Shareholder Structure and Dividend Policy in the Developed Markets of Asia-Pacific

Abstract

The objective of this study is to examine the relationship between the shareholder structure and dividend policy of an entire region - the developed markets in the Asia-Pacific region. The results show that at least three shareholder groups influence the dividend policy of companies. The group of investment advisors favours higher dividend payments. However, the greatest likelihood to receive extraordinary dividend payments is with shares of companies with a high stake of government investors. Further, the group of minority shareholders show a negative influence, which might be affected by the low interest-rate period and hence the lack of alternative investment opportunities for members of this group.