Ultimate Ownership Structure, Legal Investor Protections on Dividend Policies: Empirical Evidence from Chinese Listed Companies
This paper adopts the cross-section data of nonfinancial listed companies in China and applies a series of OLS to empirically test the effect of ultimate ownership structure and legal investor protections on the choice of firms cash dividends. The result of our study indicates that, ceteris paribus, the relation between cash flow right and dividend payout is significantly positive; The degree of divergence between control rights and cash flow rights and the level of legal investor protections is positively associated with cash dividends respectively; The relationship between ultimate ownership structure and cash dividends is affected by the legal investor protections, but not statistically significant.
Ultimate Ownership Structure Legal Investor Protections Cash Dividends Ezpropriation
SU Zhongqin
School of Economics and Management, Southwest Jiaotong University, P.R., China, 610031
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
550-560
2009-09-01（万方平台首次上网日期，不代表论文的发表时间）