behavioral demand for dividends creates a potential agency issue rather than mitigating one.
引用
收藏
页码：269 / 291
页数：23
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