کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5069252 1476984 2017 12 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
The relationship among information asymmetry, dividend policy and ownership structure
ترجمه فارسی عنوان
رابطه بین عدم تقارن اطلاعات، سیاست تقسیم سود و ساختار مالکیت
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
چکیده انگلیسی


- Firms with higher information asymmetry are less likely to pay dividends.
- State-controlled firms with higher information asymmetry would pay higher dividends compared to non-state-controlled firms.
- The split share structure reform enhanced information transparency, leading to a positive moderating effect on the relation between information asymmetry and dividend policy.

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.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Finance Research Letters - Volume 20, February 2017, Pages 1-12
نویسندگان
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