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Litigation risk and payout policy

机译：诉讼风险和支出政策

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摘要

Purpose - The purpose of the paper is to examine the relationship between litigation risk and payout policy. Design/methodology/approach - The authors employ various regression techniques including probit, logit and tobit regression methodologies to study the relationship between litigation risk (contemporaneous measures, litigation dummy) and payout policy (dividend payout likelihood and dividend yield). The authors also conduct several robustness tests. Findings - The authors find that firms involved in a lawsuit have a lower propensity to distribute dividends to shareholders. In particular, the authors document a negative relationship between litigation risk and payout policy as measured by dividend payout likelihood and dividend yield. The results are robust to a series of robustness tests including using alternate regression specifications, alternate measures of litigation and payout policy, a propensity-score matched sample and using an instrumental variable. Originality/value - The paper identifies another determinant of payout policy and documents another avenue whereby legal institutions affect corporate payout policy. The link between litigation risk and payout policy is of interest to the business community, financial economists, management and the investing public.
机译：目的 - 论文的目的是审查诉讼风险与支出政策之间的关系。设计/方法/方法 - 作者采用各种回归技术，包括概率，Logit和Tobit回归方法，以研究诉讼风险（同期措施，诉讼假）与支付政策之间的关系（股息支付可能性和股息收益率）。作者还进行了多种稳健性测试。调查结果 - 作者发现涉及诉讼的公司具有较低的倾向于向股东分配股息。特别是，根据股息支付可能性和股息收益率衡量的诉讼风险和支付政策之间的负面关系造成负面关系。结果对于一系列稳健性测试，包括使用替代回归规范，替代诉讼和支付策略的替代措施，一种预言评分匹配样本和使用乐器变量。原创性/值 - 论文确定了另一种薪水策略的决定因素，以及法律机构影响公司支付政策的另一个大道。诉讼风险与支付政策之间的联系对商业界，金融经济学家，管理和投资公众感兴趣。

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  • 来源
    《Managerial finance》 |2020年第11期|1391-1406|共16页
  • 作者

    James Malm; Srinidhi Kanuri;

  • 作者单位

    Department of Finance College of Charleston Charleston South Carolina USA;

    Department of Finance University of Southern Mississippi College of Business Hattiesburg Mississippi USA;

  • 收录信息
  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类
  • 关键词

    Lawsuits; Litigation risk; Payout policy;

    机译：诉讼;诉讼风险;支付政策;

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