Please use this identifier to cite or link to this item: http://hdl.handle.net/10397/31743
Title: Dividend preference of tradable-share and non-tradable-share holders in Mainland China
Authors: Cheng, LTW 
Fung, HG
Leung, TY
Keywords: Cash dividend
Dividend signal
Non-tradable share
Stock dividend
Issue Date: 2009
Publisher: Wiley-Blackwell
Source: Accounting and finance, 2009, v. 49, no. 2, p. 291-316 How to cite?
Journal: Accounting and finance 
Abstract: Comprehensive data on corporate announcements of Chinese firms allows us to examine the preference for, and determinants of, cash and stock dividends. The results indicate that Chinese public investors prefer stock dividends over cash dividends, which are preferred by large state and legal person shareholders generally. Stock dividends, which do not require an explicit cash outflow from a firm, are found to be positively related to higher earnings, supporting the signalling hypothesis of dividend policy. In an imperfect market, these results have some implications for government regulation of financial markets.
URI: http://hdl.handle.net/10397/31743
ISSN: 0810-5391
EISSN: 1467-629X
DOI: 10.1111/j.1467-629X.2008.00284.x
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