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Dividend policy and ownership structure in China

Wei, Jim Gang, Zhang, Weiguo and Xiao, Jason Zezhong 2004. Dividend policy and ownership structure in China. Advances in Financial Economics 9 , pp. 187-219. 10.1016/S1569-3732(04)09008-5

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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.

Item Type: Article
Date Type: Publication
Status: Published
Schools: Business (Including Economics)
Subjects: H Social Sciences > HB Economic Theory
H Social Sciences > HJ Public Finance
J Political Science > JQ Political institutions Asia
Additional Information: Editor(s): Mark Hirschey, Kose John and, Anil K. Makhija ISBN: 978-0-76231-133-0 eISBN: 978-1-84950-289-4
Publisher: Emerald Group Publishing
ISSN: 1569-3732
Last Modified: 04 Jun 2017 04:41
URI: http://orca.cf.ac.uk/id/eprint/43098

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