Continuous cash dividends, ownership structure and firm value: Evidence from Chinese A-share market | Zendy

Qin Qi | Zendy; Weijie Li | Zendy; Chong Liu | Zendy; Huang Yun-cheng | Zendy; Changsheng Hu | Zendy

AI Assistant Blog Pricing

Home ZAIA Blog

Open Access

Continuous cash dividends, ownership structure and firm value: Evidence from Chinese A-share market

Author(s) -

Qin Qi,

Weijie Li,

Chong Liu,

Huang Yun-cheng,

Changsheng Hu

Publication year - 2022

Publication title -

plos one

Language(s) - English

Resource type - Journals

SCImago Journal Rank - 0.99

H-Index - 332

ISSN - 1932-6203

DOI - 10.1371/journal.pone.0265177

Subject(s) - dividend , business , cash , operating cash flow , cash management , monetary economics , state ownership , dividend policy , enterprise value , cash flow statement , finance , economics , emerging markets

This paper examines the relation between continuous cash dividends, ownership structure and firm value across a sample of 1503 firms listed on Chinese A-share market from 2009 to 2017. The empirical results reveal (1) the positive effect of continuous cash dividends on firm value and that (2) values of both state-owned enterprises controlled by central government (SOECGs) and state-owned enterprises controlled by local governments (SOELGs) that distribute continuous cash dividends increase more with ownership concentration than values of those that distribute discontinuous cash dividends; continuous cash dividends fail to mediate the effect of ownership concentration on firm value in private firms (PFs). The results are robust.

The content you want is available to Zendy users.

Already have an account? Click here to sign in.

Having issues? You can contact us here

Accelerating Research