摘要：The agency-cost-based hypothesis predicts
that dividend payout is inversely related to the degree of institutional
ownership. By contrast, under the tax-based hypothesis, dividend payout is
predicted to be positively associated with institutional ownership. Using the
Tobit analysis, we examine the relationship between institutional ownership and
corporate dividend policy. Results show that dividend payout is positively
related to institutional ownership, thus supporting the tax-based hypothesis.
This result suggests a certain type of "dividend clientele," that is,
institutions' preference for dividends.
