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This paper examines why firms choose to pay stock dividends. Using a sample of listed Chinese firms, we find that younger, more profitable firms, with lower leverage, high levels of retained earnings, private ownership prior to listing and investing more in fixed assets are more likely to pay...
Persistent link: https://www.econbiz.de/10013115082
This paper examines why firms choose to pay stock dividends. Using a sample of listed Chinese firms, we find that younger, more profitable firms, with lower leverage, high levels of retained earnings, private ownership prior to listing, investing more in fixed assets and operating in regions...
Persistent link: https://www.econbiz.de/10013087698
The Chinese market is characterized by state-controlled and closely held firms as well as significant differences in economic development and legal structures at the provincial level and corporate regulations that require firms seeking external financing to show a history of dividend payment....
Persistent link: https://www.econbiz.de/10013156056
This paper examines why firms choose to pay stock dividends. Using a sample of listed Chinese firms we find that older, more profitable firms with lower leverage, higher levels of retained earnings, private ownership prior to listing, that invest more in fixed assets and operate in regions with...
Persistent link: https://www.econbiz.de/10012986036
We utilise a change to the treatment of franking credits in the hand of domestic shareholders, namely the introduction of fully refundable franking credits, to provide robust evidence on the causal effect of investor-level taxes on corporate dividend policy. Consistent with investors having a...
Persistent link: https://www.econbiz.de/10013305821