Abstract
ABSTRACT We explore patterns and causal associations in the payout policies of 397 listed shipping companies. We find that payout policy in the shipping industry is associated with financial and governance characteristics of shipping companies, such as corporate age, profitability, and institutional ownership. These findings corroborate standard corporate-finance arguments on the emergence of payout policy as the outcome of mitigating agency conflicts and sending signals to capital market participants. Moreover, we find that the payout policy exhibits industry-specific features with shipping-market segment affiliations being important determinants of payouts (namely, containership companies exhibit higher payouts).
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