论文标题
内部人所有权和股息支付政策：商业周期的作用
Insider Ownership and Dividend Payout Policy: The Role of Business Cycle
论文作者
论文摘要
我们调查了管理股票激励措施与股息支付政策之间的关系如何受到商业周期的影响，并在2000 - 2018年期间使用标准普尔1500家公司的数据。我们发现，管理股票期权与公司的年度股息支出之间有很强的负面关系。尽管这种关系的方向在衰退期间也为负，但该系数被发现微不足道。我们还发现，在经济衰退期间，根据公司的规模可能会有所不同。股票期权对中型公司的股息支出的影响是负面的，并且该系数在经济和统计学上都是显着的。大型公司的影响方向变化，表明这些公司中首席执行官投票权的恶化以及代理机构问题较小。我们还确定，首席执行官持有的股票百分比对大型公司分配的年度股息产生了积极影响，而这种关系在经济衰退时期发生了变化。
We investigate how the relationship between managerial stock incentives and the dividend payout policy is impacted by the business cycle by using the data of S&P 1500 companies during 2000-2018. We find a strong negative relationship between managerial stock options and annual dividend payouts of companies for the full sample. Although the direction of the relationship is also negative for the recession period, the coefficient is found to be insignificant. We also find that the mentioned relationship may vary during the recession depending on the size of the company. The impact of stock options on the dividend payout is negative for medium-sized companies and the coefficient is both economically and statistically significant. The direction of impact changes for large-cap companies indicating to deterioration of the CEO voting power in those companies and less agency problem. We also determine that the percentage of shares held by the CEO has a positive impact on annual dividends distributed for large-cap companies, whereas this relationship changes in times of recession.
