Ultimate controlling shareholders and dividend payout policy in Chinese stock market

Guo, Jianan 2016, Ultimate controlling shareholders and dividend payout policy in Chinese stock market, Review of Pacific Basin financial markets and policies, vol. 19, no. 2, pp. 1650008-1-1650008-35, doi: 10.1142/S0219091516500089.

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Title Ultimate controlling shareholders and dividend payout policy in Chinese stock market
Author(s) Guo, JiananORCID iD for Guo, Jianan orcid.org/0000-0002-7016-1788
Journal name Review of Pacific Basin financial markets and policies
Volume number 19
Issue number 2
Start page 1650008-1
End page 1650008-35
Total pages 35
Publisher World Scientific Publishing
Place of publication Singapore
Publication date 2016-07-04
ISSN 0219-0915
Keyword(s) control rights
payout policy
Summary Departing from the traditional cash flow rights-dividend policy framework, this study investigates whether the level of control rights and the types of ultimate controlling shareholders (UCSs) of listed firms in China influence their cash dividend payout. We find that the level of control rights is positively associated with both the probability to pay and the level of cash dividend payout, which indicates that UCSs use cash dividends to reduce the agency cost of free cash flow and redirect listed firms' cash balance. Furthermore, different types of UCSs influence dissimilarly on the controlled firms' cash dividends, which can be attributed to the backgrounds of these UCSs originating from China's unique partial share issuance privatization process.
Language eng
DOI 10.1142/S0219091516500089
Field of Research 150201 Finance
1502 Banking, Finance And Investment
Socio Economic Objective 900101 Finance Services
HERDC Research category C1 Refereed article in a scholarly journal
ERA Research output type C Journal article
Copyright notice ©2016, World Scientific Publishing
Persistent URL http://hdl.handle.net/10536/DRO/DU:30085266

Document type: Journal Article
Collections: Faculty of Business and Law
Department of Finance
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