Largest shareholder and dividend policy around the world

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Corporate Governance and Tobin’s Q as a Measure of Organizational Performance (2018, unknown): “Following recommendations from past research (e.g. Majid, 2015; Truong & Heaney, 2007; Hamadi & Heinen, 2015), instead of the original variable measuring ownership concentration as the total proportion of equity shares held by the first five largest shareholders, we measure ownership concentration…”
Determinants of dividend policy for public listed companies in Malaysia (2012, background): “As a result, conflict between the two groups of shareholders may arise due to the influence by large shareholders for the firm to adopt a particular dividend policy, which comes at the expense of minority shareholders (Truong and Heaney, 2007).”
Ownership Structure and Dividend Policy: Evidence from Thailand (2012, unknown): “This finding is consistent with Truong and Heaney’s (2007) evidence showing that a firm is more likely to pay dividends when there is a financial institution as the largest shareholder.”