The Shareholder Base and Payout Policy
研究发现股东基础小的公司支付水平更低、现金持有更多，且更倾向于支付特别股利而非回购股票，因为回购会进一步缩小股东基础。
Abstract We examine the relation between the shareholder base and payout policy. Consistent with the idea that the shareholder base is related to the cost of external financing, we find that firms with small shareholder bases have lower payout levels and maintain higher cash holdings. We show that undertaking an open market repurchase results in a significant reduction in the size of the shareholder base. Consequently, we find that firms with small shareholder bases are less likely to undertake a repurchase (reduce the shareholder base even further) and are more likely to pay special dividends.