Ultimate Controlling Shareholders and Dividend Payout Policy in Chinese Stock Market
Departing from the traditional cash flow rights-dividend policy framework, this study investigates whether the level of control rights and the types of control of the ultimate controlling shareholders (UCSs) of listed firms in China influence their cash dividend policy. We find that the level of control rights is positively associated with both the propensity to pay and the level of cash dividend payout, which indicates that the ultimate controlling shareholders are likely to use cash dividends to redirect financial resources from the firms as other channels of tunnelling are blocked by Chinese security regulatory body. Furthermore, different types of ultimate controllers exert dissimilar influences on the controlled firms' cash dividend policy. The difference might stem from the historical nature of these ultimate controlling shareholders originating from China's unique partial share issuance privatization process
Year of publication: |
2013
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Authors: | Guo, Jianan |
Publisher: |
[2013]: [S.l.] : SSRN |
Subject: | Dividende | Dividend | China | Aktienmarkt | Stock market | Eigentümerstruktur | Ownership structure | Corporate Governance | Corporate governance | Börsenkurs | Share price | Aktionäre | Shareholders |
Saved in:
freely available
Extent: | 1 Online-Ressource (36 p) |
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Type of publication: | Book / Working Paper |
Language: | English |
Notes: | Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments April 1, 2013 erstellt |
Other identifiers: | 10.2139/ssrn.2242798 [DOI] |
Classification: | G34 - Mergers; Acquisitions; Restructuring; Corporate Governance ; G35 - Payout Policy |
Source: | ECONIS - Online Catalogue of the ZBW |
Persistent link: https://www.econbiz.de/10013084071
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