Liu, Xing; Ren, Xiaoyi - In: China journal of accounting studies 11 (2023) 1, pp. 159-183
Using the regulatory policy on cash dividends implemented in 2013 as the research context, this study develops a difference-in-difference (DID) model using the data of Chinese A-share non-financial listed companies from 2011-2019, and found that cash dividend smoothing reduces the wealth...