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Dividend Payment And Ownership Structure In China

In: Corporate Governance

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  • Jim Gang Wei
  • Weiguo Zhang
  • Jason ZeZhong Xiao

Abstract

Using 3,994 observations of Chinese listed firms from 1995 to 2001, we find a significantly positive correlation between state ownership and cash dividend payment, and a significantly positive relation between private ownership and stock dividend payment. In particular, we find that the relation between dividend payment level and ownership structure is nonlinear. The higher the proportion of state ownership, the higher the cash dividend rate. The higher the proportion of private ownership, the higher the stock dividend rate. We conclude that the managers of Chinese listed companies are likely to cater for the preference of different shareholders.

Suggested Citation

  • Jim Gang Wei & Weiguo Zhang & Jason ZeZhong Xiao, 2004. "Dividend Payment And Ownership Structure In China," Advances in Financial Economics, in: Corporate Governance, pages 187-219, Emerald Group Publishing Limited.
    • Handle: RePEc:eme:afeczz:s1569-3732(04)09008-5
    DOI: 10.1016/S1569-3732(04)09008-5
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