Continuous cash dividends, ownership structure and firm value: Evidence from Chinese A-share market

This paper examines the relation between continuous cash dividends, ownership structure and firm value across a sample of 1503 firms listed on Chinese A-share market from 2009 to 2017. The empirical results reveal (1) the positive effect of continuous cash dividends on firm value and that (2) values...

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Detalles Bibliográficos
Autores principales: Qi, Qin, Li, Weijie, Liu, Chong, Huang, Yuncheng, Hu, Changsheng
Formato: Online Artículo Texto
Lenguaje:English
Publicado: Public Library of Science 2022
Materias:
Research Article
Acceso en línea:https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8929645/
https://www.ncbi.nlm.nih.gov/pubmed/35298495
http://dx.doi.org/10.1371/journal.pone.0265177
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author Qi, Qin
Li, Weijie
Liu, Chong
Huang, Yuncheng
Hu, Changsheng
author_facet Qi, Qin
Li, Weijie
Liu, Chong
Huang, Yuncheng
Hu, Changsheng
author_sort Qi, Qin
collection PubMed
description This paper examines the relation between continuous cash dividends, ownership structure and firm value across a sample of 1503 firms listed on Chinese A-share market from 2009 to 2017. The empirical results reveal (1) the positive effect of continuous cash dividends on firm value and that (2) values of both state-owned enterprises controlled by central government (SOECGs) and state-owned enterprises controlled by local governments (SOELGs) that distribute continuous cash dividends increase more with ownership concentration than values of those that distribute discontinuous cash dividends; continuous cash dividends fail to mediate the effect of ownership concentration on firm value in private firms (PFs). The results are robust.
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spelling pubmed-89296452022-03-18 Continuous cash dividends, ownership structure and firm value: Evidence from Chinese A-share market Qi, Qin Li, Weijie Liu, Chong Huang, Yuncheng Hu, Changsheng PLoS One Research Article This paper examines the relation between continuous cash dividends, ownership structure and firm value across a sample of 1503 firms listed on Chinese A-share market from 2009 to 2017. The empirical results reveal (1) the positive effect of continuous cash dividends on firm value and that (2) values of both state-owned enterprises controlled by central government (SOECGs) and state-owned enterprises controlled by local governments (SOELGs) that distribute continuous cash dividends increase more with ownership concentration than values of those that distribute discontinuous cash dividends; continuous cash dividends fail to mediate the effect of ownership concentration on firm value in private firms (PFs). The results are robust. Public Library of Science 2022-03-17 /pmc/articles/PMC8929645/ /pubmed/35298495 http://dx.doi.org/10.1371/journal.pone.0265177 Text en © 2022 Qi et al https://creativecommons.org/licenses/by/4.0/This is an open access article distributed under the terms of the Creative Commons Attribution License (https://creativecommons.org/licenses/by/4.0/) , which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.
spellingShingle Research Article
Qi, Qin
Li, Weijie
Liu, Chong
Huang, Yuncheng
Hu, Changsheng
Continuous cash dividends, ownership structure and firm value: Evidence from Chinese A-share market
title Continuous cash dividends, ownership structure and firm value: Evidence from Chinese A-share market
title_full Continuous cash dividends, ownership structure and firm value: Evidence from Chinese A-share market
title_fullStr Continuous cash dividends, ownership structure and firm value: Evidence from Chinese A-share market
title_full_unstemmed Continuous cash dividends, ownership structure and firm value: Evidence from Chinese A-share market
title_short Continuous cash dividends, ownership structure and firm value: Evidence from Chinese A-share market
title_sort continuous cash dividends, ownership structure and firm value: evidence from chinese a-share market
topic Research Article
url https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8929645/
https://www.ncbi.nlm.nih.gov/pubmed/35298495
http://dx.doi.org/10.1371/journal.pone.0265177
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