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Research On The Cash Dividends Policy Of The Family Listed Firms

Posted on:2014-09-28Degree:MasterType:Thesis
Country:ChinaCandidate:W T LiFull Text:PDF
GTID:2269330425961394Subject:Accounting
Abstract/Summary:PDF Full Text Request
Since Miller and Modigliani (1961) put forward the theory of irrelevant dividend policy and enterprise value,academic development has been studied from different angles.The distribution of cash dividends can enhance the confidence of investors to protect the rights of shareholders,also the reputation in favour of long-term development of enterprises.As an important component of the economic and social development,family firms make a positive contribution by promoting economic growth,improving the employment and the construction of harmonious society.Along with the chinese family flourished,the research upsurge gradually.The unique governance structure provides sample for academic research of the relationship between large and small shareholders.Scholars have centrated on the family control rights and information disclosure,but few research involves dividend behavior.This paper uses sample of listed family firms in china between2005and2010by empirical method of Probit and Tobit to show the empact of family listed firms under different environmental factors on distribution of cash dividend payment level and willingness.On the basis of cash dividend policy of agency theory,the scholar’s related literature at home and abroad were reviewed,using application of theoretical analysis and empirical analysis method to research family listed firms under the influence of governance environment factors and the role of behavior.The results show that good regional governance environment of family listed firms have a higher level of cash dividend payments and willingness,the improvement of the governance environment promote dividend payment level and willingness.At last,we put forward the proposal, the government relevant departments should speed up the chinese marketization process.reduce the degree of intervention,perfect various rules and regulations, guide effectively in a reasonable mannerand improve the governance efficiency to make an effort to create a favorable external environment of family listed companies.
Keywords/Search Tags:Listed family firms, External governance environment, Internal governancemechanism, Cash dividends policy
PDF Full Text Request
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