The relationship among information asymmetry, dividend policy and ownership structure

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Title:	The relationship among information asymmetry, dividend policy and ownership structure
Authors:	Lin, TJ (Lin, Tsui-Jung) Chen, YP (Chen, Yi-Pei) Tsai, HF (Tsai, Han-Fang)
Contributors:	財金系
Keywords:	Information asymmetry Ownership structure Dividend policy Split share structure reform
Date:	2017-02
Issue Date:	2017-04-28 09:15:29 (UTC+8)
Abstract:	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.
Relation:	FINANCE RESEARCH LETTERS 卷: 20 頁碼: 1-12
Appears in Collections:	[Department of Banking & Finance ] periodical articles

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