Equity ownership segregation, shareholder preferences, and dividend policy in China

Wei, Gang and Xiao, Jason Zezhong ORCID: https://orcid.org/0000-0003-0703-6447 2009. Equity ownership segregation, shareholder preferences, and dividend policy in China. The British Accounting Review 41 (3) , pp. 169-183. 10.1016/j.bar.2009.07.001

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Abstract

We investigate how listed Chinese firms pay different types of dividend to satisfy shareholders, different dividend preferences shaped by institutional factors such as share tradability and asymmetrical taxation. We find that the cash dividend level is significantly and positively related to the proportion of non-publicly tradable shares and this relation is mainly driven by legal person shareholders' preferences for cash dividends. In contrast, the stock dividend level is significantly and positively associated with the proportion of publicly tradable shares. These findings provide an empirical rationale for the current reform on the segregation of equity ownership rights in China.

Item Type:	Article
Date Type:	Publication
Status:	Published
Schools:	Business (Including Economics)
Subjects:	H Social Sciences > H Social Sciences (General) H Social Sciences > HF Commerce H Social Sciences > HG Finance
Uncontrolled Keywords:	China ; Cash dividends ; Ownership ; Reform ; Stock dividends
Publisher:	Elsevier
ISSN:	0890-8389
Last Modified:	19 Oct 2022 09:01
URI:	https://orca.cardiff.ac.uk/id/eprint/19734

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