DETERMINANTS OF CAPITAL STRUCTURE, DIVIDEND POLICY, AND INSIDER OWNERSHIP IN JAPANESE CORPORATIONS
The relationship between a firms operational characteristics on one hand and its managerial ownership, debt, and dividend policies on the other has received considerable attentwn in finance literature. The determinants ofeach policy are generally studied independently. However. the firms managerial...
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People & Global Business Association (P&GBA)
2003-03-01
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doaj-bf6f3000bead44aa9fd1c46e0b45c7022021-02-17T06:41:03ZengPeople & Global Business Association (P&GBA)Global Business and Finance Review 1088-69312384-16482003-03-0181113DETERMINANTS OF CAPITAL STRUCTURE, DIVIDEND POLICY, AND INSIDER OWNERSHIP IN JAPANESE CORPORATIONSGulser Meric0Larissa Kyj1llhan Meric2Christopher Lacke3Rowan UniversityRowan UniversityRider UniversityRowan UniversityThe relationship between a firms operational characteristics on one hand and its managerial ownership, debt, and dividend policies on the other has received considerable attentwn in finance literature. The determinants ofeach policy are generally studied independently. However. the firms managerial ownership, debt, and dividend levels are related not only to thejinns operational characteristics but also directly to each other. Jn this study, we use a three-stage least squares (3SLS) simultaneous equations model to study the interaction between rhe financial Leverage, dividend policy, insider ownership decisions in Japanese non- financial corpo:rrtions. We find that dividend policy, business risk and profitability are significant determinant of financial leverage; financial Leverage, business risk, and profitability are significant determinants ofdividend po/ic,y; and, institutional ownership and business risk are significant determinants of insider ownership in Japanese non-financial corporations. These findings are generally in line with earlier findings.for US non-financial corporations. However, there are some important d(fferences.http://www.gbfrjournal.org/pds/journal/thesis/20150624144632-2S61L.pdfcapital structuredividend policyinsider ownershipfirms operational characteristic |
collection |
DOAJ |
language |
English |
format |
Article |
sources |
DOAJ |
author |
Gulser Meric Larissa Kyj llhan Meric Christopher Lacke |
spellingShingle |
Gulser Meric Larissa Kyj llhan Meric Christopher Lacke DETERMINANTS OF CAPITAL STRUCTURE, DIVIDEND POLICY, AND INSIDER OWNERSHIP IN JAPANESE CORPORATIONS Global Business and Finance Review capital structure dividend policy insider ownership firms operational characteristic |
author_facet |
Gulser Meric Larissa Kyj llhan Meric Christopher Lacke |
author_sort |
Gulser Meric |
title |
DETERMINANTS OF CAPITAL STRUCTURE, DIVIDEND POLICY, AND INSIDER OWNERSHIP IN JAPANESE CORPORATIONS |
title_short |
DETERMINANTS OF CAPITAL STRUCTURE, DIVIDEND POLICY, AND INSIDER OWNERSHIP IN JAPANESE CORPORATIONS |
title_full |
DETERMINANTS OF CAPITAL STRUCTURE, DIVIDEND POLICY, AND INSIDER OWNERSHIP IN JAPANESE CORPORATIONS |
title_fullStr |
DETERMINANTS OF CAPITAL STRUCTURE, DIVIDEND POLICY, AND INSIDER OWNERSHIP IN JAPANESE CORPORATIONS |
title_full_unstemmed |
DETERMINANTS OF CAPITAL STRUCTURE, DIVIDEND POLICY, AND INSIDER OWNERSHIP IN JAPANESE CORPORATIONS |
title_sort |
determinants of capital structure, dividend policy, and insider ownership in japanese corporations |
publisher |
People & Global Business Association (P&GBA) |
series |
Global Business and Finance Review |
issn |
1088-6931 2384-1648 |
publishDate |
2003-03-01 |
description |
The relationship between a firms operational characteristics on one hand and its managerial ownership, debt, and dividend policies on the other has received considerable attentwn in finance literature. The determinants ofeach policy are generally studied independently. However. the firms managerial ownership, debt, and dividend levels are related not only to thejinns operational characteristics but also directly to each other. Jn this study, we use a three-stage least squares (3SLS) simultaneous equations model to study the interaction between rhe financial Leverage, dividend policy, insider ownership decisions in Japanese non- financial corpo:rrtions. We find that dividend policy, business risk and profitability are significant determinant of financial leverage; financial Leverage, business risk, and profitability are significant determinants ofdividend po/ic,y; and, institutional ownership and business risk are significant determinants of insider ownership in Japanese non-financial corporations. These findings are generally in line with earlier findings.for US non-financial corporations. However, there are some important d(fferences. |
topic |
capital structure dividend policy insider ownership firms operational characteristic |
url |
http://www.gbfrjournal.org/pds/journal/thesis/20150624144632-2S61L.pdf |
work_keys_str_mv |
AT gulsermeric determinantsofcapitalstructuredividendpolicyandinsiderownershipinjapanesecorporations AT larissakyj determinantsofcapitalstructuredividendpolicyandinsiderownershipinjapanesecorporations AT llhanmeric determinantsofcapitalstructuredividendpolicyandinsiderownershipinjapanesecorporations AT christopherlacke determinantsofcapitalstructuredividendpolicyandinsiderownershipinjapanesecorporations |
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1724265496134549504 |