文章基本信息

标题：Managerial Ownership And Dividend Policy In The U.S. Banking Industry
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作者：M. Cary Collins ; Amitabh S. Dutta ; James W. Wansley 等
期刊名称：Journal of Business & Economics Research
印刷版ISSN：1542-4448
电子版ISSN：2157-8893
出版年度：2011
卷号：7
期号：10
语种：English
出版社：The Clute Institute for Academic Research
摘要：This paper examines a sample of U.S. Bank Holding Companies (BHCs) to determine if there is a relationship between managerial equity ownership (insider holdings) and the level of dividends paid out by the BHC. Given the findings of prior research, the analysis is performed using Two-Stage Least Squares (2SLS) regression with three equations. The three dependent variables are DIVPAY (dividend payout), DEBT (total liabilities over total consolidated assets) and INSIDER (percentage of common stock held by officers and directors). This study finds that insider holdings has a non-linear relation with dividend payout. Initially, there is a significant negative relation between the level of insider holdings and the level of dividends paid. However, higher levels of insider holdings show a positive relation with the level of dividends paid.
关键词：U.S. BHCs;Managerial equity ownership;Insider holdings;Dividend payout