Organization capital, dividends and firm value: International evidence
研究了61个国家中组织资本与股利及公司价值的关系，发现组织资本高的公司发放更多股利，且市场对其股利支付给予更高溢价，尤其在代理问题严重的公司和国家中更显著。
This study investigates the relationship between organization capital, dividends, and firm value across 61 countries. We find that firms with higher organization capital distribute more dividends. By exploiting changes in the stringency of national labor regulations, we demonstrate that this effect strengthens when labor markets become more flexible. Additionally, we document that the market places a premium on dividend payouts from firms with higher organization capital. Further analysis reveals that this premium differential and the positive organization capital-dividend payouts relationship, are more pronounced in firms and countries marked by substantial agency issues. The robustness of our evidence is affirmed through several endogeneity tests, supporting the agency view of organization capital.