We explore how the effects of the change in insider ownership concentration on the dividend policy in different legal, corporate governance, and cultural environments in Asian countries. The severity of agency problems of controlling insiders and outside investors in Asian countries provides a unique circumstance for exploring this issue. Unlike previous findings, we find an inverse U-shaped relation between insider ownership and dividend payouts in Asian countries. Second, we note that Asian firms in common law countries pay higher dividends compared with Asian firms in civil law countries. We further find that countries with more robust corporate governance structure have higher dividend payouts, and there is an inverse U-shaped relation between insider ownership and dividend payouts in Asian countries with more robust corporate governance. Finally, we also find cultural dimension measures play an essential role in payout policy.

我们探讨了亚洲国家不同法律，公司治理和文化环境下内部人所有权集中变化对股利政策的影响。控制亚洲国家内部和外部投资者的代理问题的严重性为探讨这一问题提供了独特的情况。与以前的发现不同，我们发现亚洲国家的内部人所有权与股息支付之间呈倒U型关系。其次，我们注意到，与大陆法系国家的亚洲公司相比，英美法系国家的亚洲公司支付的股息更高。我们进一步发现，拥有更健全公司治理结构的国家具有更高的股利支付，而在拥有更健全公司治理的亚洲国家中，内部人所有权与股利支付之间存在反U型关系。