การทดสอบความสัมพันธ์ระหว่างนโยบายการจ่ายเงินปันผลและโครงสร้างผู้ถือหุ้น Examination of The Linkage Between Dividend Policy and Ownership Structure

Abstract

This paper examined the relationship between dividend policy and ownership structure by focusing on two types of ownership structure, namely, institutional ownership and managerial ownership. In addition, impact of net income from operation on dividend policy was considered and incorporated into the investigated model. The sample of companies listed in the Stock Exchange of Thailand during 2012 and 2016 was collected from online database provided by Stock Exchange of Thailand. Our panel data used in this study consists of 896 observations (firm-year). In this study, three well-established models were selected including Full Adjustment Model (FAM) (Lintner, 1956), Partial Adjustment Model (PAM) (Waud, 1966), and Earnings Trend Model (ETM) (Fama & Babiak, 1968), for examining relationship among variables. The major advantage of adopting three models in this study can be used to ensure the robustness of the findings. In the analysis, the Fixed-effect Panel Least Square was employed for estimation coefficients. The results revealed that managerial ownership was positively and significantly associated with dividend policy. Although relationship between institutional ownership and dividend policy was positive, the result was statistically insignificant. The result implied that, in Thai stock market, managerial ownership had influential power on manipulating dividend policy of a firm.