Cross-country Analysis of the Impact of Ownership Structure on Dividend Policy

Topic: cross-country analysis of the impact of ownership structure on dividend policy. Among the company's many financial policy decisions, one of the most important is a decision to pay or not to pay dividends to its shareholders. Due to the numerous factors that influence the dividend policy, the company's motives for paying dividends are still a mystery to researchers. As a result, the dividend theory has formed several areas in which the policy of payment of companies is considered from the point of view of a single factor. The study is devoted to the problems of the relationship between the dividend policy and the ownership structure in public companies in different countries. The relationship between property concentration and dividend policy is analyzed on the example of joint-stock companies in the period from 2007 to 2018, the influence of a wide range of factors related to the concentration of ownership was Studied. The study allows us to draw conclusions that the concentration of ownership in the company has an impact on the policy of paying dividends, and there are features of this impact on the dividend policy for ordinary shares. This study found the most significant types of owners for each of the countries in the sample.