Effect of family control on corporate dividend policy of firms in Pakistan

被引：0
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作者：
Imran Yousaf
Shoaib Ali
Arshad Hassan
机构：
[1] Air University,Faculty Member, Air University School of Management
[2] Capital University of Science and Technology,Professor/ Dean of Management and Social Sciences Department
来源：
Financial Innovation | / 5卷
关键词：
Family firm; Family ownership; Dividend; Minority shareholder; Expropriation; Agency conflicts;
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摘要：
This study examines the impact of family control on the dividend policy of firms in Pakistan, covering the period from 2009 to 2016. It also investigates whether family control moderates the impact of firm-specific factors on the dividend policy. The GMM model for panel data estimation is used. The mean difference univariate analysis shows that family firms differ from nonfamily firms based on financial characteristics. The multivariate analysis shows that family firms pay lower dividends than nonfamily firms. Besides, firm size inversely affects the dividend policy, whereas tangibility positively affects it. Moreover, family control does not moderate the impact of all firm-specific factors on the dividend policy. Overall, family control, size, and tangibility are found to be the main determinants of the dividend policy in Pakistan.
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