دانلود مقاله ISI انگلیسی شماره 46068
عنوان فارسی مقاله

نقش متقابل لیست، مالکیت خارجی و مالکیت دولتی در سیاست تقسیم سود در بازار در حال ظهور

کد مقاله سال انتشار مقاله انگلیسی ترجمه فارسی تعداد کلمات
46068 2012 18 صفحه PDF سفارش دهید محاسبه نشده
خرید مقاله
پس از پرداخت، فوراً می توانید مقاله را دانلود فرمایید.
عنوان انگلیسی
The role of cross-listing, foreign ownership and state ownership in dividend policy in an emerging market
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : China Journal of Accounting Research, Volume 5, Issue 3, September 2012, Pages 199–216

کلمات کلیدی
مشکلات آژانس - حاکمیت شرکتی - سود سهام نقدی - سود سهام - ساختار مالکیت - لیست صلیب - بازارهای در حال ظهور
پیش نمایش مقاله
پیش نمایش مقاله نقش متقابل لیست، مالکیت خارجی و مالکیت دولتی در سیاست تقسیم سود در بازار در حال ظهور

چکیده انگلیسی

In this paper, we investigate if dividend policy is influenced by ownership type. Within the dividend literature, dividends have a signaling role regarding agency costs, such that dividends may diminish insider conflicts (reduce free cash flow) or may be used to extract cash from firms (tunneling effect) – which could be predominant in emerging markets. We expect firms with foreign ownership and those that are listed in overseas markets to have different dividend policies and practices than those that are not, and firms with more state ownership and less individual ownership to be more likely to pay cash dividends and less likely to pay stock dividends. Using firms from an emerging economy (China), we examine whether these effects exist in corporate dividend policy and practice. We find that both foreign ownership and cross-listing have significant negative effects on cash dividends, consistent with the signaling effect and the notion of reduced tunneling activities for firms with the ability to raise capital from outside of China. Consistent with the tunneling effect, we find that firms with higher state ownership tend to pay higher cash dividends and lower stock dividends, while the opposite is true for public (individual) ownership. Further analysis shows that foreign ownership mediates the effect of state ownership on dividend policy. Our results have significant implications for researchers, investors, policy makers and regulators in emerging markets.

خرید مقاله
پس از پرداخت، فوراً می توانید مقاله را دانلود فرمایید.