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DIVIDEND PAYMENT AND OWNERSHIP STRUCTURE IN CHINA

Jim Gang Wei · Weiguo Zhang · Jason Zezhong Xiao

40 citations0/0 files storedAdvances in financial economics

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Corporate Finance and Governance Financial Markets and Investment Strategies Financial Analysis and Corporate Governance

Abstract

Using 3,994 observations of Chinese listed firms from 1995 to 2001, we find a significantly positive correlation between state ownership and cash dividend payment, and a significantly positive relation between private ownership and stock dividend payment. In particular, we find that the relation between dividend payment level and ownership structure is nonlinear. The higher the proportion of state ownership, the higher the cash dividend rate. The higher the proportion of private ownership, the higher the stock dividend rate. We conclude that the managers of Chinese listed companies are likely to cater for the preference of different shareholders.

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References

1976Theory of the firm: Managerial behavior, agency costs and ownership structure 1986Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers 1997A Survey of Corporate Governance 1999Corporate Ownership Around the World 1961Dividend Policy, Growth, and the Valuation of Shares 2000The separation of ownership and control in East Asian Corporations 1992The investment opportunity set and corporate financing, dividend, and compensation policies 1985Dividend Policy under Asymmetric Information

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