Ownership Structure and Dividend Preference
AbstractMost Chinese listed companies have been transformed from state-owned enterprises; the resulting institutional transformation is characterized by the emergence of highly concentrated ownership and state-owned shares, which may exert an influence on corporate finance. We examine the relationship between ownership structure and cash dividend preference and then reexamine the same relationship with different levels of growth opportunities. The results reveal a positive relationship between cash dividend preference and state ownership, but the same relationship exists only in firms facing lower levels of investment opportunity. However, the ratio of employee shares and tradable shares correlates significantly and negatively with cash dividend preference.
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Bibliographic InfoArticle provided by M.E. Sharpe, Inc. in its journal Emerging Markets Finance and Trade.
Volume (Year): 46 (2010)
Issue (Month): 1 (January)
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Web page: http://mesharpe.metapress.com/link.asp?target=journal&id=111024
dividend preference; ownership structure; state-owned shares;
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