Foreign investment horizons, corporate governance and payout policyopen access
- Authors
- Lee, Eun Jung; Kim, Sungmin; Jang, Yongwon
- Issue Date
- Jul-2022
- Publisher
- Emerald Publishing
- Keywords
- Corporate governance; Emerging markets; Foreign investment horizons; Payout policy
- Citation
- Journal of Derivatives and Quantitative Studies, v.30, no.3, pp 219 - 244
- Pages
- 26
- Indexed
- SCOPUS
KCI
- Journal Title
- Journal of Derivatives and Quantitative Studies
- Volume
- 30
- Number
- 3
- Start Page
- 219
- End Page
- 244
- URI
- https://scholarworks.bwise.kr/erica/handle/2021.sw.erica/119994
- DOI
- 10.1108/JDQS-02-2022-0004
- ISSN
- 1229-988X
2713-6647
- Abstract
- This paper examines whether long-term foreign investors may force firms to use a costly dividend to mitigate inefficient managerial behavior. The authors also hypothesize that the relation between foreign investment horizons and payout policy depends upon the extent of the corporate governance. The authors find that firms held by long-term foreign investors make dividend more often in the subsequent years. The authors also find that foreign investors with long-term investments do not cause firms to pay dividends when firms have strong corporate governance. It suggests that long-term foreign investors serve as a substitute for strong corporate governance with respect to controlling agency conflicts. © 2022, Eun Jung Lee, Sungmin Kim and Yongwon Jang.
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