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《Finance and Trade Research》 2011-02
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An Empirical Study on the Relationship between Institutional Investors and Dividend

SHEN Zun-huan (Economics and Management School,Xidian University,Xi'an 710071)  
Institutional investor and dividend are regarded to have the function to protect investor′s interest,but literature about their relation is rare.Using the data of Shengzhen Stock Exchange during 2001-2009,the paper makes an empirical study.The results show that the scale of institutional inventors and information disclosure has positive significant impacts on dividend,but that of individual investors has negative impacts on dividend significantly,which shows that institutional investors have partiality for dividend comparing with individual investor.Information disclosure can enhance the information transferring function of dividend.The scale of institutional investor has more important impacts on dividend than the ownership of institutional investor.
【Fund】: 教育部人文社会科学规划项目“机构投资者治理的理论分析与实证检验”(批准号:09XJA790008);; 西安电子科技大学基本科研业务费资助项目“信息披露、治理结构和公司绩效关系研究”(编号:72104888)
【CateGory Index】: F832.51
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