How the Value of Financial Flexibility Affects the Relation between Corporate Governance and Dividend Payouts: Evidence from Chinese Listed Firms

摘要：

　　This paper analyzes the effect of the value of financial flexibility on the relation between corporate governance and dividend payouts based on the theory of financial flexibility and empirically tests using a sample of Chinese listed firms over the period 2005-2011.We find that whether the relation between corporate governance and dividend payouts is suitable for the outcome model or the substitution model depending on the relative value of financial flexibility from internal funds or external funds.The results show that the relation is suitable for the substitution model when the value of financial flexibility from internal funds is high, otherwise which is suitable for the outcome model when the value of financial flexibility from external funds is high.

关键词： the value of financial flexibility corporate governance dividend payouts financial flexibility

作者: Dong Li Mao Ning

作者单位: School of Business, Nanjing University, Nanjing, P.R.China, 210093

会议类型: 国际会议

会议名称: 2013 International Conference on Strategic Management(2013年战略管理国际会议)

会议地点: 成都

会议语种:英文

页码: 589-596

在线出版日期: 2013-12-15（万方平台首次上网日期，不代表论文的发表时间）