shareholders. However, due to the weaker investor protections and low dividend payouts of listed firms in China, large shareholders … rights than cash flow rights. An empirical study using the exogenous changes of two rounds of dividend tax reductions reveals …

This paper examines the motivation of dividend payout policies for Chinese listed firms before and after the Split … reform) and 2014-2017 (after the reform). It is found that (1) the incentive of tunnelling via dividend by controlling … reacts positively to the increase of dividend both before and after the reform. It can be concluded that dividend policies …