Agency problems, product market competition and dividend policies in Japan

Wen He

60 citations0/0 files storedAccounting and Finance

No readable copy stored yet — this record is metadata only.

No open-access location is known for this record yet.

Literature note Cite in a project Citation map

Corporate Finance and Governance Financial Markets and Investment Strategies Auditing, Earnings Management, Governance

Abstract

Abstract This study investigates whether product market competition reduces agency problems between controlling shareholders and minority shareholders in Japan. In particular, we examine firms’ dividend policies in competitive versus concentrated industries. In a large sample of Japanese firms, we find that firms in more competitive industries pay more dividends, are more likely to increase dividends and are less likely to omit dividends. Furthermore, the impact of firm‐level agency problems on dividend payouts is weaker in highly competitive industries. The results suggest that product market competition can be an effective industry‐level governance mechanism that can force managers to disgorge cash to outside investors.

Paper brief

Loading…

Cite this work

Citation unavailable for this work.

BibTeX RIS CSL-JSON

No public copy is stored for this record, so only the metadata is cited.

Citations in this library

Citation map →

Stored only when both papers are in the corpus — 60 citations exist upstream.

References

1976Theory of the firm: Managerial behavior, agency costs and ownership structure 1986Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers 1997A Survey of Corporate Governance 2008Estimating Standard Errors in Finance Panel Data Sets: Comparing Approaches 1961Dividend Policy, Growth, and the Valuation of Shares 2003Corporate Governance and Equity Prices 2000The separation of ownership and control in East Asian Corporations 1998Agency Problems and Dividend Policies Around the World

Cited by

2019Mandatory corporate social responsibility disclosure and dividend payouts: evidence from a quasi‐natural experiment 2018How does competition shape managerial decisions? Product market competition and financial statement comparability 2019Financial statement comparability and corporate tax avoidance: evidence from China 2013Internal corporate governance mechanisms as drivers of firm value: panel data evidence for Chilean firms 2023Business strategy, cash holdings, and dividend payouts

Explore the map →

Papers that cite the same references — the relational fallback while embeddings are still backfilling.

Imported from OpenAlex (CC0) — nothing here is generated.