The Global Financial Crisis, Family Control, and Dividend Policy
利用东亚九国上市公司最终所有权数据，发现家族控制与股利支付率负相关，且金融危机期间家族企业更可能减少或取消股利，表明控制家族在危机期间有更强动机侵占公司资源。
Using newly collected data on the ultimate ownership structure of publicly traded firms in nine East Asian economies, we find that family control is negatively related to the dividend payout ratio. Family firms are less (more) likely to increase (omit) dividends than non‐family firms. These negative associations between family firms and dividend policy are more pronounced during the recent global financial crisis, suggesting that controlling families have incentives to expropriate more firm resources during crises than in normal times.