Abstract
The relationship between State ownership and dividend policies is critical, particularly under shareholders’ pressure. While research has examined how ownership structure influences dividend payouts and how government ownership shapes corporate policies, the interplay between state ownership and macroeconomic factors in shaping dividend policies remains underexplored. This study addresses this gap by investigating how macroeconomic conditions influence the dividend policies of state-owned enterprises.
Despite extensive research, the “dividend puzzle” (Black, 1976) remains unresolved. From a corporate governance perspective, dividend policies serve as a tool to mitigate agency conflicts between managers and shareholders, as well as between controlling and minority shareholders. However, when the government is a controlling shareholder in a highly regulated industry, the impact of state ownership on dividend policies is particularly complex and thereby poses empirical challenges.
The telecom sector, known for its stable dividends, presents a unique case where governments often hold majority ownership. This study examines the influence of state ownership on dividend policies in listed telecom operators worldwide from 2008 to 2020. Our findings reveal that state-owned corporations tend to distribute higher dividends than their non-state counterparts. Additionally, macroeconomic factors - such as inflation, economic growth, and public spending - play a significant role in shaping government decisions on dividend distribution in state-owned enterprises.
Keywords: Dividend policy, State ownership, Macroeconomic factors, Telecom sector.
Jury
Thesis Director:
- Prof. Pramuan BUNKANWANICHA
Referees & Suffragants:
- Prof. Laurent GERMAIN,
Toulouse Business School - Prof. Michael TROEGE,
ESCP Business School
Location
Organiser: ESCP Business School
room 501 at ESCP Champerret campus or online via Zoom - ESCP Paris Champerret campus
MapDate
Start date: 24/03/2025
Start time: 3:00 PM
End time: 6:00 PM