DOI: 10.5176/2010-4804_2.4.259
Authors: Samir Aguenaou, Omar Farooq and Hui Di
Abstract:
This study investigates the effect of the ownership structure on dividend policies for firms listed at the Casablanca stock exchange. Two aspects of the ownership structure are used, the first is the ownership concentration and the second is the identity of the largest shareholders. A panel data analysis is performed to examine the relationship between the dividend policy and the ownership structure in this emerging market for the period between 2004 and 2010. Results show that two forms of ownership identity influence negatively the dividend policy of firms listed. In fact, when the identity of the largest shareholder is either an industrial company or a family, the level of distributed dividends is decreased. Furthermore, findings show that there is no impact of ownership concentration on dividend policies for firms listed at the Casablanca Stock Exchange.
Keywords: Agency Problems, Dividend Policy, Emerging Markets, Ownership Strcuture
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