Su, Zhong-qin; Fung, Hung-Gay; Huang, Deng-shi; Shen, … - In: International Review of Economics & Finance 29 (2014) C, pp. 260-272
This study uses a panel data analysis to examine the dividend policy at Chinese firms, which appears to be strongly motivated by agency costs and political connections. We find that firms that pay less in cash dividends are associated with more related-party transactions, which represents wealth...