2013
DOI: 10.1016/j.iref.2013.01.003
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Cash dividend policy, corporate pyramids, and ownership structure: Evidence from China

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Cited by 112 publications
(110 citation statements)
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“…First, this paper helps shed additional light on dividend policy of listed firms in China, where the research on payout policy is still unexplored. Second, the evidence from this paper showing the positive impact of government ownership on dividend policies of Chinese firms helps corroborate the findings of prior work (i.e., Chen et al, 2009;Bradford et al, 2013). Third, this paper documents an interesting issue regarding corporate governance of Chinese listed firms, i.e., the institutional ownership has a negative impact on dividend policy of Chinese firms, suggesting that large institutional investors expropriate minority shareholders.…”
Section: Introductionsupporting
confidence: 85%
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“…First, this paper helps shed additional light on dividend policy of listed firms in China, where the research on payout policy is still unexplored. Second, the evidence from this paper showing the positive impact of government ownership on dividend policies of Chinese firms helps corroborate the findings of prior work (i.e., Chen et al, 2009;Bradford et al, 2013). Third, this paper documents an interesting issue regarding corporate governance of Chinese listed firms, i.e., the institutional ownership has a negative impact on dividend policy of Chinese firms, suggesting that large institutional investors expropriate minority shareholders.…”
Section: Introductionsupporting
confidence: 85%
“…However, they suggest that the government pays high dividends to tunnel corporate resources. Similarly, Bradford et al (2013) find that the dividends paid by the state-controlled firms are higher than those paid by the privately-controlled firms. However, they argue that the tunneling motive is not the key factor affecting dividend policy in China.…”
Section: Impact Of Large Shareholders On Dividend Policymentioning
confidence: 78%
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