Burden the Hand: Regulatory Intensity and Payout Policy
研究了监管强度对企业股利政策的影响，发现监管负担会增加总支付，尤其是股利，且对机构持股高或需要更多管理层约束的企业更显著，最终提升企业价值。
ABSTRACT We investigate the impact of regulatory intensity on firms' payout policies. While regulations may increase budgetary pressure, leading to decreased payout, we document that regulatory burden increases total payout, especially in the form of dividends. The documented dividend payment increase is significant for firms with higher institutional ownership or those needing more managerial discipline, but not driven by low investment opportunities. Firms increasing dividend followed by regulations are associated with enhanced firm value. The results indicate that shareholders pressure firms to increase dividend payments to discipline managers who might take advantage of the heightened uncertainty that the regulatory burden induces.