Who Makes the Dividend Policy Decision and Their Motives for Doing So: An analysis based on a questionnaire survey of non-stateowned listed companies in China

摘要：

This paper analyzes the decision-making of dividend policy and the reasons for dividends policy selection in non-state-owned listed companies by using structural equation modeling. The main research findings are as follows: (1) the dividend policy of non-state-owned listed companies in China can be interpreted by the western agency theory for dividend, and we find that if compared with manager, owner is a more important variable that influence the dividend policy, (2) four motives such as investment opportunities, refinancing ability, stock price and potential repayment capacity are all important factors for decision-maker to determine the dividend policy. Among them, refinancing ability works more notably to the point, and earning level plays an unconsidered role.

关键词： owner manager dividends policy structural equation model

作者: Li Li Qi Yin-feng Liu Song Wang Man-shu

作者单位: Financial Management Department,Business School, NanKai University Tianjin, 300071, P.R.China

会议类型: 国际会议

会议名称: 2006年中国国际金融年会

会议地点: 西安

会议语种:英文

在线出版日期: 2006-07-17（万方平台首次上网日期，不代表论文的发表时间）