Purpose

This study aims to analyze the influence of firm characteristics in dividend payout in a concentrated ownership setting.

Design/methodology/approach

This study is probably the first to use the lasso technique for model selection and error prediction in the study of dividend payout in India. The lasso method comprises subsampling the available data set and performing reiterative regressions on those samples to generate the model with the best fit. This study incorporates four different ways of performing lasso treatment to get the best fit among them.

Findings

This study analyzes the influence of firm characteristics on dividend payout in the Indian context and asserts that firms with growth potential and earnings volatility do not hesitate to cut dividends. This study does not find evidence for signaling, agency cost and life cycle theories in a concentrated ownership setting. Earnings is the single most important factor to have a positive influence on dividend, while excessively leveraged firms are restrictive of dividend payout. Taxation has a prominent role in altering the way firms pay dividend.

Research limitations/implications

The recent changes in buyback taxation offer another opportunity to test the reactive behavior of firms. Also, given the disregard for traditional motivations, further research needs to be done to determine if dividend adjustments (on the lower side) help enhance firm value or not.

Practical implications

This study may help investors view dividends in a proper perspective. Firms give importance to investments over dividends and thus investors need not dwell on dividend changes if firms fulfill their growth potential.

Social implications

It lends perspective to investors about dividend changes and its importance.

Originality/value

The methodology used for analysis is absolutely original in the literature pertaining to dividend policy in the Indian context. The literature is abundant with theories advocating or opposing the eminence of dividend payout; however, this study takes a holistic view of all influential dividend determinants in literature to understand dividend payout.

中文翻译：

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集中所有制企业的企业特征是否会影响传统动机之外的股息支付？

目的

本研究旨在分析股权集中情况下公司特征对股息支付的影响。

设计/方法/方法

这项研究可能是第一个在印度股息支付研究中使用套索技术进行模型选择和误差预测的研究。套索方法包括对可用数据集进行二次采样并对这些样本执行迭代回归以生成具有最佳拟合的模型。这项研究结合了四种不同的套索治疗方法，以在其中获得最佳拟合。

发现

本研究分析了印度背景下公司特征对股息支付的影响，并断言具有增长潜力和盈利波动性的公司会毫不犹豫地削减股息。本研究没有找到集中所有权环境中信号、代理成本和生命周期理论的证据。收益是对股息产生积极影响的最重要因素，而过度杠杆化的公司限制了股息支付。税收在改变公司支付股息的方式方面发挥着重要作用。

研究限制/影响

最近回购税的变化提供了另一个机会来测试公司的反应行为。此外，考虑到对传统动机的忽视，需要进行进一步研究以确定股息调整（在较低的一侧）是否有助于提高公司价值。

实际影响

这项研究可以帮助投资者正确看待股息。公司更重视投资而不是股息，因此如果公司实现其增长潜力，投资者无需关注股息变化。

社会影响

它为投资者提供了有关股息变化及其重要性的观点。

原创性/价值

用于分析的方法在与印度背景下的股息政策有关的文献中绝对是原创的。文献中充斥着支持或反对派息优势的理论；然而，这项研究对文献中所有有影响的股息决定因素进行了整体观察，以了解股息支付。