Please use this identifier to cite or link to this item: http://hdl.handle.net/10397/14449
Title: What drives the cash dividend policy of the poorly performing firms in Hong Kong?
Authors: Cheng, LTW 
Fung, HG
Leung, TY
Keywords: Cash dividends
Corporate governance
Maturity
Poor earnings
Issue Date: 2008
Source: Review of Pacific basin financial markets and policies, 2008, v. 11, no. 3, p. 347-361 How to cite?
Journal: Review of Pacific Basin Financial Markets and Policies 
Abstract: We use financial data on poorly performing firms in Hong Kong to examine the motives behind paying out cash dividends when they suffer an earnings decline. We test three hypotheses behind the cash dividend policy: the maturity hypothesis, the free cash flow hypothesis, and the self-interest hypothesis of directors (i.e., the cash channeling hypothesis of directors). The findings are largely consistent with the maturity hypothesis and the free cash flow hypothesis but do not support the cash channeling hypothesis, confirming good market transparency and governance of the Hong Kong market.
URI: http://hdl.handle.net/10397/14449
ISSN: 0219-0915
DOI: 10.1142/S0219091508001386
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