METHODOLOGY FOR ASSESSING THE IMPACT OF THE OWNERSHIP STRUCTURE ON DIVIDEND PAYOUT OF LISTED COMPANIES
Keywords:Ownership structure, Ownership concentration, Managerial ownership, Institutional ownership, Dividend payout
The ownership structure is increasingly identified as an important research factor when analysing dividend payout and the factors affecting them. The impact of ownership structure is usually examined through the concentration of ownership and the type of dominant shareholder. Although the impact of the ownership structure on corporate dividend payout is receiving increasing attention in foreign countries, insufficient attention has been paid to this research in Lithuania and the Baltic countries. The results of such research would enable potential portfolio investors to anticipate investment expectations in terms of current and future consumption, so the aim of this study is to develop a methodology for assessing the impact of ownership structure on corporate dividend payout through research analysis and synthesis. Two linear regression models are developed to determine the effect of the ownership structure on the dividend payout of listed companies: logistic regression – to assess the effect of the ownership structure on the probability of dividend payout and Tobit regression model – to quantify the effect of the ownership structure on dividends.