{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2025,5,14]],"date-time":"2025-05-14T07:43:52Z","timestamp":1747208632523,"version":"3.40.5"},"reference-count":22,"publisher":"Virtus Interpress","issue":"1","license":[{"start":{"date-parts":[[2018,9,5]],"date-time":"2018-09-05T00:00:00Z","timestamp":1536105600000},"content-version":"vor","delay-in-days":3900,"URL":"https:\/\/creativecommons.org\/licenses\/by-nc\/4.0"},{"start":{"date-parts":[[2018,9,5]],"date-time":"2018-09-05T00:00:00Z","timestamp":1536105600000},"content-version":"tdm","delay-in-days":3900,"URL":"https:\/\/creativecommons.org\/licenses\/by-nc\/4.0"}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["COC"],"published-print":{"date-parts":[[2008]]},"abstract":"<jats:p>This paper provides new international evidence on the relationship between dividend policy and institutional ownership by analysing a sample of US and UK and Irish firms characterised by an Anglo-Saxon tradition and a matching sample of other EU companies from Civil Law legal systems. We hypothesize that, due to the different characteristics of both the legal system and the nature of agency conflicts in firms from those countries, the type of institutional investors and their role in corporate governance is different and so the use of dividend policy to solve the conflict of corporate governance problem differs in each legal system. We find that while in firms from Anglo-Saxon tradition the relation between dividends and institutional investors, pension and investment funds, is possitive, in Civil Law countries the relation is negative where investors are banks or insurance companies with other private interest inside the firm. These results are consistent with our hypotheses and breed new insights into the role of dividend policy as a disciplining mechanism in firms from different legal system with an important presence of institutional investors.<\/jats:p>","DOI":"10.22495\/cocv6i1p4","type":"journal-article","created":{"date-parts":[[2017,2,4]],"date-time":"2017-02-04T22:27:06Z","timestamp":1486247226000},"page":"38-43","source":"Crossref","is-referenced-by-count":2,"title":["Dividends and institutional investors activism: Pressure resistant or pressure sensitive?"],"prefix":"10.22495","volume":"6","author":[{"ORCID":"https:\/\/orcid.org\/0000-0003-3053-3521","authenticated-orcid":false,"given":"Jos\u00e9 Mar\u00eda","family":"Diez-Esteban","sequence":"first","affiliation":[]},{"ORCID":"https:\/\/orcid.org\/0000-0002-8881-6789","authenticated-orcid":false,"given":"\u00d3scar","family":"L\u00f3pez-de-Foronda","sequence":"additional","affiliation":[]}],"member":"9787","published-online":{"date-parts":[[2017,2,4]]},"reference":[{"key":"ref0","doi-asserted-by":"publisher","unstructured":"Aivazain, V., Booth, L. and Cleary, S. (2003): Dividend Policy And The Organization Of Capital Markets. Journal of Multinational Financial Management, vol. 13, No.2, pp. 101-121.","DOI":"10.1016\/s1042-444x(02)00038-5"},{"key":"ref1","doi-asserted-by":"publisher","unstructured":"Alonso-Bonis, S. And De Andr\u00e9s-Alonso, P. ( 2007): Ownership structure and performance in large spanish companies. empirical evidence in the context of an endogenous relation, Corporate Ownership & Control, vol. 4, Issue 4, pp. 206, 216.","DOI":"10.22495\/cocv4i4c1p5"},{"key":"ref2","unstructured":"Arellano, M. and Bond, S. (1988): Dynamic Panel Data Estimation Using DPD. A Guide For Users. Working Paper n\u00ba 88\/15, Institute for Fiscal Studies."},{"key":"ref3","unstructured":"Arellano, M. and Bover, O. (1997): Estimating Limited Dependent Variable Models From Panel Data. Investigaciones Economicas, vol. 21. No.2, pp. 141-166."},{"key":"ref4","doi-asserted-by":"publisher","unstructured":"Becht, M., and R\u00f6ell, A. (1999): Blockholdings in Europe: An international comparison\u2016. European Economic Review. 43, pp. 1049-1056.","DOI":"10.1016\/s0014-2921(98)00113-5"},{"key":"ref5","doi-asserted-by":"publisher","unstructured":"Bianco, M. and Casavola, P. (1999): Italian corporate governance: Effects on financial structure and firm performance. European Economic Review. 43, pp. 1057-1069.","DOI":"10.1016\/s0014-2921(98)00114-7"},{"key":"ref6","doi-asserted-by":"crossref","unstructured":"Bhattacharya, P.S. y Graham, M. (2007): Institutional ownership and firm performance: Evidence from Finland?. Working paper, School of Accounting, Economics and Finance, Faculty of Busbiess and Law, Deaking University, Melbourne.","DOI":"10.2139\/ssrn.1000092"},{"key":"ref7","doi-asserted-by":"publisher","unstructured":"Chen, C.R. and Steiner, T.L. (1999): Managerial Ownership And Agency Conflicts: A Nonlinear Simultaneous Equation Analysis Of Managerial Ownership, Risk Taking, Debt Policy And Dividend Policy. Financial Review, vol. 34,No.1, pp. 119-136.","DOI":"10.1111\/j.1540-6288.1999.tb00448.x"},{"key":"ref8","doi-asserted-by":"publisher","unstructured":"Fama, E., and French, K. (2001): Disappearing Dividends: Changing Firm Characteristics or Lower Propensity to Pay?, Journal of Financial Economics, vol. 60 (1), pp. 3-45.","DOI":"10.1016\/s0304-405x(01)00038-1"},{"key":"ref9","unstructured":"Jensen, M.C. (1986): Agency Costs Of Free Cash Flow, Corporate Finance, And Takeovers. American Economic Review, vol. 76, No.2, pp. 323-329."},{"key":"ref10","doi-asserted-by":"publisher","unstructured":"La Porta, R., L\u00f3pez De Silanes, F., Shleifer, A. and Vishny, R. (1998): Law and Finance\u2016. Journal of Political Economy, vol. 106,. No.6, pp. 1113-1115.","DOI":"10.1086\/250042"},{"key":"ref11","doi-asserted-by":"publisher","unstructured":"La Porta, R., L\u00f3pez De Silanes, F., Shleifer, A. and Vishny, R. (1999): Corporate Ownership Around The World. Journal of Finance, vol. 54, No.2, pp. 471-517.","DOI":"10.1111\/0022-1082.00115"},{"key":"ref12","doi-asserted-by":"publisher","unstructured":"La Porta, R., L\u00f3pez De Silanes, F., Shleifer, A. and Vishny, R. (2000a): Investor Protection And Corporate Governance. Journal of Financial Economics, vol. 58, Nos.1&2, pp. 3-27.","DOI":"10.1016\/s0304-405x(00)00065-9"},{"key":"ref13","doi-asserted-by":"publisher","unstructured":"La Porta, R., L\u00f3pez De Silanes, F., Shleifer, A. and Vishny, R. (2000b): Agency Problems And Dividends Policy Around The World. Journal of Finance, vol. 55, No.1, pp. 1-33.","DOI":"10.1111\/0022-1082.00199"},{"key":"ref14","doi-asserted-by":"publisher","unstructured":"La Porta, R., L\u00f3pez De Silanes, F., Shleifer, A. and Vishny, R. (2002): Investor Protection And Corporate Valuation. Journal of Political Economy, vol. 106, pp. 1113-1115.","DOI":"10.3386\/w7403"},{"key":"ref15","doi-asserted-by":"publisher","unstructured":"Li, D.; Moshirian, F.; Kien Pham, P. y Zein, J. (2006): When financial institutions ara large shareholders: the role of macro corporate governance environments. Journal of Finance, vol. LXI, n\u00ba6, pp. 2975-3007.","DOI":"10.1111\/j.1540-6261.2006.01009.x"},{"key":"ref16","doi-asserted-by":"publisher","unstructured":"L\u00f3pez Iturriaga, F.J. and Saona Hoffman, P. (2005): Earnings management and internatl mechanism of corporate governance: Empirical evidence from Chilean firms\u2016. Corporate Ownership & Control, vol. 3, issue 1, pp. 17-29.","DOI":"10.22495\/cocv3i1p2"},{"key":"ref17","doi-asserted-by":"publisher","unstructured":"Miguel, A. de; Pindado, J. (2001): Determinants Of Capital Structure: New Evidence Form Spanish Panel Data. Journal of Corporate Finance, vol. 7, pp. 77-99.","DOI":"10.1016\/s0929-1199(00)00020-1"},{"key":"ref18","doi-asserted-by":"publisher","unstructured":"Pound, J. (1988): Proxi contest and the efficiency of shareholder oversight\u2016. Journal of Financial Economics, vol. 20, pp. 237-265.","DOI":"10.1016\/0304-405x(88)90046-3"},{"key":"ref19","doi-asserted-by":"publisher","unstructured":"Rajan, R.G. and Zingales, L. (1995): What Do We Know About Capital Structure?. Some Evidence From International Data. Journal of Finance, vol. 50, No.5, pp. 1421-1460.","DOI":"10.1111\/j.1540-6261.1995.tb05184.x"},{"key":"ref20","doi-asserted-by":"publisher","unstructured":"Short, H.; Zhang, H. and Keasey, K. (2002): The Link Between Dividend Policy And Institutional Ownership. Journal of Corporate Finance, vol. 8, No.2, pp. 105-122.","DOI":"10.1016\/s0929-1199(01)00030-x"},{"key":"ref21","doi-asserted-by":"publisher","unstructured":"Villalonga, B. and Amit, R. (2006) How do family ownership, control, and management affect firm value? Journal of Financial Economics, 80(2), 385\u2013417.","DOI":"10.1016\/j.jfineco.2004.12.005"}],"container-title":["Corporate Ownership and Control"],"original-title":[],"link":[{"URL":"https:\/\/virtusinterpress.org\/IMG\/pdf\/10-22495cocv6i1p4.pdf","content-type":"application\/pdf","content-version":"vor","intended-application":"text-mining"},{"URL":"https:\/\/virtusinterpress.org\/IMG\/pdf\/10-22495cocv6i1p4.pdf","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2023,11,12]],"date-time":"2023-11-12T17:05:59Z","timestamp":1699808759000},"score":1,"resource":{"primary":{"URL":"https:\/\/virtusinterpress.org\/DIVIDENDS-AND-INSTITUTIONAL.html"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2008]]},"references-count":22,"journal-issue":{"issue":"1","published-online":{"date-parts":[[2017]]},"published-print":{"date-parts":[[2008]]}},"URL":"https:\/\/doi.org\/10.22495\/cocv6i1p4","relation":{},"ISSN":["1727-9232","1810-3057"],"issn-type":[{"type":"print","value":"1727-9232"},{"type":"electronic","value":"1810-3057"}],"subject":[],"published":{"date-parts":[[2008]]}}}