Shareholder wealth effect of dividend policy: Empirical evidence from the Chinese securities market

Shareholder wealth effect of dividend policy: Empirical evidence from the Chinese securities market Based on the special separated equity management structure of the listed companies in China and using a sample of the listed companies with distributed dividend in 2003 and 2004, this paper tests the shareholder wealth effects of dividend policy in Chinese separated equity market. Results show that shareholders of non-circulating stock get a high return rate by cash dividends, and circulating shareholders obtain a high short-term return rate by stock dividends. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Frontiers of Business Research in China Brill

Shareholder wealth effect of dividend policy: Empirical evidence from the Chinese securities market

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Publisher
Brill
Copyright
Copyright 2007 by Koninklijke Brill NV, Leiden, The Netherlands
ISSN
1673-7326
eISSN
1673-7431
D.O.I.
10.1007/s11782-007-0026-8
Publisher site
See Article on Publisher Site

Abstract

Based on the special separated equity management structure of the listed companies in China and using a sample of the listed companies with distributed dividend in 2003 and 2004, this paper tests the shareholder wealth effects of dividend policy in Chinese separated equity market. Results show that shareholders of non-circulating stock get a high return rate by cash dividends, and circulating shareholders obtain a high short-term return rate by stock dividends.

Journal

Frontiers of Business Research in ChinaBrill

Published: Jan 1, 2007

Keywords: dividend policy; shareholder wealth effect; blockholders

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