Artikel
Family control, institutional environment and cash dividend policy: Evidence from China
Using a sample of 1486 Chinese A-share listed companies for the period 2004-2008, this study empirically tests the impact of family control, institutional environment and their interaction on the cash dividend policy of listed companies. Our results indicate that (1) family firms have a lower cash dividend payout ratio and propensity to pay dividends than non-family firms; (2) a favorable regional institutional environment has a significant positive impact on the cash dividend payout ratio and propensity to pay dividends of listed companies; and (3) the impact of the regional institutional environment on cash dividends is stronger in family firms than in non-family firms. Somewhat surprisingly, we find that controlling family shareholders in China may intensify Agency Problem I (the owner-manager conflict) rather than Agency Problem II (the controlling shareholder-minority shareholder conflict), and thus have a significant negative impact on cash dividend policy. In contrast, a favorable regional institutional environment plays a positive corporate governance role in mitigating Agency Problem I and encouraging family firms to pay cash dividends.
- Sprache
-
Englisch
- Erschienen in
-
Journal: China Journal of Accounting Research ; ISSN: 1755-3091 ; Volume: 4 ; Year: 2011 ; Issue: 1/2 ; Pages: 29-46 ; Amsterdam: Elsevier
- Klassifikation
-
Management
Consumer Protection
Payout Policy
Energy, Environmental, Health, and Safety Law
- Thema
-
Family control
Institutional environment
Cash dividend
Corporate governance
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Wei, Zhihua
Wu, Shinong
Li, Changqing
Chen, Wei
- Ereignis
-
Veröffentlichung
- (wer)
-
Elsevier
- (wo)
-
Amsterdam
- (wann)
-
2011
- DOI
-
doi:10.1016/j.cjar.2011.04.001
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:45 MEZ
Datenpartner
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Objekttyp
- Artikel
Beteiligte
- Wei, Zhihua
- Wu, Shinong
- Li, Changqing
- Chen, Wei
- Elsevier
Entstanden
- 2011
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