Chiou, Jeng-Ren; Chen, Yenn-Ru; Huang, Ting-Chiao - In: China journal of accounting research : CJAR 3 (2010), pp. 71-93
dividends on asset expropriation of the controlling shareholders in Chinese listed firms. Investors value more the cash … hypothesis better explains firms' dividend policy. Investors value more the cash dividends of firms with fewer investment …This study solves the dispute between the free cash flow and tunneling hypotheses in explaining the role of cash …