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Impact of ownership structure on dividend payout in Pakistani non-financial sector

机译：所有权结构对巴基斯坦非金融部门股息支付的影响

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The purpose of this study is to analyze the impact of ownership structure on dividend payout (DIV) ratio of 100 companies related to non-financial sector listed in Karachi stock exchange for the sample period of 2011–2015. Fixed effects model as a panel data analysis technique indicates that managerial ownership (MO) has shown significant and negative impact on DIV which indicates that as MO rise, they will prefer to retain instead of distribution. Institutional ownership is showing significant and positive behavior with DIV ratio which also showing favorable arguments for dividend distribution. Change in earnings and operating cash flows as control variables are not making variation in DIV. Further, firms having favorable firm’s value and higher firm’s size lead to distribute more dividends with good faith and reputation. Leverage and DIV ratio relationship are an indication of cash flow theory, all earnings must be distributed among shareholders while positive and favorable NPV projects must be availed through debt financing. This study provides supports to shareholders in adjusting their investment strategies because it provides information regarding dividend policies.
机译：本研究的目的是分析所有权结构对2011年至2015年样本时间在卡拉奇证券交易所上市的100家与非金融领域相关的公司的股利支付（DIV）比率的影响。固定效应模型作为面板数据分析技术，表明管理所有权（MO）对DIV产生了显着和负面的影响，这表明随着MO的上升，他们将更倾向于保留而不是分配。机构所有权显示出显着且积极的行为，其DIV比率也显示了有利于股利分配的理由。由于控制变量并未使DIV发生变化，因此收益和营业现金流量发生了变化。此外，具有有利的公司价值和更大的公司规模的公司可以分配更多具有真诚和声誉的股息。杠杆率和DIV比率关系是现金流量理论的指标，所有收益必须在股东之间分配，而积极和有利的NPV项目必须通过债务融资获得。这项研究为股东调整其投资策略提供了支持，因为它提供了有关股息政策的信息。

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