202 /304
投資機會和投資者保護機制對控股股東派息的影響
202
Panel B Definitions and Sources of the Variables
Variable
Definition
Source
Dividend Payout Ratios:
Dividends/Sales
(
Dvd/Sales
)
Total cash dividends paid to common and preferred
shareholders divided by net sales.
WorldScope
Dividends/
Operating cash
flows (
Dvd/CFO
)
Total cash dividends paid to common and preferred
shareholders divided by the total funds from operations.
WorldScope
Dividends/MV
(
Dvd/MV
)
Total cash dividends paid to common and preferred
shareholders divided by the market value of equity at the
end of the year.
WorldScope
Dividends/Earnings
(
Dvd/E
)
Total cash dividends paid to common and preferred
shareholders divided by earnings after tax and interest
but before extraordinary items.
WorldScope
Industry-adjusted
Dividend Payout
Ratios (
IADvd
)
The difference between the dividend payout ratio and the
industry (worldwide) median dividend payout ratio. The
2-digit primary SIC is used to define the industry.
WorldScope
Legal Institutions:
Legal Tradition
(
Legal
)
The legal tradition of the country in which the firm is
domiciled, which equals one if it is English common law
and zero otherwise.
La Porta et al.
(1998)
Anti-director Rights
(
Right
)
Index of minority shareholder protections, which is
formed by “adding 1 when: (1) the country allows
shareholders to mail their proxy votes; (2) shareholders
are not required to deposit their shares prior to the
General Shareholders’ meeting; (3) cumulative voting or
proportional representation of minorities on the board of
directors is allowed; (4) an oppressed minorities
mechanism is in place; (5) the minimum percentage of
share capital that entitles a shareholder to call for an
Extraordinary Shareholders’ meeting is less than or equal
to 10% (the sample median); (6) or when shareholders
have preemptive rights that can only be waved by a
shareholders’ meeting. The range for the index is from 0
to 6.”
La Porta et al.
(1998)
“Company laws or
commercial code”
Disclosure Rating
(
Disclosure
)
The rating of disclosure standards based on
“measurement of the inclusion or omission of 90 items in
the annual report.” The index was created by examining
and rating the 1990 annual reports of firms on their
inclusion or omission of 90 items.
La Porta et al.
(1998)
“Center for
International
Financial Analysis
and Research”