Family Control, Governance Environment and Cash Dividend Policy in China
Using a sample of 1486 Chinese A-share listed companies between 2004 and 2007. This paper empirically tests the impacts of family control, governance environment and their interaction on cash dividend policy of Chinese listed companies. The results show that, (1) family companies have lower dividend payout possibility and ratio than non-family companies; (2) companies in better governance environment have higher dividend payout possibility and ratio; (3) family control reduces the dividend payout possibility and ratio significantly only when the governance environment is relatively poor; (4) with the improvement of environment, family companies improve dividend payout possibility and ratio. We also find that controlling family shareholders in China may reduce the dividend payment so as to achieve private benefits by other ways like funds occupation, and the good external environment plays a positive role in corporate governance.
Family control Governance environment Dividend policy
LI Changqing WEI Zhihua WU Shinong
Management School of Xiamen University, Xiamen, P.R.China, 361005
国际会议
The 5th International Sympsium for Corporate Governance(第五届公司治理国际研讨会)
天津
英文
624-632
2009-09-01（万方平台首次上网日期，不代表论文的发表时间）