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https://irlib.pccu.edu.tw/handle/987654321/36037
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| 題名: | The relationship among information asymmetry, dividend policy and ownership structure |
| 作者: | Lin, TJ (Lin, Tsui-Jung)
Chen, YP (Chen, Yi-Pei)
Tsai, HF (Tsai, Han-Fang) |
| 貢獻者: | 財金系 |
| 關鍵詞: | Information asymmetry
Ownership structure
Dividend policy
Split share structure reform |
| 日期: | 2017-02 |
| 上傳時間: | 2017-04-28 09:15:29 (UTC+8) |
| 摘要: | This study examines the relationship among information asymmetry, dividend policy and ownership structure for Chinese listed firms from 2003 to 2012. We find that firms with higher information asymmetry are less likely to pay dividends. Further, the sample is divided into state-controlled and non-state-controlled firms, and the results show that state-controlled firms with higher information asymmetry would pay higher dividends compared to non-state-controlled firms. In addition, we find that the split share structure reform enhanced information transparency, leading to a positive moderating effect on the relation between information asymmetry and dividend policy. (C) 2016 Elsevier Inc. All rights reserved. |
| 關聯: | FINANCE RESEARCH LETTERS 卷: 20 頁碼: 1-12 |
| 顯示於類別: | [財務金融學系 ] 期刊論文
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