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The Aging Population, Superannuation and Corporate Dividend Policy

The Aging Population, Superannuation and Corporate Dividend Policy

A/Prof Emma Schultz, Prof Garry Twite and Prof Joseph Fan

How do investor clienteles shape corporate dividend policy? We use exogenous shocks to wealth and age demographics which alter investors’ demand for income from dividends and, therefore, dividend-paying stocks to investigate this important, yet unresolved, relationship. While individual investors are, by nature, atomistic, we argue changes in investor preferences will ultimately prompt companies to alter their dividend policies: Pressure on firms to update these policies will come from superannuation and pension fund managers who, as fiduciaries, will invest money consistent with clients' revised preferences. Our study will more fully characterise how Australia's rapidly aging population will affect both the public and private sectors.

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Updated:   18 February 2017 / Responsible Officer:  Dean, Business & Economics / Page Contact:  College Web Team