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Cited by 472

The DOI matches its Crossref record; 8 of the 8 references it cites were found in a registry or an index.

The Effect of Institutional Ownership on Payout Policy: Evidence from Index Thresholds

Crane, Alan D., Michenaud, Sébastien, Weston, James P.·2016·Review of Financial Studies
DOI 10.1093/rfs/hhw012
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Abstract

We show that higher institutional ownership causes firms to pay more dividends. Our identification relies on a discontinuity in ownership around Russell index thresholds. Our estimates indicate that a one-percentage-point increase in institutional ownership causes a $7 million (8%) increase in dividends. We also find differences in shareholder proposals and voting patterns that suggest that even nonactivist institutions play an important role in monitoring firm behavior. The effect of institutional ownership on dividends is stronger for firms with higher expected agency costs. Received December 5, 2014; accepted December 24, 2015 by Editor David Denis.

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Metadata

Authors
Crane, A. D., Michenaud, S., & Weston, J. P.
Venue
Review of Financial Studies
Publisher
Oxford University Press (OUP)
Published
2016-03-18
Volume
29
Issue
6
Pages
1377-1408
ISSN
  • 0893-9454 (ISSN-L)
  • 1465-7368
DOI
10.1093/rfs/hhw012
OpenAlex
W3122685541
Cited by
472
References
8
FWCI
142.66
Type
journal article
Language
en
Open access
closed

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CoChat. (2026). Citation check: The Effect of Institutional Ownership on Payout Policy: Evidence from Index Thresholds. https://app.cochat.ai/papers/10.1093/rfs/hhw012
The paper
Crane, A. D., Michenaud, S., & Weston, J. P. (2016). The Effect of Institutional Ownership on Payout Policy: Evidence from Index Thresholds. Review of Financial Studies. https://doi.org/10.1093/rfs/hhw012

Data sources

Bibliographic data: Semantic Scholar, OpenAlex, Crossref.

Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).

Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.