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Controlling shareholder, split-share structure reform and cash dividend payments in China

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  • Liu, Chunyan
  • Uchida, Konari
  • Yang, Yufeng

Abstract

We investigated the relationship between changes in cash dividend payments, non-public tradable shares, and the percentage ownership of the controlling shareholder in Chinese firms before and after the split-share structure reform. We found a significant reduction in cash dividends before and after the reform. Importantly, the reduction in cash dividends is significantly related to the reduction in the largest shareholder's ownership; however, it is not associated with the decline in non-publicly tradable shares. These results suggest that Chinese controlling shareholders' preference for cash dividends is attributable to the inherent illiquidity of their shares rather than non-tradability of shares.

Suggested Citation

  • Liu, Chunyan & Uchida, Konari & Yang, Yufeng, 2014. "Controlling shareholder, split-share structure reform and cash dividend payments in China," International Review of Economics & Finance, Elsevier, vol. 29(C), pages 339-357.
  • Handle: RePEc:eee:reveco:v:29:y:2014:i:c:p:339-357
    DOI: 10.1016/j.iref.2013.06.008
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    More about this item

    Keywords

    Cash dividends; Controlling shareholder; Non-publicly tradable shares; Split-share structure reform; China;
    All these keywords.

    JEL classification:

    • G35 - Financial Economics - - Corporate Finance and Governance - - - Payout Policy
    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation

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