It is argued that high ownership concentration resulted from poor legal protection makes dividends especially valuable in solving agency and information problems. Based on this argument, we hypothesize that, in an environment where minority shareholder protection is low and ownership is highly concentrated, there are dividend announcement effects on new stock issuances and firms with a high ownership concentration tend to pay dividends before issuing new stocks. By using seasoned equity offers in Taiwan from 1992-2001, we obtain strong empirical support for our two hypotheses.
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