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Signaling vs. agency theory: What drives dividends of promoter-owned firms during a crisis?

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  • Gosain, Neha
  • Kashiramka, Smita
  • Chaudhry, Neeru

Abstract

This paper analyses the effect of the COVID-19 pandemic on the relationship between promoter ownership and dividends. Using a sample of listed firms between 2015 and 2021, we find that promoter control positively relates to dividends during normal (pre-crisis) times. This is attributed to the desire to communicate information about the firm’s prospects, supporting the signaling theory. The positive relationship is inversed during the crisis owing to agency motives of withholding resources. To the best of our knowledge, this is the first-ever India-based study examining ownership structure's impacts on the dividend policy during the COVID-19 crisis.

Suggested Citation

  • Gosain, Neha & Kashiramka, Smita & Chaudhry, Neeru, 2025. "Signaling vs. agency theory: What drives dividends of promoter-owned firms during a crisis?," Research in International Business and Finance, Elsevier, vol. 73(PA).
    • Handle: RePEc:eee:riibaf:v:73:y:2025:i:pa:s0275531924003830
    DOI: 10.1016/j.ribaf.2024.102590
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    Keywords

    Dividend policy; COVID-19 Pandemic; Promoter; India;
    All these keywords.

    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

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