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Type	Journal Article
Scope	Discipline-based scholarship
Title	The shareholder base and payout policy
Organization Unit	Finance (Per Nils Anders Östberg)
Authors	Andriy Bodnaruk Per Nils Anders Östberg
Item Subtype	Original Work
Refereed	Yes
Status	Published in final form
Language	English
Journal Title	Journal of Financial and Quantitative Analysis
Publisher	Cambridge University Press
Geographical Reach	international
ISSN	0022-1090
Volume	48
Number	3
Page Range	729 - 760
Date	2013
Abstract Text	We examine the relation between the shareholder base and payout policy. Consistent with the idea that the shareholder base is related to the cost of external financing we find that firms with small shareholder bases have lower payout levels and maintain higher cash holdings. We show that undertaking an open market repurchase results in a significant reduction in the size of the shareholder base. Consequently, we find that firms with small shareholder bases are less likely to undertake a repurchase (reduce the shareholder base even further) and are more likely to pay special dividends.
Related URLs	http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1107118
Digital Object Identifier	10.1017/S0022109013000252
Other Identification Number	merlin-id:4878
PDF File	Download from ZORA
Export	BibTeX EP3 XML (ZORA)
Additional Information	Copyright: Cambridge University Press.